TREB RELEASES OCTOBER MARKET FIGURES AS REPORTED BY GTA REALTORS®
TORONTO, November 5, 2019 - Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 8,491 residential sales through TREB’s MLS® System in October 2019. This result represented a 14 per cent increase compared to 7,448 sales reported in October 2018. GTA-wide, sales were up on a year-over-year basis for all major home types.
“A strong regional economy obviously fuels population growth. All of these new
households need a place to live and many have the goal of purchasing a home. The problem is that the supply of available listings is actually dropping, resulting in tighter market conditions and accelerating price growth,” said Mr. Collins.
“During the recent federal election, some parties committed to more flexibility on the mortgage lending front, including the reintroduction of a 30-year amortization period for insured mortgages and more flexibility in the application of the OSFI mortgage stress test.
These and other housing-related policy options should be brought forth in the new minority parliament,” continued Mr. Collins. The trend of annual growth in sales versus annual decline in new listings continued in October 2019, with new listings down by 9.6 per cent compared to October 2018. The resulting tighter market conditions compared to a year ago resulted in positive annual
rates of price growth across all major market segments, from a GTA-wide perspective.