Sales were down 7.1% for December compared to last year with 4,930 houses and condominiums changing hands in all the districts. Sales are still high by historical standards however and were exceeded only in 2015 and 2016.
Condo townhouse and high-rise suites took a very high 40.3% share of the market with 1,986 units being sold.
The December average sale price for all GTA homes came in at $735,021 – basically flat from last year’s number (a 0.7% increase).
If you consider the year-to-date average compared to last year however, the market is still up 12.7% overall.
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 December compared to historical numbers was up 24% but increased by a big 172% 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 seeing the same level of activity.
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 December that ratio finished at 38.1% compared to 112% last year. Toronto itself is now into a very moderate seller market territory so sellers may need to adjust their expectations if they want to make a move.
The days-on-market average for Toronto homes was 27 days, 3 days slower than November.
- 4th highest number of overall sales for the month of December (4,930)
- 2017 had 92,394 total sales… a BIG drop from 113,000 last year and drops to 5th place in sales since 2012
- The ratio of sales-to-listings dropped back to 38.1% in December – a very moderate seller’s market
- The average sale price dropped slightly to $735,021 – BUT was flat compared to 2016 – because of higher sales of lower priced condos
- The final average for the entire 2017 year ended up at $822,681 – 12.7% higher than for 2016
- Sales in the month were down 7.1% from one year ago
- The GTA real estate market overall averaged the days-on-market at 27 – still quick compared to many markets
- Again, it’s becoming clear that first-time buyer aspirations are now shifting to a condominium lifestyle – CONDO sales took a ‘highest ever’ 40.3% of the total market in December… about 2-3% more than average
- Downtown condo listing numbers were up in C01 and down in C08 from last year at this time
- The downtown condo days-on-market average was 20-21 days – slightly faster than the overall market
- The ratio of sales-to-listings for condos downtown ranged between 65.4% in C01 to 110% in C08 indicating a very strong seller’s market… well ahead of most of the GTA
- The average sale price for downtown condominium suites is still up by roughly $120,000 from 2016
- Building on this higher demand due to better affordability, condo appreciation in the two main downtown markets averaged 24% 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
- There may be an opportunity now in many neighbourhoods, with the increased inventory, for a buyer to find a home they fall in love with AND negotiate with the seller one-on-one for a change.
Watch the video to get the complete December 2017 Market Report details.
Here's the complete text version of the December 2017 Toronto Real Estate Market Report to read.