Toronto’s real estate market continues to be strong

The month of September brings the unofficial start to Toronto’s fall real estate market. Once labour day passes and the last of our summer long weekend plans are behind us, a new school year kicks off, and so often does our housing sales.

Depending on when the holiday Monday falls (this year it was early, September 2nd) our monthly home sales statistics can be varied.

This September continued to carry right on from an active summer and frenzied spring market.

Home sales were up 22% over the same month numbers from 2018, along with the other housing indicators we track. New listings were slightly off, but active listings which have been a problem throughout the year, were down 14.1% from September 2018. Now this is no where near the peak September sales year of 2016 where there was a drop from 2015’s number by 36.6% in active listings, thus, pushing house prices soaring and then leading up to a heightened spring of 2017 (and subsequent cooling in the second half of 2017).

Even at 14.1%, this is a concerning number. Housing shortages continue to be what is helping drive the price appreciation and values have risen 5.8% year over year from September 2018. This in itself is not bad, considering the rise year over year in 2016 from 2015 was an eye popping 20.1%!

Percentage gains in the 905 areas were higher than Toronto proper, which can be partially explained with the slower rebound the 905 had coming out of the drop in later 2017 and the escaping rise in values in the 416 since then. Affordability moves outward and finally the 905 is getting the overflow from buyers priced out of Toronto.

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