Now that summer has said goodbye, a new season of the real estate year has begun. Fall tends to be the second busiest time of the year for buying and selling properties. Families that were busy enjoying the good weather at home or abroad now have the time to look at available listings and it is early enough in the school year to change if they have school-aged children. What does this mean for Toronto real estate prices?
House Prices for the End of the Year
A September analysis of Toronto real estate prices shows that overall things are doing well. Some shining statistics to boast about are a reported increase in the average selling price of all housing types in the area: up 2.9% to $796,786 – a respectable year-over-year gain. Resale home transactions are also up 1.9% compared to the previous year.
If you are a condo owner looking to sell, you will be happy to know that in the Toronto region condo prices increased 10%. Breaking down this number, the increase in the City of Toronto was actually 11.7% while in the 905 areas of the GTA the increase was 6.4%. However, most high-density properties such as townhouses and semi-detached houses (in addition to condos) have experienced a substantial growth in price in Toronto.
The above statistics were deemed by Toronto Real Estate Board president Garry Bhaura as encouraging and “healthy”. With over 500 communities making up the Toronto Real Estate Board, it is a comfort to know that despite each community acting as its own sub-market, the city itself saw a composite rise of 6.74% year over year.
How Will Toronto Real Estate Prices fair in 2019?
For those looking to purchase homes, it is important to know that the market of listings does tighten in the autumn, reaching its peak in the winter. With 69 fewer listings than September 2017, autumn is a seller’s season which will often lead to properties with multiple offers and quite possibly more increases in Toronto real estate prices.
President Bhaura added that the seller’s market will not grow and die in autumn. Rather, he says that “as the GTA population continues to grow, the real challenge in the housing market will be supply rather than demand,” insinuating that Toronto real estate prices have nowhere to go but up in the future, potentially regardless of which of the 500 communities you are looking at.
All in all, it seems that the real estate market has performed well this autumn and looks to stay steady in the coming months as the market for Toronto properties in 2019 stays hot in the face of rising interest rates. Stay tuned for a report on October’s real estate trends in Toronto for more tips as to when to sell or buy a home. Happy hunting!