November 2017 Housing Sales PLUNGE by 13% compared to same period last year! Is the GTA housing market “in the toilet”?? Well, from what I am reading, many of the press/economists think so….But I don’t!
Here are the “down and dirty” numbers/facts:
*Sales down by 13%
*New Listings up by 37%
*Total Listings UP by 110%….WOW!!
*average sale prices DOWN by 2% to $762K
*average days on market…slower than last year at 24 days, but which is STILL “lightening” speed!
*the LION’S SHARE of sales came out of the 905 region…why? Toronto STILL has no substantive inventory except for condos….
*Though CONDO sales in the city were down by 6%, average prices SOARED by 18%
But here’s the “kicker”…the fundamentals of the economy are good.
*Still more demand than supply and that will continue to put upward pressure on price…though we can only hope that the lottery prices we experienced this past spring do not return.
*Unemployment locally is at its lowest since 2008
*Minimum wage is going up
*The looney is getting stronger
*44,000 new jobs were created in Ontario
*The city has budgeted 8% of its total budget for next year for Land Transfer Tax income…yes $800 MILLION DOLLARS SO NOTHING UNTOWARD HAD BETTER HAPPEN TO THE REAL ESTATE MARKET!
I conclude that based on all these facts, the Market is clearly NOT in the toilet and that we will have a healthy and prosperous 2018. It looks as if 2017 will rank 4th highest in sales in the history of TREB, despite all the changes brought about by rising interest rates, new stress tests, and the Fair Housing Plan. Let the market do its work, without unneeded government intervention and all will be fine.
Do you agree?
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.