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 July’19.
As per the Greater Toronto Area REALTORS® report, the total number of sales in the month of July’19 is 8,595 which indicates a 24.3% increase compared to July’18. However, the total number of new house listings are at the same level and the active listings decreased by 9.1%
Overall, there is a price growth beyond the rate of inflation for semi-detached houses, townhouses and condominium apartments mainly because of the increase in competition among buyers. However, the OSFI stress test has impacted single-detached market segment that there is a slower pace of price growth, with average detached prices remaining lower than last year’s levels in some parts of the GTA.
Year-Over-Year Summary :
The overall average selling price in July 2019 is increased by 3.2% with an average of $806,755 which was $781,918 in July 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.