Market Update for November 2019
Thursday Dec 05th, 2019
Hello and Happy Holidays....
I hope everyone has enjoyed the fall season as we seem to be getting right into winter. The fall Residential Real Estate Market was busy. The number of home sales for all home types were up over 13% for the month with the number of active listings down almost 30%. The continued strong demand with limited supply has pushed prices up 7% over November last year.
The months of inventory has now slid down to under two months and is closing in on only a month and a half of inventory across the GTA. If another home was not listed for sale on the Toronto Real Estate Board we would be sold out of our product in a month and a half. A balanced market for buyers and sellers is said to be closer to four to six months of inventory. It is currently a seller's market where the demand for homes continues to remain strong.
The sales volume of condominiums remained flat over last year, however, prices appreciated by almost 11% over November 2018. The volume of trades remained flat due in large part to the lack of inventory, hence prices continue to increase at an above average pace. Condominiums continue to be attractive to buyers due to their affordability, location and ease to maintain.
This fall we had one of our busiest seasons for the release of new develop sites for condominiums. There will be more to come in the New Year, please do not hesitate to reach out to me if you have any questions when it comes to purchasing new construction and investing in real estate.
I hope you and your family have a fantastic holiday season and I look forward to catching up with you soon.