Toronto Market Update for March 2019

12 April 2019
Life and the City

Last month in March, the average sales price for all property types combined across the 416 was $830,043, representing an 11.6% year-over-year decline. A 2% jump in inventory on the market lead to slightly more options for buyers, which was a contributing factor in this sales price decline. Meanwhile, the overall number of sales for all property types declined by 9% over March of last year.

Condo sales in downtown Toronto have lost a bit of steam after being the hottest segment in the market for a couple of years - sales of condo units dropped 14.1% last month compared with March of 2018. However, it's still one of the stronger property segments on the sales price front - the average price of a 416 condo last month was $603,969 - a 2.33% year-over-year increase.

Toronto townhomes experienced the strongest growth over any other property type last month. The average sales price jumped to $741,881, a 2.93% year-over-year increase, and sales were up by a substantial 15.2% in the same period.

Meanwhile, both the number of sales and the average sale prices of detached and semi-detached houses in the Toronto core slipped in March compared with the same month last year. The sale price of a detached home in Toronto was down by 2.03% year-over-year, and semi's saw a 1.14% downturn. 

See a snapshot for each property type in the gallery above, and a summary of last month's notable milestones for the Toronto and GTA real estate markets, below. 


Summary of significant real estate milestones for Toronto and GTA markets in March 2019

  • Tied for the lowest number of March sales since 2009 (7,187), 10 years ago 
  • The ratio of sales-to-listings was 46.1% in March – This is just moving slightly into seller's market territory 
  • The average sale price for property types across the GTA came in at $788,335– essentially flat compared to last year (up a mere 0.5%) 
  • Note that this overall market average was 14% lower than 2 years ago in March 2017 
  • Overall sales in the month were FLAT compared to one year ago 
  • The GTA real estate market overall averaged the days-on-market at 21 – one day slower than last year 
  • Detached home sales in March 2019 with a purchase price over $2,000,000 were exactly the same as last year  
  • Affordability considerations continue to shift the market more to a condominium lifestyle – condo sales took a 35% share of the total market  
  • Downtown condo active listing numbers were up by 16% in C01 and up in C08 by 41% from last year at this time 
  • March sales were down 24% in C01 and lower by 14.6% in C08 compared to 2018 
  • The downtown condo days-on-market average was 15-16 days – 5 days faster than the overall market  
  • The ratio of sales-to-listings for condos downtown were closely matched in C01 (64.4%) and in C08 (75.2%) but still higher than in the overall market. 
  • Building on this higher demand due to better affordability, condo appreciation in the two main downtown markets averaged 3.2 to 5.7% year-over-year… slower than at any time in 2018 
  • Markets in York Region and other 905 neighbourhoods have suffered the most from the market slowdown – all York Region communities are continuing to show that they’re in serious ‘buyer market’ territory 
  • Expect sales and inventory to pick up as we progress into the spring market in April through May/June where listings and buyers are most active - this is when buyers should watch for more pricing opportunities to get the condo or house of their dreams.
 

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