November makes it eight straight months of gains for Toronto’s Real Estate market. A total of 7,090 sales in the GTA this November – a 14.2 % increase from November 2018. Price growth continued to move up by 6.8% year over year, the average selling price jumped to $843,637. This of course has been partly influenced by the continued lack of choice for buyers. New listings were down a whopping 17.9% in November & active listings 27.2%.
I have at least half a dozen buyers motivated and wanting to buy but find themselves with little to now choices. When we do find something that fits we often find a very competitive offer night with multiple bids or stubborn sellers that prefer to wait rather than take a reasonable offer even when their property has been on the market 3+ weeks. Most of this type of activity is in Toronto.The 905 area has more options but we do see “Sticky Prices” – Sellers stuck on a price they want – from sellers who would rather wait for a higher offer.
So far December traffic has continued to be steady up to Mid December. Speaking to other Realtors and going by a listing I have in the core, buyer traffic has continued to be steady with plenty of interest. Important to note buyers however are being cautious with what they spend even with the competition which is encouraging considering how we saw buyers spend money back in 2016/17.
Wishing everyone a happy, healthy holiday and prosperous 2020!
Interesting Articles
Why You Can’t Afford a Condo in Toronto https://www.movesmartly.com/articles/why-you-cant-afford-a-condo-in-toronto
Toronto home prices grow at fastest pace in two years
https://business.financialpost.com/real-estate/toronto-housing-prices-extend-gains-amid-tightening-supply
Posthaste: Why Bank of Canada’s resistance to a rate cut won’t tame our resurgent housing market
https://business.financialpost.com/executive/posthaste-why-bank-of-canadas-resistance-to-a-rate-cut-wont-tame-our-resurgent-housing-market
City unveils new $24B plan to help Toronto handle housing issues
https://www.cbc.ca/news/canada/toronto/toronto-housing-plan-1.5382363