I’m sharing all the numbers associated with our Toronto real estate market from 2019.
This is your market update for Toronto real estate. The numbers are in for 2019: In December, the number of sales saw an increase of 17.4% from December 2018. December 2019 prices rose about 11.9%.
For Greater Toronto in all of 2019, there was an increase in sales by 12.6% compared to 2018. The average price was $819,000, and that’s a 4% increase from 2018. The average days on market was 23.
For the city of Toronto itself, the average price was $883,000 and the average days on market was 20. If your home is in the city of Toronto, your house’s value rose almost $70,000 more than the rest of the Greater Toronto area.
If we take a further micro look into Central Toronto, the average price was $989,899 (this is for all real estate transactions lumped together). The average days on market was 21, and the average list-to-sale-price ratio was 99%.
What does this all mean? We saw a great sales activity recovery in 2019, particularly in the second half of the year. Buyer confidence grew with a strong regional economy and also declining contract mortgage rates throughout the year. While sales were up in 2019, the number of new listings was down by 2.4% year-over-year. This decrease in supply created a very tight market that translated into accelerating growth.
What I see in 2020 is that we should probably expect further accelerated growth if there’s no relief on the supply side.
If you have further questions about our 2019 market or real estate in general, please reach out to me by phone or email. I would be happy to help.