Greater Toronto Realtors reported 7,090 residential sales through the Toronto MLS system in November 2019. The number of transactions in November jumped by 14.2% compared to 6,206 in November 2019. GTA-wide, sales were up on a year-over-year basis for all major home types.
For the region as a whole the detached home type in the GTA experienced the largest sales increase in November at 23.8%.
“An increasing number of home buyers impacted by demand-side policies over the past three years, including the 2017 Ontario Fair Housing Plan and the OFSI mortgage stress test, have moved back into the market for ownership housing. Based on affordability and stricter mortgage qualification standards, many buyers have likely adjusted their preferences, changing the type and/or location of home they ultimately choose to purchase,” said TREB’s President Michael Collins.
The number of new listings reported in November 2019 was down by 17.9% compared to November 2018. The number of active listings reported in November 2019 was down by 27.2% compared to November 2018. Both statistics support tighter market conditions across all home types.
The average price in November was up by 7.1% from the same time last year to $843,637. Condo apartments in the GTA led the way in terms of an average price increase at 11.1% compared to the same time last year.
“Strong population growth in the GTA coupled with declining negotiated mortgage rates resulted in sales accounting for a greater share of listings in November and throughout the second half of 2019. Increased competition between buyers resulted in an acceleration in price growth. Expect the rate of price growth to increase further if we see no relief on the listings supply front,” said Jason Mercer, TREB’s Chief Market Analyst.
Sales of Toronto (416 area code) condominium apartments increased by 0.4% in November 2019. The average price of a 416 condo apartment increased by 10.9% in November 2019 from the same time last year to $659,855.
Condominium apartments accounted for 26.8% of total GTA sales in November while detached homes accounted for 46.0% of the total sales.
Other notable statistics include the average days on the market in the GTA for November at 24 days, down from 27 days a year earlier. The sales-to-listings ratio for November 2019 was 59.3% 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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