November 2018 Real Estate Market Watch Greater Toronto
Sales were down for the month on a year-over-year basis by 14.7%, with the number of new listings down 26.1% over the same period last year
The average selling price for November 2018 was $788,345 compared to $761,140 in 2017.
“New listings were actually down more than sales on a year-over-year basis in November. This suggests that, in many neighbourhoods, competition between buyers may have increased. Relatively tight market conditions over the past few months have provided the foundation for renewed price growth,” … Toronto Real Estate Board President Garry Bhaura.
The Average Selling Price for homes in the GTA ….. up 3.5% from the same period last year
“Home types with lower average price points have been associated with stronger rates of price growth over the past few months. Given the impact of the OSFI-mandated mortgage stress test and higher borrowing costs on affordability, it makes sense that the condo apartment and semi-detached market segments experienced relatively stronger rates of price growth in November, as market conditions in these segments remained tight or tightened respectively over the past year,” … Jason Mercer, TREB’s Senior Manager of Market Analysis.
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Statistics Are What They Are
The Real Estate Market Is Local and sometimes hyper-Local While Statistics Charts and Graphs may provide an indication of market trends they should not be used to determine value trends in relation to a particular home or vicinity.
The best way to determine the Value of Your Home is a Comparative Market Analysis. To discuss today’s local Uxbridge Real Estate Market Conditions, the current value of your home or the marketing of your Home please Contact Me @ 905.852.6143
caveat – E&OE – these numbers reflect the raw data as reported by the Toronto Real Estate Board for the past month at the time of posting.
** “New” listings entered into the Toronto MLS® system between the first and last day of the month being reported may include listings that were previously listed and cancelled or expired and then relisted.