THE RESALE REAL ESTATE STATISTICS FOR THE MONTH OF NOVEMBER 2018 ARE IN AND HERE ARE THE KEY FACTS
- 6,251 sales reported through Toronto Real Estate Board’s MLS system (down 14.7% from Nov 2017).
- Average selling price of all home types was up 3.5% year over year and up by 7.0% since January 2018.
- Only 2.60 months of standing inventory.
Here are some additional year over year statistics based on area and type of home, that will shed some more light on the overall market conditions.
Toronto Statistics - Year over Year Average price change
|Detached Home||+ 2.0%|
|Semi Detached||+ 17.2%|
|Condo Towns||+ 2.8%|
|Condo Apartment||+ 7.3%|
Mississauga Statistics – Year over Year Average Price change
|Detached Home||+ 5.3%|
|Semi Detached||+ 3.1%|
|Condo Towns||+ 6.0%|
|Condo Apartment||+ 9.0%|
Brampton Statistics - Year over Year Average Price change
|Detached Home||+ 4.2%|
|Semi Detached||+ 4.7%|
|Condo Towns||+ 6.1%|
|Condo Apartment||+ 6.3%|
Milton Statistics - Year over Year Average Price change
|Detached Home||- 1.9%|
|Semi Detached||+ 9.7%|
|Condo Towns||+ 3.8%|
|Condo Apartment||+ 9.5%|
Oakville Statistics - Year over Year Average Price change
|Detached Home||- 4.1%|
|Semi Detached||+ 9.4%|
|Condo Towns||- 2.0%|
|Condo Apartment||+ 32.3%|
The sales volume for the GTA Market was down 14.7% from November 2017, mainly due to the temporary upshift in demand at the end of last year because of the OSFI stress test. We do not see this trend continuing for long and expect a positive growth in sales volume in one to two months.
Semi detached homes led the price gains last month, coming in at 8.3% year over year increase. It is expected that with the average price of a semi approaching $800,000, the detached homes should start showing considerable price gains in the near future. Condo Apartments also showed notable growth at 6.6% year over year.
Another interesting number to look at is the change in median & average price of a home (all types) in the GTA from January to November 2018. The median price of a home is up by 7.2% and the average price is up by 7.0% since January 2018.
Inventory levels are at 2.60 months of inventory, which is similar to October 2018. With a year over year drop in new listings, eventually the demand will outweigh supply leading to tighter market conditions and price growth.
Homes are selling in an average of 27 days, as compared to 24 days reported in October 2018.
We have been dealing with a balanced market across the GTA as motivated sellers are adjusting their price expectations to the current market, and the buyers have started to take advantage of these low prices.
If you are a Buyer, and you have a 5 Year Fixed Mortgage Rate guarantee from your mortgage lender, it might be a good time to buy your dream home before the prices start going up. Average price of a home in GTA is up by approximately $51,000 since January 2018.
If you are looking to sell, the demand is still there. The key is to price effectively and strategically market the property (call me and we will show you how), staging and presentation play a key role as well.
Please feel free to contact me if you would like me to provide you with detailed market statistics for your area or property.