Toronto Market Stats are in and WOW! We’ve never, in the history of the Toronto Real Estate Board, seen numbers like this!! Read them…but don’t weep!
*Sales up 14% compared to last year! That’s a RECORD amount of sales (7,385) for the month of November everrrrrr!
*We have now outpaced our record breaking year of 2007 by almost 4000 units and we are only 11 months in!
*Average sale price has increased by 65% since 2007 (8% / year….not a bad investment!)
*Average sale prices for November are up almost 10% compared to last year…yikes!
* New Listings are up by 10% BUT TOTAL LISTINGS ARE DOWN BY ALMOST 9%.
Drilling down…the pattern of where the freehold sales are taking place…still 2:1 ratio with 905 outpacing the city again. And NO WONDER! Average price of detached homes in 905 is $762K, while city prices are at $1,018 on average AND no double land transfer tax in 905! That said, tho’ the value is in the burbs…the supply in the city is non-existent so buyers are still willing to compete whenever a detached or semi home comes to market.
Condo sales in the city, however, are up by 13% with an average sale price of $415K, which is “a mere” 5% higher than last year at this time.
So…there you have it! I am guessing December will be VERY (and seasonally) quiet. But could there be some deals out there for buyers while most people’s attention turns toward the holidays? If you’re a bargain hunter…CALL ME! I LOVE to help people get what they want ANY time of the year!
I’d love to hear your thoughts/questions/concerns…so please feel free to comment below. Are you worried about investing in Toronto RE? or what will happen when rates DO go up? Tell me, I’m listening! After all, I am “Your Toronto HOME Advantage”.