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.
- 2nd highest number of overall sales for the month of November since 2009 (7,385) and up by a few hundred homes from October
- The ratio of sales-to-listings increased from October’s 37.7% to 40.5% in November – a very moderate seller’s market
- The average sale price dropped slightly to $761,757 – BUT, for the first time, was lower by 2% YTD compared to 2016 – because of higher sales of lower priced condos
- This marked the first time in many years that the Toronto Real Estate Board average sale price had a drop year-over-year (traditionally we’ve seen an average annual appreciation of 6.8% over the last 20 years).
- Sales in the month were down 13.5% from one year ago
- The GTA real estate market overall averaged the days-on-market at 24 – 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’ 37.5% of the total market in November… about 2-3% more than average
- Downtown condo listings were up from last year at this time
- The downtown condo days-on-market average was 18-19 days
- The ratio of sales-to-listings for condos downtown ranged between 76.7% in C01 to 87.6% in C08 indicating a 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 – every district is now showing that they’re in ‘buyer market’ territory
- Overall, it’s a perfect 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 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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