THE MARKET IS STABLE AND EMPLOYMENT RATES ARE UP.
Tuesday Jun 18th, 2019Share
The tighter, but more stable conditions developed by balanced inventory and driven by increase of employment rates sets us up for a predictably even summer market. We are still seeing strong improvement from the slower first quarter, but we don’t expect a spike of growth reflective if this trajectory.
Again, we see there’s considerably disparity between the 905 and 416 regions regarding pricing averages. Semi-detached prices are being pushed up in the 905 due to demand and low inventory pushing potential owners farther out from the core of the GTA.
Condos, apartments, and townhouses continue to drive the market for the most part as the rate of sales for detached homes in the surrounding area of Toronto continue to feel the effects of the stress test impact.
Month by month, sales are still steadily increasing (18.9%). Days on Market (19) and Months of Inventory (2.5) are stable which further support the strengthening market conditions.
New listings for the month are comparable to last year with an increase of 0.8%. We expect conditions to remain level. It’s time to inform your buyers why this is a golden opportunity to make informed choices and intelligent purchases. Prices will only continue to push upward. The balanced market across the GTA provides a level playing field to buyers looking to secure the right investment.
Brampton prices continue to climb across all housing types. Homes sold surpass even the numbers for 2017.
Months of inventory at 1.9 (a considerable drop from 2.4 last year), but with the Days on Market have reduced to 16. Tight supply will continue to maintain upward pressure on average prices moving forward.
The Mississauga market is stable with increases in homes sold in all housing types as well as price increases (lead by townhouses as 12.1% above last year).
Months of Inventory (2.0) and Days on Market (16) maintain the market’s steady numbers.
Numbers are holding steady this month. Improvements are seen in relation to last year, sales are lead by townhouses and semi-detached properties.
Average price of $1,025,446 is mostly a reflection of the mix of homes traded rather than the trend of where prices are headed.
As there are very few homes traded in Caledon, its numbers do not accurately reflect the general market trajectory for the GTA and Peel regions. This is also evident in the considerable extension of days on market to 37.
Milton market maintains its climbing sales numbers. Prices also continue to hold a steady progression. Homes sold is up by 23% and prices overall show a reasonable increase of 5.4%.
Supply is sitting steady at 1.3 months of inventory. Days on market remain steady at 16, which is an improvement from last year’s 19.
Prices maintain slight underperformance, but this has encouraged a spike in homes sold (20.1%).
Months of inventory tightens further to 2.6. Days on market (25) holding steady to last month’s data as well as last year.
The number of homes sold in Burlington has leveled out. Prices underperform slightly as detached prices come down.
Supply is holding steady at 1.9 months of inventory on hand. This tight supply should encourage price increases moving forward.
Days on market at 25 are stable compared to recent months and this time last year.
As there are very few homes traded in Georgetown, their progress isn’t reflective of the overall market of Peel and the GTA.
Average prices are picking back up with an increase of 5.6% from last year.
Months of inventory has extended to 2.5.
Days on market of 17 holds steady from last month and shows improvement from this time last year (25).
We expect the MOI to remain stable throughout the year without drastic change, hovering around the three month mark.
Upward pressure on home prices in the GTA will continue as available housing in most parts of the GTA remains in a short supply.