The Greater Toronto Area housing market continues to cool from November activity as the holiday season fast approaches, with deep double-digit declines on a monthly basis. However, as has been the trend, the market is generally stronger than it was in 2018, with significant improvement in demand for homes for sale across every property type.
A total of 76 detached houses sold in the City of Toronto, down -41 per cent month-over-month, but up 27 per cent from the same time frame in 2018. Activity was similar in the 905 markets with 300 house sales, marking a -38 per cent month-over-month drop, but up 39 per cent year-over-year. Semi-detached houses saw more volatile swings in sales due to overall smaller levels of inventory. There were 28 transactions in the 416, down -46 per cent month-over-month, and up 75 per cent year-over-year. In the 905, a total of 71 sold, down – 35 per cent month-over-month, but up a whopping 115 per cent year-over-year.
Townhouses were the only home type to experience a slowdown in sales across the board, again likely due to overall fewer available units. Just 12 sold in the 416, down – 57 per cent month-over-month and -33 per cent year-over-year. There were 36 sold in the 905, down -63 per cent month-over-month and -16 per cent year-over-year. However, condo sales were stronger on an annual basis; a total of 125 units sold in the 416, down -26 per cent month-over-month and up 25 per cent year-over-year. Those annual gains were mirrored in the 905 markets as 174 units sold, though activity still lagged behind November sales by -31 per cent.