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Happy 2020, numbers speak by themselves!

Wednesday, January 15, 2020 Written by Emmanuelle in News

Happy new year to everyone. May 2020 bring you all forms of happiness.
 
I imagine that, at this time of the year, you wonder what 2020 will bring us.

2019 has been a very interesting year in many ways, as numbers speak by themselves let me share some of them:  
 
2019 over 2018 (Year over Year):

  • 2019 had a 12.6 % increase in sales
  • 2019 had a 4 % increase in price
  • 2019 had a 2.4 % decrease in listings

As a long term perspective, may I also remind and share with you some interesting stats of the past 13 years (2007-2019)

  • 2019 had the 2nd highest average sale price ($819,319).
  •  In 2017, we were at an average price of $822,572.
  • 2019 had the 7th highest number of sales (87,825)


On January 8th, 2020 Jason Mercer, TREB’s Chief Market Analyst said :

“Over the last ten years, TREB has been drawing attention to the housing supply issue in the GTA.  Increasingly, policy makers, research groups of varying scope and other interested parties have acknowledged that the lack of a diverse supply of ownership and rental housing continues to hamper housing affordability in the GTA.  Taking 2019 as an example, we experienced a strong sales increase up against a decline in supply.  Tighter market conditions translated into accelerating price growth.  Expect further acceleration in 2020 if there is no relief on the supply front.”

Perspective for 2020? Here are the key factors in place for this coming year:
* Low interest rates
* Low unemployment
* Low inflation
* High consumer confidence
* Confidence in the financial markets

I would agree with Jason Mercer that the lack of listings on the Market can become a problem and continue to drive multiple offers on the lowest price points in the real Estate market.
 
Still in Oakville:
Higher end is facing a difficult time. Listing tend to stay for months on the market.

To give you an idea, the number of listings in December 2019 was 352 (in December 2018, we had 553 listings) and even with that decrease of listings (compare to 2018) 101 of them were freehold properties with a price over 2 million dollars and only 11 of them sold in December.

It explains, that in Oakville, the Average Selling Price in January 2017 was $1,057,669, and that in December 2019 it was $1,043,797. The only reason being the higher end the Oakville Market.


In conclusion, a very good market for the other all market, still the higher end might need to adapt to new market conditions.
 

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