September 2019 numbers are up again, sales this past month hit 7,825 up 22% compared to Sept 2018, 6,414 sales. That is still far from the record 9,800 sales GTA hit in Sept of 2016. This growth continues to be fuelled by lack of supply, high demand and cheap money with rates as low as 2.69% from the big banks, still lower with many other lenders and talk of possibly dropping in the near future.
Listings were down 1.9% which does not sound like much at first but we have had multiple months this year where sales growth has outpaced new listings compounding to limited supply and continued demand. New listings for Sept 2019 were 15,611 compared to 15, 921 last year Sept. Low rise homes have had the biggest growth at 23% increase, followed by condos at 16%. Year over year both house types are up 5%.
Stats Canada this week released that the recent national population estimate represents the highest 12 month increase ever. To top it all off politicians are talking about erasing or drastically changing the stress test and bringing back 30 year amortized mortgages for first time homebuyers. I do agree that first time homebuyers need a hand to get into the market but if everyone can qualify for a larger mortgage or lower payments and inventory available stays same how will that help?
Happy Halloween everyone!