Are you actively involved in Toronto’s Fall real estate market as a Buyer or Seller? Or are you watching and waiting to see what the market will do as we close out the year? Either way, here’s the Toronto real estate news from the first full week of November that you need to know!
It’s a brief breakdown – courtesy of our parent brokerage, Bosley Real Estate – of the major stories surrounding real estate in Toronto’s central core!
The Toronto Real Estate Board just released the market stats for October and we are seeing year-over-year increases in home sales and average sale prices. The average selling price for the GTA in October was $807,340 up by 3.5% compared to $780,400 in October 2017. For the City of Toronto the average sale price for October was $869,870 compared to $819,124 in October 2017 up by 6.3%!
“Annual sales growth has been positive since the late spring. While the stress test and higher borrowing costs have kept sales below 2016’s record pace, many households in the GTA remain upbeat on home ownership as a quality long-term investment. strong regional economy and steady population growth will continue to support the demand for housing ownership as we move into 2O19” (TREB).
Even though listings were up in October 4.8% compared to October 2017, the freehold market last week saw 21% fewer listings from the week before. The net result is more sales happening at or above the list price which is 61% of properties sold. We will certainly witness a decline in resale listings over the next 2 months as we cruise into the winter season, but it remains unclear if sales will decline.
The condominium sector stats for October were also stellar. The average condo price came in at $603,153 up 8.7% from October 2017 which was $555,004. Last week new condos coming to market dropped 20% from the previous week but sales increased by 8% in the downtown core and units selling at or above the list price are still at a staggering 50% of units sold!
*Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake and Port Hope, Ontario since 1928. We have four centrally located offices and over 250 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately reflect the true temperature of the real estate market.
HERE ARE THE TOP FIVE TRENDING STORIES OF THE PAST WEEK:
Toronto home prices climb in October as condos, semi-detached houses edge higher
“Toronto’s housing market showed more signs of stability in October as prices for condos and semi-detached homes jumped even as unit sales were little changed.”
Vancouver Real Estate Sales Hit 6 Year Low, Inventory Rises To 4 Year October High
“Vancouver real estate continued its mild slump. Real Estate Board of Greater Vancouver (REBGV) numbers showed slowing demand in October. Home sales in the region hit a 6 year low, while inventory reached a 4 year high for the month.”
Buying a home still a lofty goal in T.O. market
“CMHC forsees little change in next two years to high prices, short supply.”
Vancouver luxury property market ranked world’s worst
“The Knight Frank Prime International Residential Index found that, while luxury property prices globally were up an average of 4.2% in the third quarter, compared with the same period in 2017, they fell 11.2% in Vancouver, where luxury home sales have tanked..”
Poloz Says Markets Showing ‘Welcome Symptoms’ of Normalization
“Recent developments in global financial markets — particularly rising long-term bond yields and volatile stock markets — are a reflection of strong global economic fundamentals, not weak ones, according to Bank of Canada Governor Stephen Poloz.”
In case you missed it, here’s the Bosley’s Market Insights from this month and last!!
Bosley Real Estate Market Insight For The First Days Of November 2018
Bosley Real Estate Market Insight For The Final Week Of October 2018
Bosley Real Estate Market Insight For The Third Week Of October 2018
Bosley Real Estate Market Insight For The Second Week Of October 2018
Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage – (416) 322-8000
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