TORONTO, January 2020 - The Toronto Real Estate Board reported total sales for calendar year 2019 were 87,825 units – up 12.6 per cent compared to the decade low 78,015 sales reported in 2018. On an annual basis, 2019 sales were in line with the median annual result for the past decade.
Sales were particularly strong in the second half of the year as many home buyers who were initially on the sidelines moved back into the market. Buyer confidence was buoyed by a strong economy and declining mortgage rates in the 2nd half of the year.
While sales were up in 2019, the number of new listings entered into TREB’s MLS® System was down by 2.4 per cent year-over-year. For the past decade, annual new listings have been between 150,000 and 160,000 units, despite the upward trend in home prices over the same period.
Sales in Mississauga were up 12% with 8,765 units sold in 2019. Average price was up 8% which indicates the mix of properties sold has shifted. See year end results in the chart.
Further analysis indicates:
> The average price of single detached and semi detached homes sold in Mississauga in 2019 was up 6.5% - while condo apartments showed an increase of 15%.
> We had a strong fall market with the largest gains in the number of units sold in the 3rd quarter.
> There were record condo sales in 905 as GTA prices reach $1,000.00 per sq ft. With the Toronto areas population increasing, the influx of new residents has fuelled the housing shortage and triggered a building boom of condos. South Mississauga has been slow to get condo developments to market and now that prime waterfront land has been remediated and slated for development, several exciting new projects including Edenshaw’s new Ann Street and Brightwater will be coming available in the next 2-3 months.
> Mortgage rates are low and lenders are finding ways to finance properties keeping within the stress test rules.
> As we continue to experience a strong sales increase up against a decline in supply, we can expect further price increases in 2020. Sales were unusually strong in November and December and what we don’t have moving into January this year is carry over supply.
This will result in higher prices in the first few months with some levelling off as new properties come to market. Buyers are out there and they looking for good properties in prime areas.
We predict a strong sellers market this year- so if you are thinking of selling contact us at 905 278-7355 or email [email protected]. We will provide you with a confidential market analysis and a solid plan to get your home sold for top dollar on your terms.
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