Home sales in Toronto drop in November, 2018 following spike in sale prices

 

Home sales in Toronto drop in November, 2018 following spike in sale prices

 

Toronto remains a seller’s market after home sales across the Greater Toronto Area (GTA) dropped nearly 15% this November, 2018, compared to a year ago.

 

According to the Toronto Real Estate Board (TREB), there were 6,251 residential transactions recorded through its system last month, a 14.7% drop compared to November last year. On a seasonally adjusted basis, sales were down by 3.4% compared with October 2018.

 

The average selling price for November was up by 3.5% year-over-year to $788,345, according to TREB. When adjusted seasonally, the average sale price was down by 0.8% compared to October 2018.

 

Additionally, the MLS Home Price Index composite benchmark, which allows you to see trends in home prices for a specific type of house in a given neighbourhood, was up by 2.7% compared to November 2017.

 

TREB blamed November’s decline in home sales on a “temporary upward shift in demand” in November 2017, which was ahead of the “looming” stress test rules coming into effect at the end of last year.

 

TREB

 

TREB President Garry Bhaura says new listings were down more than sales on a year-over-year basis in November, down to 10,354 from 14,260 compared to November 2017.

 

“This suggests that, in many neighbourhoods, competition between buyers may have increased,” said Bhaura.

 

However, “relatively tight market conditions over the past few months have provided the foundation for renewed price growth.”

 

TREB

 

Additionally, TREB’s Director of Market Analysis, Jason Mercer says, “home types with lower average price points have been associated with stronger rates of price growth over the past few months” due to the impact of the OSFI-mandated mortgage stress test and higher borrowing costs on affordability,.

 

Because of this, Mercer says properties like condos and semi-detached homes experienced relatively stronger rates of price growth in November, as market conditions in these segments remained tight or tightened respectively over the past year.

 

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TREB November, 2018 Market Report

 

Source: Toronto Real Estate Board

 

Thinking to sell your house or Condo in Central Toronto areas and/or in downtown Toronto areas? Please call, text or email Max Seal, Broker at 647-294-1177. Please visit http://www.TorontoHomesMax.com for a FREE  Home Evaluation“.

 

Thinking to buy a House or Condo in Central Toronto areas and/or in Downtown Toronto areas? please call or text Max Seal, Broker at 647-294-1177 to buy your dream home or Condo. I offer you a 30-min “FREE buyer’s consultation” with NO obligation. 

Please visit my website http://www.centraltorontorealestate.com/ to find out available homes and Condos for sale in Central Toronto areas and/or in downtown Toronto areas.

 

This Toronto housing market may be a better time for “Move-up”, “Move-down” or “Empty-nester” Sellers and Buyers. Want a “Market Update” of your home in 2018? Please click the image below or call or text Max Seal, Broker at 647-294-1177 or send an email.

 

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