Purchasing A Home Before Jan 1st, 2018 May Be A Good Idea

By: Thomas Cook

Purchasing A Home Before Jan 1st, 2018 May Be A Good Idea

Sales were down 27% for October compared to last year with 7,118 houses and condominiums changing hands in all the districts.  Although it’s common for the market to rebound higher once we are into the fall market, this only happened fractionally… we had the lowest sales for October since 2012.
Condo townhouse and high-rise suites took a 35.9% share of the market with 2,552 units being sold.
The October average sale price for all GTA homes came in at $780,104 – a mere 2.3% higher than last year.
If you consider the year-to-date average compared to last year however, the market is still up 13.7% which shows that not all those gains in price during the insane spring have been lost.
The active listing inventory is one of the strongest indicators of how smooth or outrageous the market has been.  The inventory average for the month of October compared to historical numbers was just about even but up a big 79% from last year at this time.
However this is occurring selectively with the ‘central core’ Toronto neighbourhoods still doing very well while the outer regions (Peel, York & Durham) not doing well at all.
The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of market we’re actually in.  24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market. 
In October that ratio finished at 37.7% - compared to 92% last year and down from March’s 154%.  We’re now just in a ‘barely above neutral’ slight seller market territory so owners with their homes on the market may need to adjust their expectations if they want their home sold.
The days-on-market average for Toronto homes was 23 days, 1 day faster than September.

Here’s a summary of the significant real estate milestones for October 2017… with dramatic changes in some neighbourhoods while others are still doing very well.

Watch the video to get the complete October 2017 Market Report details.

Here's the complete text version of the October 2017 Toronto Real Estate Market Report to read.

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