September is traditionally the peak of the fall real estate market. This year was no different. The number of sales across the GTA was up 22% (7,825 sales) from September last year, but this number is still well-below the record-high transactions from September 2016 (9,800 sales). Meanwhile, the number of new listings decreased 1.9% year-over-year.
It’s these “tighter” market conditions that are causing accelerated price growth. The annual rate of price growth in September actually reached its highest point so far in 2019. The average sale price was up over 5.5% in the GTA and City of Toronto and 9% in Central Toronto as compared to last year.
GTA prices in the detached segment rose 4.1% to $1.05 million, on average. In the City of Toronto, a detached house sold for an average of $1.37 million. The biggest price gains in September were in the townhouse segment, which GTA-wide, saw a 6.8% increase compared to September 2018 for an average price of $677,387.
Central Toronto deviated slightly compared to the bigger market of which it is a part. The price of a detached home was down by 3.4%; this represents an average sale price of $2.47 million. Central Toronto townhouses were also down by 2%.
So far, October has been slower than September, but the month appears poised to pick up soon. With just a couple of months before the holidays, now is the time to get moving if you plan to buy or sell in 2019. If you have questions about the value of your home, or what you can expect to pay, let’s chat.