November Market statistics are out and it seem the price and the sales keep growing, even though there is a clear lack of inventory. TREB reported 6,519 residental transactions through the TorontoMLS system in November 2014. This is a 2.6 per cent increase compared to November 2013. The average selling price was also up, by 7.4 per cent year-over-year to $577,936.
Even though the Toronto market will end the year on a high note, there is a lot of frustration amongst buyer and REALTORS due to the lack of inventory. My experience with the past few months points to a lot of selling out of the market, but not a lot of moving up or down until the seller finds the right property. Some Communities, like Cabbagetown have seen very few sales and trades in the past year.
There is a reticence to sell with nothing in the back pocket: whereas five years ago a Seller would sell, knowing that there was something that would come up and they could get a future home with a different configuration with little difficulty compared to what they would be facing today, where multiple offers occur on well priced properties.
Buyers must be patient and sellers may have to sell with long closings and the option of renting in case they cannot buy. Hopefully, more product will be available after the New Year. The net influx of 100,000 new Torontonians venturing into the marketplace is also making the product more a premium.
Title photo: T.D. Canada Trust Tower by Marc Falardeau