The Toronto Real Estate Board reported 8,491 residential sales in October 2019. This result represented a 14% increase compared to 7,448 sales reported in October 2018. GTA-wide, sales were up on a year-over-year basis for all major home types.
The trend of annual growth in sales versus annual decline in new listings continued in October 2019, with new listings down by 9.6% compared to October 2018. The resulting tighter market conditions compared to a year ago resulted in positive annual rates of price growth across all major market segments, from a GTA-wide perspective.
The MLS® Home Price Index Composite Benchmark was up by 5.8% on a year-over-year basis in October 2019 – the strongest annual rate of growth since December 2017. The average selling price for all home types combined was up by 5.5% to $852,142, compared to $807,538 in October 2018.
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.
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