Life and the City | Toronto Real Estate Team

November 2017 GTA Market Update

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A wave of new listings in the Toronto area pushed home prices even lower in November, as sellers rushed to lock in deals in advance of the new mortgage qualification rules, which are set to take effect in the new year.

The average sale price of a GTA home in November was $761,757, representing a 2.4% decrease from the average sale price in October as buyers faced a glut of housing options. It will be interesting to see the results of the January market, after the new rules begin. 

Here is a summary of the significant real estate milestones and notable stats for November 2017:

  • 2nd highest number of overall sales for the month of November since 2009 (7,385) and up by a few hundred homes from October
  • The ratio of sales-to-listings increased from October’s 37.7% to 40.5% in November – a very moderate seller’s market
  • The average sale price dropped slightly to $761,757 – BUT, for the first time, was lower by 2% YTD compared to 2016 – because of higher sales of lower priced condos
  • This marked the first time in many years that the Toronto Real Estate Board average sale price had a drop year-over-year (traditionally we’ve seen an average annual appreciation of 6.8% over the last 20 years).
  • Sales in the month were down 13.5% from one year ago
  • The GTA real estate market overall averaged the days-on-market at 24 – still quick compared to many markets
  • Again, it’s becoming clear that first-time buyer aspirations are now shifting to a condominium lifestyle – CONDO sales took a ‘highest ever’ 37.5% of the total market in November… about 2-3% more than average
  • Downtown condo listings were up from last year at this time
  • The downtown condo days-on-market average was 18-19 days
  • The ratio of sales-to-listings for condos downtown ranged between 76.7% in C01 to 87.6% in C08 indicating a strong seller’s market… well ahead of most of the GTA
  • The average sale price for downtown condominium suites is still up by roughly $120,000 from 2016
  • Building on this higher demand due to better affordability, condo appreciation in the two main downtown markets averaged 24% year-over-year

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Questions about the market, or want to know the current market value of your home, or what properties have been selling for recently in your neighbourhood? Get in touch with us! We're here to help!