The holidays are upon us, so it's natural to witness a housing market slow down. According to TREB's recent stats, the number of resale property transactions dropped to 6,251 in November, which is actually a 14 per cent steeper drop than the same time last year!
It's a brief breakdown - courtesy of our parent brokerage, Bosley Real Estate - of the major stories surrounding real estate in Toronto's central core!
As we head into the final month of the year it’s starting to feel a lot like Christmas! Agents are busy sending out their cards and calendars to clients and preparing to take some well needed time off. The offices are slowing down, listings are dropping off, but buyers haven’t completely disappeared. The November stats were released this week from The Toronto Real Estate Board and for the City of Toronto the average price was up 5% to $842,483 compared to November 2017 ($802,220). We saw a significant decrease in the number of sales, down 14% and a larger drop in new listings, down 20% compared to last November. Relatively tight market conditions over the past few months have provided the foundation for renewed price growth where there is still plenty of appetite for buying a home with bidding wars still going on.
The freehold market saw an overall drop in new listings and sales throughout all neighbourhoods. New listings were in short supply with a 34% decrease, but sales were only down 8% from the previous week. However, we are still experiencing multiple offers and 49% of all sales are selling above the asking price.
Like the freehold sector, the condominium counterpart is behaving in a similar manner. The condo market is still sizzling with the average price now at $595,678 Listings are down 22% while sales are down 9%. Keeping in line with previous weeks, nearly 50% of sold units are still happening at or above the list 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 PAST WEEK:
GTA home prices continue to rise as new listings drop
“Toronto area home prices rose last month, up 3.5 per cent on average from a year ago to $788,345, including houses and condos. But sales and listings were down dramatically, ramping up competition among buyers in some neighbourhoods, according to the Toronto Real Estate Board.”
Metro Vancouver home sales and prices down to more 'historical' levels: board
“Both sales and prices for Metro Vancouver homes have dropped in what the head of the Real Estate Board of Greater Vancouver says is a return to historical demand levels.”
Central bank holds rate amid oil slump; casts doubt on future hikes
“The Bank of Canada left its trend-setting interest rate untouched Wednesday as fresh economic developments - including the sharp drop in oil prices - threatened to delay future hikes.”
These Canadian Housing Markets Took A Beating In 2018. What Does 2019 Have In Store?
“After a screeching halt sometimes comes a crash. This was the year when Canada’s housing market hit the brakes. So what will happen in 2019?”
The impact of 'unlucky' numbers on real estate and what some cities are doing about it
“It's an open secret among real estate agents that in certain communities, condo units on the fourth floor can take longer to sell.”
And here's a useful infographic, created by Bosley, to highlight the most imortant figures in TREB's November 2018 real estate statistics!
In case you missed it, here's the Bosley's Market Insights from November!
Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage - (416) 322-8000
- we're here to earn your trust, then your business -
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