Photo: James Bombales
Toronto home sales started to slip in October, and the trend repeated itself in November, as the market continues to cool.
Sales were down 14.7 percent year-over-year last month, in what Garry Bhaura, president of the Toronto Real Estate Board (TREB), is calling a reflection of last November’s poor sales performance. But they were also down on a month-over-month basis, suggesting that the market has shifted into a phase of slower activity moving into 2019.
Livabl has rounded up 7 stats that give you the context you need to make sense of the GTA market last month.
1. On a preliminary seasonally adjusted basis, sales were down by 3.4 percent month-over-month, a sign that October’s sales dip wasn’t a one-month fluke, but potentially part of a larger trend.
2. Meanwhile, the average selling price of a GTA home was up by 3.5 percent year-over-year to $788,345. Prices were also up slightly in October, reflecting a relatively low level of supply that TREB believes is putting pressure on home prices.
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3. Condos sold for an average of $556,723, up 7.5 percent year-over-year, while the average detached home sold for $1,008,768, up 1.3 percent from last year.
4.“Home types with lower average price points have been associated with stronger rates of price growth over the past few months,” writes Jason Mercer, TREB’s director of market analysis, in a statement.
5. TREB attributes the strength of the condo market to stricter mortgage rules and higher interest rates, which have created “tight or tightened” market conditions for the relatively more affordable property type.
6. Listings were down 26.1 percent year-over-year, as sellers’ begin to move to the sidelines of the market, as they wait for warmer conditions to list their properties.
7. “New listings were actually down more than sales on a year-over-year basis in November,” writes Bhaura, in a statement. “This suggests that, in many neighbourhoods, competition between buyers may have increased.”