There were 8,860 sales reported in June 2019 which represents a 10.4% increase compared to June 2018. Over the same time period, total new listings remained at a similar level for the month of June and active listings at month-end were down by 5.7%.
Sales and new listings statistics for the first half of 2019 compared to the same period in 2018 were similar to that of June. Sales were up by 8.5%, while new listings were up by less than 1%. This shows that sales accounted for a greater share of listings compared to last year, which means that competition between buyers increased, resulting in renewed price growth in many segments of the market.
The average sale price in June 2019 was $832,703 – up by 3% compared to June 2018. “Buyers started moving off the sidelines in the spring, as evidenced by strong year-over-year price growth throughout the second quarter. However, because we saw virtually no change in the number of new listings, market conditions tightened and price growth picked up, especially for more higher density home types, which, on average, are less-expensive than traditional detached houses and therefore provide more affordable housing options under the new OSFI stress test regime,” said Jason Mercer, TREB’s Chief Market Analyst.
If you would like to compare these numbers to last month, you can find them here.