The Toronto housing market is STILL a Seller’s Market and it is a very healthy market as well….for now.
Take a look at October’s numbers as average sale prices go up only slightly compared to last year, thus encouraging affordability to return to the marketplace.
*Sales were up 12% compared to last month…BUT DOWN by 25% compared to October 2016
*Average prices were up only 2.3% to $780K compared to last year…and that is good news!
*New Listings rose by 12% and total inventory has swollen to 79% more than October 2016!!
*Average days on market is now 23 days….still very quick (though last year the race was on at 16 days)
*Condo sales in the city were down by 21% BUT AVERAGE SALE PRICES ARE UP BY THE SAME 21%!!
The reality is we still have a “Tale of Two Cities” where the 416 region is operating much more quickly than the 905 region. Supply is still low in the city, and bidding wars are the order of the day for freehold, for condos and for RENTALS TOO! The high end of the market is much slower to sell and we do see that in the numbers where this October 208 sold properties were above the $2ML mark compared to last year when 325 such properties sold. That is partly a case of low supply, but also the luxury market is more sluggish…and especially where foreign ownership might be a factor.
We believe that the luxury market will come back as well, if Vancouver’s return to its old ways is any indication. Their sales were up 35% compared to October 2016 and their average sale price sits at $1,042,000 compared to our paltry $780K, if anyone is thinking about going west!! Talk about a Seller’s market!
If you (or someone you know), are looking for a Realtor who cares MORE about focusing on you, your concerns, goals and the successful purchase or sale of YOUR unique home, than they care about their volume of transactions and awards, please let me know the best way for me to connect. I would love to offer my highly personal service. Contrary to that old expression, not only IS this business, but it IS personal! And, please, I encourage you to ask me any questions you may have about this post. I value your input and appreciate the time you took to read it.