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.
Here’s a snapshot summary of the significant real estate milestones for Toronto in November 2019… with the highest appreciation rate so far in 2019!!
- November sales up 13.7% compared to last year (7,090)
- The ratio of sales-to-listings jumped up to 59.3% in November
- The average sale price came in at $843,637– up a positive 7.1% compared to last year
- Note that this overall market average # is the highest we’ve seen all year
- The GTA real estate market overall averaged 24 days-on-market
- Detached home sales in November 2019 with a purchase price over $2,000,000 were up 12.8% (176 houses) while condo apartment sales over $2M were lower by 17.6% (14 suites)
- The CONDO share of the market was steady at 34.5% during the month
- Downtown condo active listing numbers were down 5.2% in C01 and flat in C08 from last year at this time
- November condo sales were lower by 8.7% in C01 and up in C08 by 6.2% compared to 2018
- The downtown condo days-on-market average was 17-22 days – 2-7 days faster than the overall market
- The ratio of sales-to-listings for condos downtown was stable in C01 (68.3%) but jumped in C08 (82.9%) - Both were still much higher than in the overall market (59.3%).
- Building on this higher demand due to better affordability, condo appreciation in the two main downtown markets averaged 5.5% to 5.9% year-over-year… consistent with what we’ve been seeing all this year.
- Sales numbers have now increased in many 905 neighbourhoods although appreciation percentages are lower across the board in the 905.
- November is the typical end of our fall market and we can expect sales numbers to slow as we go through December and into January of 2020.
Watch the video to get the complete November 2019 Market Report details.
Here's the complete text version of the November 2019 Toronto Real Estate Market Report to read.
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