Toronto Real Estate Sales and Trends by Zan Molko - 2019 Year-End
Tags: Average Real Estate prices up +4.07%
Toronto, 14 January 2020. Although the Toronto Real Estate Market in 2019 had a slow start, it ended quite strongly achieving, 87,825 units sales up +13.4% more than 2018 but still off -27.3% from the record year in 2016. Lack of affordability, the mortgage stress test and low inventory all contributed to volumes being lower than perhaps originally forecast. The declining interest rates was the key factor for the stronger finish in 2019 as Buyers found increased confidence from a solid regional economy and a relatively strong job market.
Average Prices were up +4.07%. at $819,319. In December prices increased to $837,788 an almost 12 % increase on a year over year basis. This increase was almost the same for freehold +11.6% as condos +10.4%.
The average price was still just below what was witnessed in the aberration year of 2017 at -.05%.
The big story remained inventory levels. Not so surprisingly - LOW! Which suggests that prices are likely going to move rapidly upwards through the first quarter of 2020. If you are contemplating making a move, sooner would be better.
Discounted Interest rates started higher at the beginning of 2019 but ended lower, yet not quite at historic lows. (Translation: - for every $100,000 you borrowed the monthly P&I came down from $512 to $460 per month.) That extra amount of buying power just might make the difference between affording the home that you desire. Getting properly pre-approved for a mortgage before your real estate search is mandatory. At this time it is not anticipated that mortgage interest rates will be going up in the short term.
As we embrace a new decade, navigating the Greater Toronto Real Estate Market is going to be rather challenging. Experience has shown that a well-executed plan will help you achieve your home buying goals.
It all starts here, with a meeting, online, on the phone or in person.