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GTA REALTORS® Release October 2019 Stats

REALTORS® TORONTO, November, 2019

TORONTO, November 5, 2019 – Toronto Real Estate Board President Michael Collinsannounced that Greater Toronto Area REALTORS® reported 8,491 residential salesthrough TREB’s MLS® System in October 2019. This result represented a 14 percent increase compared to 7,448 sales reported in October 2018. GTA-wide, saleswere up on a year-over-year basis for all major home types.“A strong regional economy obviously fuels population growth. All of these newhouseholds need a place to live and many have the goal of purchasing a home. Theproblem is that the supply of available listings is actually dropping, resulting in tightermarket conditions and accelerating price growth,” said Mr. Collins.The trend of annual growth in sales versus annual decline in new listings continued inOctober 2019, with new listings down by 9.6 per cent compared to October 2018.The resulting tighter market conditions compared to a year ago resulted in positiveannual rates of price growth across all major market segments, from a GTA-wideperspective.The MLS® Home Price Index Composite Benchmark was up by 5.8 per cent on ayear-over-year basis in October 2019 – the strongest annual rate of growth sinceDecember 2017. The average selling price for all home types combined was up by5.5 per cent to $852,142, compared to $807,538 in October 2018.“As market conditions in the GTA have steadily tightened throughout 2019, we haveseen an acceleration in the annual rate of price growth. While the current pace ofprice growth remains moderate, we will likely see stronger price growth movingforward if sales growth continues to outpace listings growth, leading to morecompetition between home buyers,” said Jason Mercer, TREB’s Chief Market Analyst.

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