Greater Toronto Area REALTORS® reported 8,860 sales through TREB’s MLS® System in June 2019, representing a 10.4 percent increase compared to June 2018. Over the same time period, total new listings remained at a similar level for the month of June and active listings at month-end were down by 5.7 percent.
Sales and new listings statistics for the first half of 2019 compared to the same period in 2018 painted a similar story to that of June. Sales were up by 8.5 percent, while new listings were up by less than one percent. This shows that sales accounted for a greater share of listings compared to last year, which means that competition between buyers increased, resulting in renewed price growth in many segments of the market.
The overall average selling price in June 2019 was $832,703 up by three percent compared to the average of $808,066 in June 2018. Price growth was driven by the higher-density market segments, including semi-detached houses, townhouses, and condominium apartments. The MLS® Home Price Index Composite Benchmark was up by a similar annual rate of 3.6 percent. For the first half of 2019, the average selling price was $810,661, representing an increase of 2.4 percent compared to the first half of 2018.
