November 2018 Toronto Real Estate Market Reportcrm.agentlocator.ca/UserFiles/542/files/November-2018... · 2018-12-06 · solidly in an extremely busy seller market territory. The

November 2018 Toronto Real Estate Market Report

Toronto’s Real Estate Team - Thomas Cook - Real Estate Sales Representative at RE/MAX Hallmark Realty Ltd Brokerage

Your Real Estate Consultant For Life Working a “By Referral Only” Business… One Of Toronto’s Top Teams For RE/MAX Since 2002 785 Queen St E, Toronto ON M4M 1H5 www.LivingInToronto.com Phone: 647-962-1650 [email protected]

Steady as she goes… Hi, it's Toronto's Real Estate Team at RE/MAX and here is our November 2018 Toronto real estate market report. It looks like ‘steady as she goes’ will be the phrase to describe November’s market across the GTA. I’ll comment more on that in this broadcast as we go through the market report. So… let’s review some of the Toronto Real Estate Board sta s cs and see what’s happened. Slide 2 Sales were down 14.7% for November compared to last year with 6,251 houses and condominiums changing hands in all the districts. This was the lowest number of sales for the month since 2012. Condo townhouse and high‐rise suites took a significant 38% share of the market with 2,365 units being sold. The November average sale price for all GTA homes came in at $788,345 – this was a modest 3.5% increase from one year ago. This was just frac onally above the average two years ago in November. The ac ve lis ng inventory is one of the strongest indicators of how slow or fast the market has been moving. The inventory average for the month of November compared to historical numbers and compared to last year at this me were both down almost 10%. This is actually a good sign since we’re not being overwhelmed with high inventory levels and probably keeping us from seeing a slump in prices in some GTA loca ons.




The sales‐to‐lis ngs OR percent‐chance‐of‐selling ra o is how we determine what type of market we’re actually in. 24‐28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market. In November, that ra o finished at 38.1% ‐ 2 percent below last year – pre y close to what we’ve been seeing all year. The GTA overall is in a moderate seller market territory so sellers may need to adjust their pricing expecta ons if they want to make a move. The days‐on‐market average for GTA / Toronto homes was 27 days, 3 days slower than in October. Slide 3 So let’s look at what’s happening in the downtown Toronto condominium market. West of Yonge and south of Bloor in the C01 TREB district, the average sale price for November was $679,275. That average moved up 11.3% from the same me last year. With 343 condo sales in the month, the numbers were down 22% compared to 2017 and back to 2015 levels. There were 483 ac ve lis ngs on the market in November – 16% fewer than last year but s ll WAY down from the 1135 suites available three years ago in November 2015. The ra o of sales to lis ngs was 71% which keeps C01 in an extremely busy seller’s market territory. The average days‐on‐market came in at 19 – 1 day faster than last month. Slide 4 Now east of Yonge and south of Bloor in the C08 TREB district, the average sale price for November was $673,800. That number was up 12.3% compared to 2017.




And with 146 condo sales in the month, the numbers were down 6.4% from last year. There were 189 ac ve lis ngs on the market in November – up 6.2% from 2017. The ra o of sales to lis ngs was a very ac ve 77.2% for the month. That number keeps C08 solidly in an extremely busy seller market territory. The average days‐on‐market came in at 17, 2 days slower than last month. Here’s a snapshot summary of the significant real estate milestones for Toronto in November 2018… it could be the start of a ‘turn‐around’ me for our market but me will tell. We saw the Lowest number of November sales since 2012 (at 6,251) And The ra o of sales‐to‐lis ngs was stable at 38.1% in November – This indicates a

moderate seller market The average sale price came in at $788,345– which was up just 3.5% compared to

November 2017 – Those mortgage ‘stress‐test’ financing rules from this past January have seriously affected our market

Note that this overall market average was just 1.4% higher than 2 years ago in November 2016

Overall sales in the month were down 14.7% from one year ago And The GTA real estate market overall averaged the days‐on‐market at 27 – a fairly typical

level for Toronto’s fall market Also Detached home sales in November 2018 with a purchase price over $2,000,000 (156)

were down 12% from last year It’s no ceable that first‐ me buyer aspira ons are now shi ing to a condominium lifestyle

– CONDO sales took a 37.8% share of the total market Downtown condo ac ve lis ng numbers were lower in C01 by 9% and up in C08 by 6%

from last year at this me And November sales were down 22% in C01 and lower by 6.4% in C08 compared to 2017




The downtown condo days‐on‐market average was 17‐19 days – significantly faster than the overall market

And The ra o of sales‐to‐lis ngs for condos downtown were close in both C01 (71%) and in C08 (77.2%) indica ng an extremely strong seller’s market… just about double the GTA overall.

Also, The average sale price for downtown condominium suites is up by roughly $65,000 from November 2017

Building on this higher demand due to be er affordability, condo apprecia on in the two main downtown markets averaged 11‐12% year‐over‐year

Markets in York Region and other 905 neighbourhoods have suffered the most from the market slowdown – York Region is now showing that they’re in ‘buyer market’ territory

Expect a stable to lower inventory and sales declines as we move through the December‐January holiday mes ‐ buyers should watch for more opportuni es to get the condo or house of their dreams.

Slide 5 This month we’re looking at the stats for the Toronto Real Estate Board sales by Average Resale Home Price. The first five months of the year we were lagging last year’s average price performance but, since June, the overall market has been bea ng out 2017’s performance by small increments. This has not been universal across the GTA however. Home prices in York and Durham regions in November have shown double‐ or single‐digit decreases in their average sale prices year‐over‐year. We have those sta s cs available as infographics if you’d like to see them… just email or message us.




Slide 6 So what’s a terrific way to make your first baby‐step into Toronto’s real estate market and find out where those more affordable choices are? The BEST first step is to go on a Market Experience Tour of condo or house neighbourhoods with one of our Team members. Leave your chequebook at home ‐ what a tour is NOT intended to do is show you homes with the inten on that you’d immediately buy one. What it IS intended to do is to give you an opportunity to get a clearer idea of what’s available on the market in your favourite parts of the city and in your price range without worrying about being pressured into having to make an immediate buying decision. Once you’ve had your Tour we want you to go back home and think about what you saw. You’ll then be be er able to set up a good home buying plan and make smart, educated decisions about where and when you want to be in your new home. You can sign up for your condo tour at MarketExperienceTour.com and a tour of houses at DailyTorontoHomeTours.com. Remember to check back here in early January for our YEAR‐END 2018 Toronto Real Estate Market Report.

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November 2018 Toronto Real Estate Market Reportcrm.agentlocator.ca/UserFiles/542/files/November-2018... · 2018-12-06 · solidly in an extremely busy seller market territory. The