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.
- We saw the Lowest number of November sales since 2012 (at 6,251)
- And The ratio of sales-to-listings was stable at 38.1% in November – This indicates a moderate seller market
- The average sale price came in at $788,345– which was up just 3.5% compared to November 2017 – Those mortgage ‘stress-test’ financing rules from this past January have seriously affected our market
- Note that this overall market average was just 1.4% higher than 2 years ago in November 2016
- Overall sales in the month were down 14.7% from one year ago
- And The GTA real estate market overall averaged the days-on-market at 27 – a fairly typical level for Toronto’s fall market
- Also Detached home sales in November 2018 with a purchase price over $2,000,000 (156) were down 12% from last year
- It’s noticeable that first-time buyer aspirations are now shifting to a condominium lifestyle – CONDO sales took a 37.8% share of the total market
- Downtown condo active listing numbers were lower in C01 by 9% and up in C08 by 6% from last year at this time
- And November sales were down 22% in C01 and lower by 6.4% in C08 compared to 2017
- The downtown condo days-on-market average was 17-19 days – significantly faster than the overall market
- And The ratio of sales-to-listings for condos downtown were close in both C01 (71%) and in C08 (77.2%) indicating an extremely strong seller’s market… just about double the GTA overall.
- Also, The average sale price for downtown condominium suites is up by roughly $65,000 from November 2017
- Building on this higher demand due to better affordability, condo appreciation in the two main downtown markets averaged 11-12% year-over-year
- Markets in York Region and other 905 neighbourhoods have suffered the most from the market slowdown – York Region is now showing that they’re in ‘buyer market’ territory
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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