The Toronto Real Estate Board reported another year-over-year increase in the level of home sales during the month of September. The number of transactions reached 7,825, up 22% when compared to the same month last year. The supply of new listings throughout the GTA is slightly lower, contributing to upward price pressure in some selective markets.
The average selling price in September of all housing types within the GTA was $843,115, up 5.2% when compared to the average price a year ago and up 1.2% from August 2019.
Continued modest price growth and the increased sales activity was driven by all housing types and price segments during September. This trend has been present for many months, indicating a healthy market.
Within Durham Region, the local real estate board (DRAR) reported 956 residential sales during September 2019, representing a 24% increase over the number of transactions during September 2018. During the month, the number of new listings improved slightly, providing buyers with an healthy inventory, at stable prices.
The overall average selling price in Durham Region for the month of August was $611,569, up about four percent over the average price established a year ago.
We are now experiencing a fantastic real estate market. Interest rates have declined almost half percent during the past five months with five year mortgage rates are now available for about 2.6%. Inventory is fantastic, buyers can easily find the right home at a fair price. In my opinion, the current state of the real estate marketplace is the best it has been during the past three years. Buyers and sellers can participate without pressure and everyone is able to get a fair price and enjoy far greater affordability.
Let me help you find the perfect townhouse, condo, detached house or investment property. I’ve sold real estate in Durham Region for over 25 years, so you can be assured of experienced and sound advice in all market conditions.