Toronto Real Estate Market Update - July 2019
Friday Aug 09th, 2019
Market conditions continued to tighten in July as the number of sales outpaced new listings. Sales in July 2019 were up by 24.3% compared to July 2018 while new listings were down 3.7%. The average price for all homes was up 3.2% on a year-over-year basis.
Affordable options such as semi-detached homes, townhomes, and condos continue to show strength. Detached home prices were down in some municipalities including Toronto. However, lower detached home prices are attributable to a slow down in sales in $1.5M+ market.
Certain asset classes and neighbourhoods continue to outperform while others do not. Buyers, sellers, and investors should seek the advice of a professional REALTOR®️ before making any decisions in the present market.
The Bank of Canada changed the five-year benchmark qualifying rate for mortgages in July from 5.34% to 5.19%. This will increase buying power by up to 1.4% and should have a positive impact on market activity as we move into the Fall market.
Toronto Real Estate Board (TREB) Market Watch Report
Below is a market snapshot of single family detached and condominium apartment price growth by municipality as of July 31, 2019.
The figures cited in this note are an average. Please contact us for neighbourhood specific information so you can make an informed decision if you are thinking about making a move.
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Single Family Detached Home Price Index
Toronto: -0.08% (1 Month), +0.27% (3 Month), +4.15% (6 Month), +1.93% (1 Year)
Mississauga: +0.08% (1 Month), +1.26% (3 Month), +6.67% (6 Month), +4.93% (1 Year)
Brampton: +0.48% (1 Month), +1.49% (3 Month), +4.39% (6 Month), +4.73% (1 Year)
Vaughan: -0.65% (1 Month), +0.33% (3 Month), +6.43% (6 Month), -0.12% (1 Year)
Richmond Hill: -0.21% (1 Month), 0.00% (3 Month), +1.39% (6 Month), -4.25% (1 Year)
Markham: +0.25% (1 Month), 0.43% (3 Month), +2.35% (6 Month), -0.85% (1 Year)
Condominium Apartment Home Price Index
Toronto: +0.72% (1 Month), +2.34% (3 Month), +6.83% (6 Month), +8.32% (1 Year)
Mississauga: 0.00% (1 Month), +2.63% (3 Month), +7.15% (6 Month), +12.82% (1 Year)
Brampton: +2.04% (1 Month), +4.86% (3 Month), +5.87% (6 Month), +10.60% (1 Year)
Vaughan: -0.17% (1 Month), +0.70% (3 Month), +5.10% (6 Month), +2.56% (1 Year)
Richmond Hill: +0.00% (1 Month), +1.82% (3 Month), +4.66% (6 Month), +3.51% (1 Year)
Markham: +1.74% (1 Month), +2.35% (3 Month), +2.92% (6 Month), +8.04% (1 Year)
*How to use these numbers: If on July 1, 2019 the value of a condo in Toronto was $600,000, it would be worth $604,320 on July 31, 2019 based on the Toronto home price index (HPI). That $600,000 condo appreciated $4,320 in July or $139.35 per day.
Prepared by Michael De Luca, Real Estate Sales Representative at Private Service Realty (PSR), Brokerage