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 September’19 is 7825 which indicates a 22% increase compared to September’18.
Though the sales are up, the new listings are down by 1.9% compared to the previous year. Due to tightening market conditions and an accelerating annual rate of price growth, the annual rate of new listings is outpaced by annual rate of sales growth resulting in lesser new listings by month-end compared to last year. In 2019, September marks the highest annual rate of price growth. The average selling price is up by 12% compared to August 2019.
Year-Over-Year Summary :
The overall average selling price in September 2019 is increased by 5.8% with an average of $843,115 which was $796,782 in September 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.