TREB reported that December 2019 residential sales for the GTA were up by 17.4 % year-over-year to 4,399 units.
Total sales for 2019 were 87,825 units– up by 12.6 % compared to the decade low 78,015 units for 2018. On an annual basis, 2019 sales were in line with the median annual sales result for the past decade.There was certainly a recovery in sales activity in 2019, particularly in the second half of the year. As anticipated, many home buyers who were initially on the sidelines moved back into the market starting last spring. Buyer confidence was buoyed by a strong regional economy and declining contract mortgage rates over the course of the year.
While sales were up in 2019, the number of new listings entered into TREB's MLS System was down by 2.4 per cent year-over-year.
As a "Seller" less inventory or new listings available generally means an opportunity for higher prices.
For the past decade, annual new listings have been largely in a holding pattern between 150,000 and 160,000, despite the upward trend in home prices over the same period.