REMAX HALLMARK MARKET REPORT

Courtesy of Thomas Cook

Here’s a summary of the significant real estate milestones and 'talking points' for November 2017. What will January bring after the new mortgage qualification rules come into effect?

2nd highest number of overall sales for the month of November since 2009 (7,385) and up by a few hundred homes from October
The ratio of sales-to-listings increased from October’s 37.7% to 40.5% in November – a very moderate seller’s market
The average sale price dropped slightly to $761,757 – BUT, for the first time, was lower by 2% YTD compared to 2016 – because of higher sales of lower priced condos
This marked the first time in many years that the Toronto Real Estate Board average sale price had a drop year-over-year (traditionally we’ve seen an average annual appreciation of 6.8% over the last 20 years).
Sales in the month were down 13.5% from one year ago
The GTA real estate market overall averaged the days-on-market at 24 – still quick compared to many markets

Again, it’s becoming clear that first-time buyer aspirations are now shifting to a condominium lifestyle – CONDO sales took a ‘highest ever’ 37.5% of the total market in November… about 2-3% more than average

Downtown condo listings were up from last year at this time
The downtown condo days-on-market average was 18-19 days
The ratio of sales-to-listings for condos downtown ranged between 76.7% in C01 to 87.6% in C08 indicating a strong seller’s market… well ahead of most of the GTA
The average sale price for downtown condominium suites is still up by roughly $120,000 from 2016
Building on this higher demand due to better affordability, condo appreciation in the two main downtown markets averaged 24% year-over-year

Some Insights from Ravi:

A qualified, knowledgable real estate agent who knows your neighbourhood will be your best friend in selling your home. Now is not the time to use someone you know. Go with the best possible agent you can find.

Pricing effectively in this market means being the "marginal seller". You want to be marginally ahead of all competition. Not by a large differentiator, but my a small differentiator.

The way you prepare and promote your home will make it stand out. Get creative with marketing. Also, remember that your agent needs to leverage their network and call the agents with the buyers. This is key!

If you are a buyer, January/February is the time to pounce. take advantage of the uncertainty in the market. Go against the grain. You may have a windfall!