Except For Downtown Condos, TREB Listings Up By 110%

By: Thomas Cook

Except For Downtown Condos, TREB Listings Up By 110%

Sales were down 13.5% for November compared to last year with 7,374 houses and condominiums changing hands in all the districts.  Sales are still high by historical standards however if 2016 is excluded from the comparison.
Condo townhouse and high-rise suites took a 37.5% share of the market with 2,768 units being sold.
The November average sale price for all GTA homes came in at $761,757 – and for the first time in many years, 2.0% lower than last year.
If you consider the year-to-date average compared to last year however, the market is still up 12% 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 November compared to historical numbers was up 10% but increased by a big 111% 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 November that ratio finished at 40.5% - up from October but down compared to 98% last year and down from March’s 154%.  We’re now into 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 24 days, 1 day slower than October.

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

Watch the video to get the complete November 2017 Market Report details.

Here's the complete text version of the November 2017 Toronto Real Estate Market Report to read.

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