November 2017 Market Update

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Here’s a summary of the significant real estate milestones and ‘talking points’ 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