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 December’19.
As per the Greater Toronto Area REALTORS® report, the total number of sales in the month of December’19 is 4399 which indicates a 17.4% increase compared to December’18. Though the sales are up, the new listings are down by 2.4% compared to the previous year.
“We certainly saw a recovery in sales activity in 2019, particularly in the second half of the year. As anticipated, many home buyers who were initially on the sidelines moved back into the market place starting in the spring. Buyer confidence was buoyed by a strong regional economy and declining contract mortgage rates over the course of the year,” said Mr. Collins.
Year-Over-Year Summary :
The overall average selling price in December 2019 is increased by 12% with an average of $837,788 which was $749,014 in December 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.