Brian Torry

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January to May 2019 - Market Update

01 June 2019
B Torry

Roncesvalles Village Market Update - May 2019 

It was a May to remember if unit sales make you think the market is hot.  Keeping in mind that May 2018 was one of the slowest Mays for sales on record, there was a significant increase in sales through-out the GTA and Roncesvalles Village was no exception.  The Toronto Real Estate Board reported a 19% increase in sales in May 2019 over May 2018 while in Roncesvalles village sales nearly tripled from 9 in May 2018 to 26 in May 2019. The 26 sales in May represent 40% of the year to date transactions in the Village. The strong May numbers also help raise the year to date sales numbers significantly in Roncesvalles from 46 in 2018 to 65 in 2019. 

There was an increase in the average sales price in the GTA of 3.5% but the strongest growth came in the attached/rowhouse category which makes up the smallest category in the Roncesvalles area.  In Roncesvalles we continue to see price growth in the semi-detached category with prices rising 6% to an average price of $1,364,643. The detached category has continued to show a slight softening in prices with the average price down 3% to $1,854,894.

One of the more interesting statistics we look at to see the barometer of the market is the number of listings that sold above their listing price.  These sales are usually indicative that there was a bidding war on sale night and shows how active the buyers are in the market. This year we have seen 69% of the homes sold in Roncesvalles sell for more than their listing price.  While this number may seem high it is off the pace of 2018 where 82% of the homes sold above their list price. May of 2019 saw similar numbers to 2018 where we saw 80% of the sales in Roncesvalles sell over their listing price but again this is below the 88% of sale that went above the list price in 2018.