Whether you are buying or selling a house, it is important to know the current real estate market trends and the market performance to make the right decision. So here is the real estate market update for the month of November’19.
As per the Greater Toronto Area REALTORS® report, the total number of sales in the month of November’19 is 7090 which indicates a 14.2% increase compared to November’18. Though the sales are up, the new listings are down by 17.9% compared to the previous year.
“An increasing number of home buyers impacted by demand-side policies over the past three years, including the 2017 Ontario Fair Housing Plan and the OSFI mortgage stress test, have moved back into the market for ownership housing. Based on affordability and stricter mortgage qualification standards, many buyers may have likely adjusted their preferences, changing the type and/or location of home they ultimately chose to purchase,” said Mr. Collins.
“Strong population growth in the GTA coupled with declining negotiated mortgage rates resulted in sales accounting for a greater share of listings in November and throughout the second half of 2019. Increased competition between buyers has resulted in an acceleration in price growth. Expect the rate of price growth to increase further if we see no relief on the listings supply front,” said Jason Mercer, TREB’s Chief Market Analyst.
Year-Over-Year Summary :
The overall average selling price in November 2019 is increased by 7.1% with an average of $843,637 which was $787,349 in November 2018.
Area wise :
Apart from the overall real estate market trend, it is important to know the area wise trend as well to invest in the right place.