From the Desk of Faisal - Real Estate News for the Week of Dec 3rd - Dec 9th
Welcome to Properties Ontario’s weekly update. Our team goes through numerous articles and summarize them for you! Please do not hesitate to contact me if there are any topics you would like to discuss further. If you have any questions about buying, selling, or leasing residential or commercial space, we’re the team for you. For current listings in the marketplace, check out our website www.propertiesontario.com
Outstanding Mortgage Debt Growth Slowing Down
The balance of outstanding mortgage credit hit a record high of $1.53 trillion during the month of October 2018. This is 0.24% higher than the month before or 3.2% higher than October 2017. Although there is a growth, the annual growth of 3.2% is the slowest since April and May 2001. The three-month annualized growth is 1.9%, 40% lower than the annual growth. This provides further proof of mortgage slowing down. Ultimately slower credit growth often leads to tighter lending conditions which reduces liquidity, leading to an increase in defaults at times of higher borrowing rates.
November 2018 GTA Statistics
GTA November 2018 Stats (November 2017 comparison in brackets)
- Benchmark Price: $763,600 (+2.73%)
- Median Price: $670,000 (+4.68%)
- Average Price: $788,345 (+3.49%)
- Number of Sales: 6,251 (-15.22%)
- New Listings: 10,534 (-26.58%)
- Sales to New Listings Ratio: 59.34 (balanced market, leaning towards sellers)
- Active Listings: 16,420 (-9.76%)
- Months of Inventory: 2.63 if no new listings came on the market
Toronto November 2018 Stats (November 2017 comparison in brackets)
- Benchmark Price: $844,600 (+6.72%)
- Median Price: (+6.34%)
- Average Price: $842,483 (+5.01%)
- Number of Sales: 2,563 (-13.93%)
- New Listings: 3,892 (-20.26%)
- Sales to New Listings Ratio: 65.85 (seller’s market)
- Active Listings: 4,949 (-8.91%)
- Months of Inventory: 1.93 if no new listings came on the market
Other Notes/Statistics
- Semi-detached average price in Toronto is $1.06 million while the rest of GTA had an average sale price of $655,504 (rise of 8.3% year over year)
- Condo prices rose 7.5% to $595,678 in Toronto while GTA had an average of $454,288
- Townhome prices climbed 3.1% in November to $739,837 while the average price for the rest of the GTA was $613,846
- Detached homes had a moderate growth of 1.3%, achieving an average sale price of $1.3 million in Toronto or $903,517 for the rest of the GTA