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 October’19.
As per the Greater Toronto Area REALTORS® report, the total number of sales in the month of October’19 is 8491 which indicates a 14% increase compared to October’18.Though the sales are up, the new listings are down by 9.6% compared to the previous year.
“As market conditions in the GTA have steadily tightened throughout 2019, we have seen an acceleration in the annual rate of price growth. While the current pace of price growth remains moderate, we will likely see stronger price growth moving forward if sales growth continues to outpace listings growth, leading to more competition between home buyers,” said Jason Mercer, TREB’s Chief Market Analyst.
Year-Over-Year Summary :
The overall average selling price in October 2019 is increased by 5.5% with an average of $852,142 which was $807,538 in October 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.