Steady as she goes…

By: Thomas Cook

Steady as she goes…

Sales were down 14.7% for November compared to last year with 6,251 houses and condominiums changing hands in all the districts.  This was the lowest number of sales for the month since 2012.
 
Condo townhouse and high-rise suites took a significant 38% share of the market with 2,365 units being sold.
 
The November average sale price for all GTA homes came in at $788,345 – this was a modest 3.5% increase from one year ago.  This was just fractionally above the average two years ago in November.
 
The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving.  The inventory average for the month of November compared to historical numbers and compared to last year at this time were both down almost 10%.
 
This is actually a good sign since we’re not being overwhelmed with high inventory levels and probably keeping us from seeing a slump in prices in some GTA locations.
 
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 November, that ratio finished at 38.1% - 2 percent below last year – pretty close to what we’ve been seeing all year.  The GTA overall is in a moderate seller market territory so sellers may need to adjust their pricing expectations if they want to make a move.
 
The days-on-market average for GTA / Toronto homes was 27 days, 3 days slower than in October.

Here’s a snapshot summary of the significant real estate milestones for Toronto in November 2018… it could be the start of a ‘turn-around’ time for our market but time will tell.

Expect a stable to lower inventory and sales declines as we move through the December-January holiday times - buyers should watch for more opportunities to get the condo or house of their dreams.

Watch the video to get the complete November 2018 Market Report details.

Here's the complete text version of the November 2018 Toronto Real Estate Market Report to read.


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