Well, it’s that time again… snow on the roads and cold temperatures… but our Toronto real estate market keeps bubbling along.
Sales are up, inventory is down and the average sale price keeps increasing, albeit at a moderate 5.5% rate.
With people’s focus on rising prices, it’s important to remind ourselves that it’s still important to pay down the mortgage principal. Sure you’re building equity with higher values but that often doesn’t mean that you shouldn’t make best efforts to reduce your mortgage debt.
IF you have any plans at all to move up to a larger home… 1-bedroom condo to a 2-bedroom suite or house or even from a semi to a detached… you’ll need to come up with a substantial amount of cash to make the transition. Right now the difference in average price between a Toronto condo apartment and a detached house is over $650,000 and any job raises you get in the next several years may not be enough to allow you to qualify for that larger mortgage.
The solution… build equity two ways… passively with market appreciation AND actively by making pre-payments on your existing mortgage.
My comprehensive October Toronto Real Estate Market Report is now ready and here’s the link so you can watch the video or read the report.
Please remember to keep me in mind when any of your friends are talking about buying or selling their condo or house in Toronto.
Have a fantastic November as we approach the holiday season!
October Average Sale Price Highest This Year [VIDEO]
In October sales were up 13.8% compared to last year with 8,491 houses and condominiums changing hands in all the districts.
Condo townhouse and high-rise suite sales were stable with a 33.8% share of the market and 2,867 units being sold, an 8.1% increase from 2018.
The October average sale price for all GTA homes came in at $852,142 up 5.5% 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 October compared to historical numbers was lower by almost 19% compared to last year at this time.
This is actually a good sign since we’re not being overwhelmed with high inventory levels and is probably keeping us from seeing a price appreciation slowdown in some GTA locations.
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 October that ratio finished at 55.2% - almost 16% 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 23 days, same as September.
Watch the video to get the complete October 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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Keep Your Ears Open For Real Estate Conversations...
People always feel good about recommending a person or a business where they've received terrific service. They want their friends to enjoy the same great experience they had.
Please keep us in mind throughout 2019 whenever you hear friends talk about real estate at any time... we're always here to advise, consult and help.
Amazing Free Services Available From This Professional Realtor
As a successful Toronto Realtor helping condo and house buyers and sellers since 1980, I've developed many programs and services to assist people with their real estate needs.
I've even written several soft-cover books and reports to help explain how buyers and sellers can make their best, informed decisions.
There are important benefits and advantages to being well prepared for the upcoming real estate experience.
You definitely want to avoid making significant buying or selling mistakes.
Here's a list of my 'Free Stuff' that's available to you.