Wow - where did 2017 go?! With all the surprise of a flash freeze, December is upon us, and the spirit and celebration of the holidays is palpable! As prospective home buyers and sellers turn their focus toward festive preparations and committments, and as cold, snowy weather forecasts make hibernation more appealing than house hunting, Toronto's housing market begins to cool. Because, regardless of any new government measures, mortgage rule changes, or interest rate hikes, there will always be steadfast Seasons To Real Estate!
Here's a brief breakdown - courtesy of our parent brokerage, Bosley Real Estate - of the major stories surrounding Toronto's calming real estate market in the first week of December 2017!
As the calendar flips for the last time this year and we are three weeks shy of Christmas, it feels like we are all gearing up for the holiday festivities. The offices are a little slower, listings are dropping off and the buyers are taking a break. The November stats were released from The Toronto Real Estate Board and for the City of Toronto the average price was up 2 percent to $802,220 from November 2016. We saw a sizable number of new listings (14,349) for the entire GTA, up by 37 percent compared to November 2016. This boost to home ownership could be because of the upcoming changes to mortgage guidelines, which come into effect in January. On a year-to-year basis, the average selling price was up by 13.4 percent compared to same period last year. All the negative headlines are for the entire GTA, but conditions continue to be stronger for the City of Toronto.
The freehold sector in the central and east neighbourhoods saw a drop in new listings last week by 14 percent, while the west end remained on par as the week before. As December approached we also saw a drop in sales by 25 percent for all freehold but the bidding wars were still happening with 27 per cent selling over the asking price.
The condo market in the City of Toronto is still sizzling with the average price now at $555,965. Last week we saw a decline of 12 per cent in new listings for all neighbourhoods and a small decline in sales by 6 percent but the bidding wars were still strong with 32 per cent selling over the asking price. The condo market continues to lead the way in terms of price growth in the GTA.
*Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake and Port Hope, Ontario since 1928. We have four centrally located offices and over 250 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately reflect the true temperature of the real estate market.
HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:
Federal court gives Toronto real estate agents data-publishing rights
“Toronto-area real estate agents will be allowed to publish details about house sale prices under a Federal Court of Appeal ruling released Friday in a long-running battle over data privacy.”
Don't expect government meddling in the housing market to fix it: Don Pittis
“Canada's national housing agency said Wednesday that the 47 per cent decline in the country's insured mortgage market year-over-year in the third quarter is the new 'normal level.'"
Toronto home prices are down 8.8% since May, but the biggest decline in 17 years lures new buyers
“Canada’s largest housing market continues to see prices fall amid a widening pool of homes for sale, though there are signs the correction is beginning to lure in some new buyers.”
New Mortgage Rules Will Disqualify 1 In 10 Would-Be Borrowers, Bank Of Canada Says
“New mortgage rules coming into effect in January will disqualify about 10 per cent of prospective homebuyers from buying the home they want, the Bank of Canada says.”
Rolling dice on Toronto’s real estate
“I understand that in recent years, we’ve all grown a bit immune to predictions that Toronto’s housing market is about to crash. Around about the 300 or 400th national newsmagazine cover in a couple decades warning of the impending real estatocalypse, we all just start rolling our eyes.”
In case you missed last week's Market Insight, here's what topped Toronto real estate news in the first three weeks of November!
~ Steven and the Urbaneer Team
- earn your trust, then your business -
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