Toronto Real Estate Market Update - May 2019
Thursday Jun 06th, 2019
Both the weather and real estate market warmed in May 2019 with an 18.9% increase in the number of sales compared to May 2018. Increased sales and fewer listings continue to lead to tighter market conditions, which should have positive or stabilizing effects on price growth. The average price for all homes was up 3.6% on a year-over-year basis.
Affordable options such as condos and townhomes continue to show strength due to demand from millennials, downsizing baby boomers, immigration, and a strong regional economy.
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 held the overnight rate at 1.75% on May 29th. The Bank continues to be data-dependent, accommodative in its monetary policy, and attentive to developments in household spending, oil markets, and the global trade environment.
Toronto Real Estate Board (TREB) Market Watch Report
TREB's Market Year in Review & Outlook Report
A few things I am reading...
Where to buy real estate in 2019: Greater Toronto Area (GTA) (MoneySense)
Hitting market bottom: A five-year forecast for house prices in 33 Canadian cities (The Globe and Mail)
Bank of Canada to follow Fed with rate cuts, traders bet (BNN Bloomberg)
Below is a market snapshot of single family detached and condominium apartment price growth by municipality as of May 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.
If you want to know how prices are performing by asset class in your specific neighbourhood or any neighbourhood in the GTA you may be interested in, please click here.
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Single Family Detached Home Price Index
Toronto: +0.43% (1 Month), +3.64% (3 Month), +2.25% (6 Month), +1.09% (1 Year)
Mississauga: +0.75% (1 Month), +4.32% (3 Month), +3.68% (6 Month), +3.85% (1 Year)
Brampton: +0.48% (1 Month), +3.05% (3 Month), +4.52% (6 Month), +4.91% (1 Year)
Vaughan: +0.37% (1 Month), +4.69% (3 Month), +1.93% (6 Month), -1.58% (1 Year)
Richmond Hill: +0.35% (1 Month), +3.19% (3 Month), -1.04% (6 Month), -4.20% (1 Year)
Markham: -0.18% (1 Month), 0.98% (3 Month), +0.43% (6 Month), -2.46% (1 Year)
Condominium Apartment Home Price Index
Toronto: +0.95% (1 Month), +3.25% (3 Month), +5.67% (6 Month), +7.48% (1 Year)
Mississauga: +1.84% (1 Month), +4.76% (3 Month), +9.90% (6 Month), +11.58% (1 Year)
Brampton: +0.99% (1 Month), +1.07% (3 Month), +4.25% (6 Month), +7.12% (1 Year)
Vaughan: +1.63% (1 Month), +4.39% (3 Month), +3.13% (6 Month), +4.06% (1 Year)
Richmond Hill: +1.82% (1 Month), +3.42% (3 Month), +6.41% (6 Month), +5.18% (1 Year)
Markham: +0.83% (1 Month), +2.92% (3 Month), +0.74% (6 Month), +5.20% (1 Year)
*How to use these numbers: If on May 1, 2019 the value of a condo in Toronto was $600,000, it would be worth $605,700 on May 31, 2019 based on the Toronto home price index (HPI). That $600,000 condo appreciated $5,700 in May or $183.87 per day.
Prepared by Michael De Luca, Real Estate Sales Representative at Private Service Realty (PSR), Brokerage