Market conditions continued to tighten in October as the number of sales outpaced new listings. As a result, the Home Price Index Composite experienced the strongest rate of annual growth since December 2017. Sales were up by 14% compared to October 2018 while new listings were down 9.6%. The average price for all homes was up 5.5% on a year-over-year basis.
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 October 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: +0.81% (1 Month), +0.93% (3 Month), +1.20% (6 Month), +3.20% (1 Year)
Mississauga: -0.08% (1 Month), +0.04% (3 Month), +1.30% (6 Month), +3.58% (1 Year)
Brampton: +0.59% (1 Month), +1.35% (3 Month), +2.86% (6 Month), +6.76% (1 Year)
Vaughan: -0.49% (1 Month), +0.82% (3 Month), +1.15% (6 Month), +1.91% (1 Year)
Richmond Hill: -0.39% (1 Month), +0.18% (3 Month), +0.18% (6 Month), -0.70% (1 Year)
Markham: +0.54% (1 Month), +0.25% (3 Month), +0.68% (6 Month), +0.94% (1 Year)
Condominium Apartment Home Price Index
Toronto: +0.82% (1 Month), +1.39% (3 Month), +3.77% (6 Month), +8.24% (1 Year)
Mississauga: 1.45% (1 Month), +2.57% (3 Month), +5.27% (6 Month), +15.19% (1 Year)
Brampton: +1.68% (1 Month), +4.36% (3 Month), +9.44% (6 Month), +13.26% (1 Year)
Vaughan: 0.00% (1 Month), +0.83% (3 Month), +1.54% (6 Month), +3.78% (1 Year)
Richmond Hill: -0.62% (1 Month), +1.61% (3 Month), +3.46% (6 Month), +7.60% (1 Year)
Markham: +0.27% (1 Month), +1.80% (3 Month), +4.20% (6 Month), +4.44% (1 Year)
*How to use these numbers: If on October 1, 2019 the value of a condo in Toronto was $600,000, it would be worth $604,920 on October 31, 2019 based on the Toronto home price index (HPI). That $600,000 condo appreciated $4,920 in October or $158.71 per day.
Prepared by Michael De Luca, Real Estate Sales Representative at Private Service Realty (PSR), Brokerage
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