.png)
As 2018 winds down, there are not too many surprises in the real estate market. The Toronto Real Estate Board announced the continuation of moderate price growth in November 2018 compared with November 2017. The average selling price of homes over the Toronto Real Estate board area was up 3.5% year over year to $788,345.
GTA realtors reported 6251 homes sold last month, down from the last year number. Buyers were pushed to buy earlier than planned last November, due to the new mortgage regulations that were going into effect in the new year.
We are finally back to a more traditional market, without the frenzy we have experienced in the past few years ! Well, when I'm talking about a more traditional market I'm referring to the real estate market in general, but there are still some micromarkets where the demand is still high (see Leslieville) or some condo markets (especially those up to $800,000).
In the luxury market, homes over $2,000,000 are selling, but at a slower pace. There is a lot of competition in that sector, more supply than demand and those particular homes need to be aggressively marketed in order to sell. Gone is the time when you would just put a for sale sign out in the lawn and wait for a buyer!
Given the mortgage rules changes and the limited affordability, the condominium units and semi-detached homes in general have gone up in price more, compared with detached homes. Trading up to a larger home is cheaper now than it was in the past years.
The winter market, especially December and January offer some great opportunities for buyers ready to spend some time looking for a home under the holidays. Many buyers decided to wait and focus on the holidays therefore the competition is not that high.
Sellers are more willing to negotiate and sell now if they are on the market at this time of the year.
If you are thinking of investing in an income producing property (rental vacancies are at an all time low) or thinking of trading up, give me a call and let's put my expertise to work for you.
Happy Holidays!
GTA realtors reported 6251 homes sold last month, down from the last year number. Buyers were pushed to buy earlier than planned last November, due to the new mortgage regulations that were going into effect in the new year.
We are finally back to a more traditional market, without the frenzy we have experienced in the past few years ! Well, when I'm talking about a more traditional market I'm referring to the real estate market in general, but there are still some micromarkets where the demand is still high (see Leslieville) or some condo markets (especially those up to $800,000).
In the luxury market, homes over $2,000,000 are selling, but at a slower pace. There is a lot of competition in that sector, more supply than demand and those particular homes need to be aggressively marketed in order to sell. Gone is the time when you would just put a for sale sign out in the lawn and wait for a buyer!
Given the mortgage rules changes and the limited affordability, the condominium units and semi-detached homes in general have gone up in price more, compared with detached homes. Trading up to a larger home is cheaper now than it was in the past years.
The winter market, especially December and January offer some great opportunities for buyers ready to spend some time looking for a home under the holidays. Many buyers decided to wait and focus on the holidays therefore the competition is not that high.
Sellers are more willing to negotiate and sell now if they are on the market at this time of the year.
If you are thinking of investing in an income producing property (rental vacancies are at an all time low) or thinking of trading up, give me a call and let's put my expertise to work for you.
Happy Holidays!