{"id":17140,"date":"2020-01-07T14:50:20","date_gmt":"2020-01-07T19:50:20","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=17140"},"modified":"2020-01-07T14:50:21","modified_gmt":"2020-01-07T19:50:21","slug":"treb-december-2019","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/treb-december-2019\/","title":{"rendered":"GTA Real Estate Officially Rebounds in 2019: December TREB Report"},"content":{"rendered":"\n


The Greater Toronto Area real estate market ended 2019 on a particularly strong note, reflecting a sustained improvement from last year\u2019s softer conditions and setting the stage for increased price growth in 2020, reports the latest numbers from the\u00a0Toronto Real Estate Board<\/a>.<\/p>\n\n\n\n

The number of home sales rose 17.4% from last December over the course of the month with 4,399 transactions; meanwhile, home sales for the year as a whole clocked in at 87,825. That\u2019s up by 12.6% from the decade-low experienced in 2018, and roughly in line with the median for annual sales over the last 10 years.<\/p>\n\n\n\n

Number of New Listings Couldn\u2019t Keep Up with December Sales<\/h2>\n\n\n\n

December sales were so strong, in fact, that they outpaced the number of newly-listed homes over the course of the month entirely: just 3,531 came to market, also marking a -18% plunge from the same time last year. As a result, GTA holiday real estate could be considered a steep sellers\u2019 market with a sales-to-new-listings ratio of 124.5% – more than double the percentage required to classify it as such.<\/p>\n\n\n\n

That helped fuel price growth of 11.8% across the region, with the average coming to $837,788. The MLS Home Price Index \u2013 which measures the general value of homes sold \u2013 was also up strongly, by 7.3%.<\/p>\n\n\n\n

Steep Sellers\u2019 Markets Found Throughout the GTA<\/h2>\n\n\n\n

Steep sellers\u2019 market conditions were also found in the City of Toronto, which saw a 14.3% uptick in sales, -5.1% decline in new listings, and price growth of 16% to an average of $885,132.\u00a0

Sales growth was actually strongest in the 905, which is made up of the Halton, York, Peel, Durham, and Simcoe markets, including\u00a0Newmarket real estate<\/a>, Oshawa real estate<\/a> and\u00a0homes for sale in Whitby<\/a>. There, sales experienced a 19.4% increase; combined with a -24.4% decline in new listings, home prices were pushed up by 9.1% to $808,732.<\/p>\n\n\n\n

Slower Sales in the Rear View\u00a0<\/h2>\n\n\n\n

It\u2019s a sharp turnaround from the sluggish conditions at the end of 2018, when the market struggled to absorb the impact from the federal mortgage stress test as well as provincial regulations designed to cool home buyer demand. TREB notes that the historically low interest rates that were available throughout 2019 helped restore buyer presence, as did the GTA\u2019s generally strong economy.<\/p>\n\n\n\n

\u201cWe certainly saw a recovery in sales in 2019, particularly in the second half of the year,\u201d stated Michael Collins, TREB\u2019s president. \u201cAs anticipated, many home buyers who were initially on the sidelines moved back into the market place starting in the spring. Buyer confidence was buoyed by a strong regional economy and declining mortgage rates over the course of the year.\u201d<\/p>\n\n\n\n

Lack of Supply Could Set Stage for Too-Hot-to-Handle Price Growth<\/h2>\n\n\n\n

However, the defining theme for the 2019 market, and a growing concern heading into 2020, is the lack of supply in comparison to buyer demand. TREB notes that the total number of newly-listed homes this year fell by -2.4% compared to 2018; should this gap persist it will only put a boil under price growth and lead to the same unsustainable levels that led to government intervention in 2017 and 2018.<\/p>\n\n\n\n

\u201cOver the last 10 years, TREB has been drawing attention to the housing supply issue in the GTA. Increasingly, policymakers, research groups of varying scope, and other interested parties have acknowledged that the lack of diverse supply of ownership and rental housing continues to hamper housing affordability in the GTA,\u201d stated Jason Mercer, TREB\u2019s chief market analyst. \u201cTaking 2019 as an example, we experienced a strong sales increase up against a decline in supply. Tighter market conditions translated into accelerating price growth. Expect further acceleration in 2020 if there is no relief on the supply front.\u201d<\/p>\n\n\n\n

Check out the infographics below to see how sales and prices have increased across all home types in the 905 and 416 markets in December:<\/strong><\/p>\n\n\n\n

\"\"<\/a><\/figure>\n\n\n\n
\"\"<\/a><\/figure>\n","protected":false},"excerpt":{"rendered":"

The Greater Toronto Area real estate market ended 2019 on a particularly strong note, reflecting a sustained improvement from last year\u2019s softer conditions and setting the stage for increased price growth in 2020, reports the latest numbers from the\u00a0Toronto Real Estate Board. The number of home sales rose 17.4% from last December over the course […]<\/p>\n","protected":false},"author":39,"featured_media":17143,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[1107,181],"tags":[],"class_list":["post-17140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-infographics","category-toronto-real-estate"],"yoast_head":"\nDecember TREB report - Sales Rebound in 2019 | Zoocasa<\/title>\n<meta name=\"description\" content=\"The Greater Toronto Area real estate market ended 2019 on a particularly strong note, reflecting a sustained improvement from last year\u2019s softer\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/treb-december-2019\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"December TREB report - 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