As we get closer to the end of calendar year 2019 we can safely make some projections about our Toronto real estate market going into 2020.
It looks like we’ll end the year with between 88,000 and 90,000 total GTA sales. If you exclude the super-down year of 2018 (77,000 sales), this end-of-year total will be the lowest since 2013 but it’s not for lack of trying.
November sales were up from 2018 but the listing inventory and a count of new listings coming on the market were both lower, inhibiting sales but resulting in the highest year-over-year appreciation we’ve seen all year (7.1%) AND the highest we’ve seen for any month since June of 2017.
The Toronto Real Estate Board and CMHC are both expecting an appreciation level of 6+% in 2020… a moderate number which is encouraging to current property owners but a wee bit intimidating to upcoming buyers who are feeling the pressure to get into the market sooner rather than later.
Mortgage rates are holding relatively firm with 5-year discounted fixed rate loans available in the mid- to high 2’s. That works out to be a payment of approximately $460 for every $100,000 of mortgage.
If you’ve got a ’time-expired’ investment which isn’t giving you a positive cash flow, or it’s time to upgrade your personal residence, the first thing you’ll want to know is “What is my property’s current market value?”.
For a condo suite valuation, go to DowntownTorontoCondoValues.com - please BE SURE to leave me your condo’s monthly maintenance fee so I can send out your report.
For a specific house valuation, click on DowntownTorontoHouseValues.com.
To keep current on market activity changes and analysis during the month, go to Facebook and ‘Like’ my Thomas Cook In Toronto page.
Watch the video or read my NOVEMBER 2019 Market Report Analysis and please keep me in mind when any of your friends are talking about buying or selling real estate in Toronto.
Have a fantastic holiday season and a happy New Year celebration with your friends and family and we’ll chat again in 2020!
GTA Market Recovers With Highest November Appreciation [VIDEO]
In November sales were up 13.7% compared to last year with 7,090 houses and condominiums changing hands in all the districts.
Condo townhouse and high-rise suite sales were stable with a 34.5% share of the market and 2,449 units being sold, a moderate 3.6% increase from 2018.
The November average sale price for all GTA homes came in at $843,637, up 7.1% from one year ago.
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 was lower by just over 27% compared to last year at this time.
This inventory imbalance is causing price increase in many, but not all, GTA districts.
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 59.3% - almost 21% above last year and the highest we’ve seen this year – indicating a continuing strong, steady market as we start to move towards the end of the fall market.
The days-on-market average for GTA / Toronto homes was 24 days, 1 day faster than October.
Watch the video to get the complete November 2019 Market Report details.
If you'd prefer to read the full market report details, click here.
For Those Of You Who Like Trivia...
Now and then we post our latest World’s Most Interesting Postcard in our Team newsletter. You might be amazed at what you’ll learn from these interesting tidbits!!
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Please keep us in mind in the new year whenever you hear friends talk about real estate at any time... we're always here to advise, consult and help.
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