The Toronto Real Estate Board (TREB) has just released their numbers for December 2017. Below you’ll find our video recap, and a more in-depth written report on what happened last month. You can also go to TREB’s own website for the raw data HERE. To compare this information to last month’s report, click HERE.
Overall sales are down from this time last year by about 7.1%. 2016 had 5,305 sales compared to 2017’s 4,930. New listings are up 51.9%, from 2016’s 4,166 to 6,330. Perhaps the most interesting number, though, is the increase of active listings year over year. We went from 4,746 in 2016 to 12,926 active listings in 2017, which is a 172.4% increase!
Fig. 1
Our months of inventory- that is, how many months it would take to sell everything on the market without adding any new listings- is currently at 2.62, which indicates we are still in a seller’s market. If we go above 5 months of inventory, the market would turn in the favor of buyers instead.
Fig. 2
December saw 38.1% of all listings sold, which is much less than 2016’s whopping 86%, however 2016 was an incredibly hot (way above average) market.
Our average days on market (DOM) is up from this time 2016 by 7 days, rising to 27.
2017 overall was an interesting year for the market. In the first quarter, the market was incredibly strong, coming off the 2016 high. However, it dipped significantly after the Ontario Fair Housing Plan was announced. If you don’t know what the Ontario Fair Housing Plan is, click HERE.
The market is expected to cool slightly beginning this month due to the new mortgage rules that went into effect January 1st. You can find out more about what the mortgage stress test is in our video HERE.
Condos are continuing to thrive due to their position as the option for homebuyers who want the best value for their dollar. In the 905 area prices are up 14.5% from last year. Interestingly, townhouse sales have gone up 10.6 percent from last year as well.
That’s all for our summary of the December TREB report, but let me know if you’d like more information or if you just want to chat!
You can contact me anytime at 647-504-0690 or steven.ho@ssbhg.ca.