Toronto Sales In 2017 Down Significantly

By: Thomas Cook

Toronto Sales In 2017 Down Significantly

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. 

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

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.