How is Toronto Housing Market doing? Today, I’m going to recap what happened in 2018 then we’ll get into the current numbers.
So how did 2018 turn out? Last year we had a total of about 77,375 sales. This was actually about a 16% decrease from 2017 which we had about 92,264 sales. 2017 was also the year the government introduced the 15% foreign buyer tax and rent controls along with many other changes to cool the real estate market down because of the insane price jump from $730K average price to $918K at the peak of April 2017.
Although that did slowed down sales and prices did corrected during that time. It now has started to go back up. In 2017 the average price in December was $734,847 and at the end of 2018 we ended up at $748,840 so we saw in increase of 1.9%.
Now let’s compare that to the current numbers. The current average sales price climbed by 4.2% and sitting at $780,397. Sales are at 5025, we’ve had about 13,284 active listings and 9,828 new listings that hit the market. We are at 2.6 months of inventory which means that if no new listings come on the market with our current rate of sales and inventory...we will run out of inventory in 2.6 months.
Below are graphs for the Greater Toronto Area, City of Toronto, and the a couple of the suburbs.