In Toronto, sales were up year-over-year for all major housing segments. The housing indicators are all pointing to a hot real estate housing market in 2020.


 
In November we are once again seeing sales outpace new listings. New listings in November were down by 15% compared to November 2018. Detached home prices increased by 4.5% in November 2019 compared to November 2018. We continue to see double-digit increases in the condo market with a 10.8% price increase compared to 2018. Another indicator that we are starting to move into a seller’s market is a 5.4% decrease in the number of days housing is taking to sell – we went from an average of 22 days in November 2018 to 21 days in November 2019.

Currently, in Toronto the average price of a detached home sits at $1,360,246, the semi-detached average price of $1,067,027, and freehold townhomes at 944,264, condo townhomes at $662,762, and the average price of a condo at $659,855.

What we are seeing is that an increasing number of home buyers that were negatively impacted by the new stress test mortgage rules introduced in 2017 are back on the market looking to get into the real estate market and many buyers may have adjusted their housing preferences by changing the type of location of home they ultimately chose to purchase.

The market experienced the strongest annual rates of price growth for the year in November. The strong population growth coupled with declining negotiated mortgage rates resulted in an increase in sales in November and throughout the second half of this year.

Increased competition between buyers has resulted in an acceleration in price increases. The expectation is that price will continue to increase into 2020.