The Toronto real estate market continued its positive trend, with November’s 7,090 sales being up 14.2% compared to November 2018. The increased sales, coupled with new listings being down 17% year-over-year and active listings down 27.2% year-over-year, resulted in an increase in the average selling price to $843,637, 7.1% over November 2018. On a city wide basis, sales were up year-over-year for all major market segments.
The demand for home ownership remains unabated and despite the 2017 Ontario Fair Housing Plan and the OSFI mortgage stress test buyers are buying homes! The only change is that buyers have had to adjust their preferences, either to the size, type of home or to the location.
As Toronto properties continue to increase in price and become unaffordable, there is the natural migration to Toronto’s “bedroom” communities such as Barrie, Oshawa and Newmarket. While moving further out of the city core is not ideal for some, it is the natural progression of the growth of cities. New York, London and now Toronto. We are in good company!
The predictions are that prices will increase an average of 6% in 2020. If you are considering buying, now is a great time. The majority of buyers are focusing on the Holidays, so while competition for good properties exists, it is less than it will be in the New Year.
I am here, I am working, so if you are considering buying, or know someone who is, or just want my take on the market, please give me a call, I would love to help.
Your Friend in Real Estate