Greater Toronto Realtors reported 6,251 residential sales through the Toronto MLS system in November 2018. The number of transactions in November represented a 14.7% decrease compared to 7,326 transactions reported in November 2017.
For the region as a whole the townhouse home type in the GTA experienced the largest sales decrease at 16.4%.
The number of new listings reported in November 2018 was down by 26.1% compared to November 2017. The number of active listings reported in November 2018 was down by 9.8% compared to November 2017.
“New listings were actually down more than sales on a year-over-year basis in November. This suggests that, in many neighbourhoods, competition between buyers may have increased. Relatively tight market conditions over the past few months have provided the foundation for renewed price growth,” said Gary Bhaura, TREB’s President.
The average price in November was up by 3.5% from the same time last year to $788,345. Condo apartments in the GTA led the way in terms of an average price increase at 7.5% compared to the same time last year.
“Home types with lower average price points have been associated with stronger rates of price growth over the past few months. Given the impact of the OFSI-mandated mortgage stress test and higher borrowing costs on affordability, it makes sense that the condo apartment and semi-detached market segments experienced relatively stronger rates of price growth in November, as market conditions in these segments remained tight or tightened respectively over the past year,” said Jason Mercer, TREB’s Director of Market Analysis.
Sales of Toronto (416 area code) condominium apartments decreased by 14.2% in November 2018, year-over-year. The average selling price of a Toronto condo (416 area code) increased by 7.0% in November 2018 from the same time last year to $595,678.
Condominium apartments accounted for 30.3% of total GTA sales in November while detached homes accounted for 42.6% of the total sales.
Other notable statistics include the average days on the market for November at 27 days, up from 24 days a year earlier. The sales-to-listings ratio for November 2018 was 38.0% which is still classified as a seller’s market. A ratio from 24%-28% is considered a balanced market.
Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property's market value range
Real estate is very neighbourhood specific, building specific and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.
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