As we head into the final month of the year it’s starting to feel a lot like Christmas! Agents are busy sending out their cards and calendars to clients and preparing to take some well needed time off. The offices are slowing down, listings are dropping off, but buyers haven’t completely disappeared. The November stats were released this week from The Toronto Real Estate Board and for the City of Toronto the average price was up 5% to $842,483 compared to November 2017($802,220). We saw a significant decrease in the number of sales, down 14% and a larger drop in new listings, down 20% compared to last November. Relatively tight market conditions over the past few months have provided the foundation for renewed price growth where there is still plenty of appetite for buying a home with bidding wars still going on.
The freehold market saw an overall drop in new listings and sales throughout all neighbourhoods. New listings were in short supply with a 34% decrease, but sales were only down 8% from the previous week. However, we are still experiencing multiple offers and 49% of all sales are selling above the asking price.
Like the freehold sector, the condominium counterpart is behaving in a similar manner. The condo market is still sizzling with the average price now at $595,678 Listings are down 22% while sales are down 9%. Keeping in line with previous weeks, nearly 50% of sold units are still happening at or above the list price. The condo market continues to lead the way in terms of price growth in the GTA.