Toronto realtors reported 7,090 residential transactions in Novemberthrough TREB’s MLS® System. Sales increased by 14.2 per cent compared to the same period last year.
Detached home sales were up by a significant 23.8 per cent in, semi-detached homesand townhouse segment by 8.8 and 19.2 per cent respectively. Condominium segment recorded a 1 per cent increase in sales compared to last November.
Inventory remained a problem in November. New listings were down by 17.9 per cent. Active listings have dropped by 27.2 per cent. The current low inventory might be a great opportunity for more sellers to enter the market, as the low numbers of available stock will continue to drive up the prices.
The average price in November 2019 was $843,637, up 7.1 per cent across all segments. The average price for a detached home across GTA was $1,044,138, which makes for a 3.5 per cent growth. Semi-detached homes sold for $837,573 with 5.7 per cent growth, and townhouses for $666,744 with 3 per cent growth. The average price for a condo apartment in the GTA was $617,658 which is 11.1 per cent more than last year at this time.
Richard Silver, Sales Representative, SVP-Sales
Above are the main figures in this month’s market watch. It tells us is that we are moving back into a very strong seller’s market and the change will lead to higher prices in the Spring. Great for seller’s but not so great for buyers. Those who wanted to believe that 2018 heralded a change to a more balanced market, with fewer multiple offers will be disappointed.
Lack of product seems to be driving the seller’s market and barring any major changes this should continue into the upcoming Spring. It seems that it has also spurred a lot of off-market purchasing as Buyers get sticker shock and multiple offers shock.
We are using some new predictive analytics and data presentation software that will provide you with an easy-to-understand “Real Estate Review” that we can focus on your home or on your local area. If you are thinking of selling or just want to know the value of your real estate asset, do not hesitate to contact us at 416-587-3300 or firstname.lastname@example.org.
The Spring should be interesting so make sure your i’s are dotted and your t’s are crossed. We love Real Estate because it is NEVER boring, always changing.
Erin Haas, Sales Representative
We are continuing to see a seller’s market in Toronto, as prices increase and supply falls short. Properties in the one million dollar range or lower, are continuing to see multiple offers, and selling above asking. For those who are first time home buyers, or simply looking to purchase in that range, I am noticing that we need to prepare these buyers to practice patience and to remove as many conditions as possible when submitting offers, as it can be difficult to secure a property in that price range.
As far as leases, there is still a strong demand for rental properties in the city. I have been using creative approaches when submitting offers for my clients, in order to help them secure the unit. There are still units which are being leased sight unseen by prospective tenants, and landlords are becoming more selective when choosing to accept offers. The market is strong for all sellers, I’m looking forward to seeing what is in store for 2020!