June 2019 Market Commentary Toronto - Hamilton
Featured Property 1000 Sulphur Springs Road, Hamilton, ON
“It’S Getting Hotter Every Day”
As we kick off the second half of 2019, the market for real estate in the GTA continues to maintain its strong pace. The Toronto Real Estate Board released the housing figures for June, and with 8,860 sales reported, there was a 10.4% increase in sales volume over the same period last year. Total sales for the first half of 2019 were up 8.5% year-over-year.
The average selling price of all transactions rose to $832,703, down slightly from May, but still representing a healthy annual gain of 3.0%. Price growth was driven by the high-density market segments, which include semi-detached, townhomes and condominiums. The MLS Home Price Index (HPI) Composite benchmark, which measures inflation in the market, was up 3.6%. Looking at the first half of 2019, the average sales price was $810,661, an increase of 2.4% over the first half of 2018.
While price growth in the market was led by high-density housing, the biggest gains in sales volume continue to be in low-rise housing. In June, detached sales were up 18.6% (+13.6% in the 416), semis were up 9.4% (+12.5% in the 416) and towns were up 12.0% (+17.5% in the 416), compared to the condo sector which was down 3.2% for the region and down 5.6% in Toronto.
New listings fell slightly from last June to 15,816, and active listings dropped 5.7% to 19,655, demonstrating a further tightening of market supply. Currently, there is a 2.2-month supply in the GTA, down from 2.6 months a year ago. With that in mind, expect upward pressure on prices as buyers compete for a limited housing stock. The average ‘Days on Market’ for all sales held steady at 21 days.
With buyers moving off the sidelines, we are seeing increased competition for available listings, resulting in price growth in many segments of the market. For more insight and analysis, feel free to get i touch with me.
Source TREB
“Toronto condo rentals are up nearly 15 per cent since last year”
“Hamilton Burlington A Mix Bag”
The latest real estate numbers in Hamilton and Burlington are a mixed bag of results.
The Realtors Association of Hamilton-Burlington (RAHB) reports that 1,203 homes were sold in June, a 4.2 per cent increase from June 2018.
However, the sales number is down 10.5 per cent compared to this May and 1.9 per cent from April.
The average price for a home in the area last month increased 5.2 per cent year over year to $593,549. But that is down 0.03 per cent from May.
“The number of sales and average price [are] up over 2018, showing that the market is edging higher since it balanced out last year,” says RAHB president Bob Van de Vrande.
“Sales have dropped compared to May and April of this year, but paired with a decrease of about four per cent in the number of new listings, this could indicate the market is tightening.”
The number of sales of single-family properties in the area increased by 11.6 per cent compared to the same month last year, and the average sale price increased by 4.9 per cent.
The RAHB report says the number of townhouses sold decreased from June 2018 by 3.9 per cent, and the average price of a townhouse climbed by 3.6 per cent to $499,523.
Apartment-style property sales decreased by eight per cent from June 2018, and the average price also decreased by 0.3 per cent.
“Only single-family or detached homes saw an increase in average price and number of sales, which bucks the trend we’ve seen over the last year — buyers choosing more affordable options,” added Van de Vrande.
“Of course, this is an overall evaluation of our entire market area, and numbers can deviate from the average when we look at smaller or individual communities.”
“Hamilton among the best places to buy real estate in Canada, magazine says - Global News”