The Toronto Real Estate Board has just released their statistics for the month of November.
We’ve done a quick video recap below, and a written report below that if you’d like some more in-depth information, as well as some graphed comparisons. You can also see the raw statistics for November on the TREB website HERE.
and you can see our report from last month for comparison HERE.
Overall sales are down from this time last year by about 13%. Last year had about 1200 more sales at this time. However, new listings are up by 37.2%, and active listings are up by an incredible 110.6%!
The GTA’s average days on market is up about 40% from last year, so sellers can expect for their home to take an extra week to sell.
When we’re looking for information on the state of the market, one of the best indicators is how many months of inventory we have- that is, how many months would it take to sell everything on the market without adding any new listings. 4-5 months of inventory is a balanced market, with anything above that being a buyers market, and anything below that being a sellers market.
The overall months of inventory is 2.46, with 2.02 months for Mississauga, meaning that Mississauga is actually in a slightly more active seller’s market.
GTA Months of Inventory
For the GTA overall, our percent of listings sold is up from last months 37.7% to 40.5%. (See graph below)
We have seen an uncharacteristic (for this time of year) increase in demand for home ownership in the GTA, possibly because of the new changes to mortgage guidelines, which go into effect this January.
GTA’s Percent of Listings Sold
Condos and townhomes continue to be at strong price points due to their perceived value. In the 905 area, average condo prices have gone up 16.4% from this time last year. Townhome sales are also up by 4.8%.
Perhaps the most interesting statistic for this month is that the average price of townhomes in the 905 area is up significantly. This month’s average price is $586,601, compared to last months $529,381.
You can see all of the the comparisons for this year more visually in the graph below:
GTA’s Average Price by Home Type
That’s about it for our November recap, but let me know if you’d like to talk more about what these statistics mean for you and your neighbourhood! You can contact me anytime at 647-504-0690, or email me at steven.ho@ssbhg.ca.