Stronger Fall Market Conditions
Greater Toronto Realtors reported 7,118 residential sales through the Toronto MLS system in October 2017. The number of transactions in October represented a 26.7% decline compared to 9,715 transactions reported in October 2016.
Total sales reported through the first 10 months of 2017 amounted to 80,198-down from 99,233 for the same period in 2016.
For the region as a whole detached homes in the GTA experienced the largest sales decline at 29.8%.
The number of new listings reported in October was up by 11.8% compared to October 2016. The number of active listings reported in October was up by 78.5% compared to October 2016.
“Every year we generally see a jump in sales between September and October. However, this year that increase was more pronounced than usual compared to the previous ten years. So while the number of transactions was down relative to last year’s record pace, it certainly does appear that sales momentum is picking up,” said Mr. Syrianos, TREB’s President.
The average price in October was up by 2.3% from the same time last year to $780,104. Condo apartments in the GTA led the way in terms of an average price increase at 21.8% compared to the same time last year.
“The housing market in the GTA has been impacted by a number of policy changes at the provincial and federal levels. Similar to the track followed in the Greater Vancouver Area, it appears that the psychological impact of the Fair Housing Plan, including the tax on foreign buyers, is starting to unwind,” said Jason Mercer, TREB’s Director of Market Analysis.
Sales of Toronto (416 area code) condominium apartments decreased by 21.4% in October 2017. The average selling price of a Toronto condo increased by 20.9% in October 2017 from the same time last year to $555,004.
Condominium apartments accounted for 28.4% of total GTA sales in October while detached homes accounted for 44.0% of the total sales.
Other notable statistics include the average days on the market for October at 23 days, up from 16 days a year earlier. The sales-to-listings ratio for October 2017 was 37.7% which is still classified as a seller’s market. A ratio from 24%-28% is considered a balanced market.
Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property’s market value range
Real estate is very neighbourhood specific, building specific and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.
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