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.

We can help you understand how these market stats and current conditions may affect the property values in your specific area. Get in touch with us by filling out the form below!