December 2019 🏡 The Latest Toronto Real Estate Market Statistics | Toronto Real Estate Market Update
Saturday Jan 18th, 2020Share
Here are the latest December 2019 statistics for the Toronto Real Estate Market.
The Toronto Real Estate Board reported significant housing value increases for all housing sectors.
Watch the video for more details or scroll down to read the full transcript.
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The latest performance data has been released by the Toronto Real Estate Board. And overall, the Greater Toronto Area (GTA) is seeing a substantial price increase throughout all the housing sectors. This is fantastic news for homeowners and for investors. For the month of December, there were two markets that saw double-digit increases. The detached housing market and the condo Market were both up in the double digits. So what does that mean? That means on average, a detached home in the GTA increased by a huge 11.6% between December 2018 and December 2019. In that same one year period, there was a 6.5% increase for
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semi-detached homes. Townhouses saw a 7.8% increase and the condo market saw a significant 10.4% increase. So what do those percentages mean? If you own an $800,000 condo in Toronto, based on the average stats, your condo went up $83,200 in value over the past year. Now, that's a great investment! This past December also saw a huge increase in the number of sales.
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The total number of sold properties increased by 17.4% in December 2019 compared to the previous year in December 2018. Now the interesting thing to note is that the number of new listings was down by 18.1%. That means that there are more people that are buying properties while there are actually fewer new properties that are coming up for sale on the market. So in effect, there is greater demand and less supply. This means the market is tightening with less inventory available. And when it comes to real estate, when there is less inventory prices go up. And this is why we saw substantial
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housing value increases for the month of December. This creates a favourable market for individuals that are thinking of selling a property. Are you planning a move this year? Let us know and we'll share the top five tips on how to sell for top dollar. If you want to see more videos like this hit the "like" and "subscribe" button.
When you are ready to move or, have any questions about real estate, give Karen a call
Toronto Real Estate Broker
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