Market Update for November 2nd
The Toronto Real Estate Board just released the market stats for October and we are seeing year-over-year increases in home sales and average sale prices. The average selling price for the GTA in October was $807,340 up by 3.5% compared to $780,400 in October 2017. For the City of Toronto, the average sale price for October was $869,870 compared to $819,124 in October 2017 up by 6.3%!
“Annual sales growth has been positive since the late spring. While the stress test and higher borrowing costs have kept sales below 2016’s record pace, many households in the GTA remain upbeat on home ownership as a quality long-term investment. strong regional economy and steady population growth will continue to support the demand for housing ownership as we move into 2O19” (TREB).
Even though listings were up in October 4.8% compared to October 2017, the freehold market last week saw 21% fewer listings from the week before. The net result is more sales happening at or above the list price which is 61% of properties sold. We will certainly witness a decline in resale listings over the next 2 months as we cruise into the winter season, but it remains unclear if sales will decline.
The condominium sector stats for October were also stellar. The average condo price came in at $603,153 up 8.7% from October 2017 which was $555,004. Last week new condos coming to market dropped 20% from the previous week but sales increased by 8% in the downtown core and units selling at or above the list price are still at a staggering 50% of units sold!