Whether you are buying or selling a house, it is important to know the current real estate market trends and the market performance to make the right decision. So here is the real estate market update for the month of August’19.
As per the Greater Toronto Area REALTORS® report, the total number of sales in the month of August’19 is 7711 which indicates a 13.4% increase compared to August’18.
For all the major segments, the year-over-year sales were up with annual rates of sales growth strongest for low-rise home types including detached houses. Though the sales are up, the new listings are down by 3% compared to the previous year. Unlike in 2018, there is an increase in demand for more expensive home types to a certain level. In terms of price growth, the condominium apartment segment continued to lead followed by higher density low-rise home types and finally detached houses.
Year-Over-Year Summary :
The overall average selling price in August 2019 is increased by 3.6% with an average of $792,611 which was $765,252 in August 2018.
Area wise :
Apart from the overall real estate market trend, it is important to know the area wise trend as well to invest in the right place.