May 2019 Edition: Real Estate Market Watch

April 2019 Market Stats Statistics provided by the Toronto Real Estate Board

MARKET UPDATE May Edition

Sales & Average Price By Major Home Type

Detached

Sales

Avg. Price $1,261,752 $1,332,573 $960,274

South Mississauga

67 181 157

Oakville

Burlington

Semi–Detached South Mississauga

Sales

Avg. Price

11

$921,955 $806,689 $686,893

Oakville

10 14

Burlington

Townhouse

Sales

Avg. Price

South Mississauga

5

$902,300 $798,389 $624,549

Oakville

68

Burlington

17

Condominium South Mississauga

Sales

Avg. Price

49 48 42

$640,799 $557,112 $476,076

Oakville

Burlington

MLS Sales Activity for the Greater Toronto Area

The number of residential home sales increased by almost 17% to 9,042 compared to 7,744 in April 2018. New inventory was also up from last year by almost 8%, however, it was significantly lower than that of actual sales. Demand is beginning to outpace supply which in turn could increase housing prices. The first 3 months of the year were pretty flat with April numbers now beginning to show life in the market. The MLS HPI Composite benchmark was up by 3.2% - the highest rate of growth in almost a year. Selling prices are up almost 1.9% in April - the strongest it has been this year. Here’s the catch; While the number of sales is up from last year, the average price for detached houses dipped year-over-year, specifically in regions just outside Toronto. We can thank the OSFI stress test for that as buyers have to qualify for a mortgage at 5.34% even if their posted rate says 3%. For more infor- mation or questions as the market changes pertain to your home, feel free to call and speak to us. The Toronto Real Estate Board has released April numbers and they are looking pretty good.

UNITS

AVG. PRICE

APRIL 2019

9,042

$820,148

UNITS

AVG. PRICE

APRIL 2018

7,744

$804,926

*Broker Not intended to solicit properties currently listed for sale or buyers under contract. Each office is independently owned and operated. Royal LePage Real Estate Services Regan Real Estate, Brokerage

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