From the Desk of Faisal - Real Estate News for the Week of Dec 17th - Dec 23rd
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
CREA November 2018 Statistics
The Canadian Real Estate Association (CREA) reported 33,318 sales in November 2018. This was 15.25% lower than the month before. On an annual basis, the decline was 12.54%. The decline is the 11th consecutive month of declines and is forecasted to continue. Only three markets in all of Canada had the number of sales go up. These markets were Quebec City (+18.2%), London (+6.3%), and Montreal (6.1%). The biggest losses were Vancouver (-42.3%), Fraser Valley (-40.5%), and Victoria (-24.3%). For comparison purposes, Toronto was in the middle of the pack with a decrease of 15.2%. CREA forecasts 456,200 units will be sold in 2019, a 0.5% decrease from 2018. The projection for 2018 is 458,200 units, representing a 11.2% decrease from 2017. CREA also forecasts that the average sale price of homes will increase by 1.7% in 2019 to an average price of $496,800.
GTA Condo Statistics November 2018
GTA Condo Stats November 2018 (November 2017 comparison in brackets)
- Benchmark Price: $506,700 (+9.35%)
- Median Price: $495,000 (+10%)
- Average Price: $556,723 (+7.5%)
- Number of Sales: 1,891 (-14%)
- New Listings: 2,710 (-16.43%)
- Sales to New Listings Ratio: 69.78 (seller’s market)
- Active Listings: 3,299 (-8.81%)
- Months of Inventory: 1.74 if no new listings came on the market
Toronto Condo Stats November 2018 (November 2017 comparison in brackets)
- Benchmark Price: $536,500 (+10.3%)
- Median Price: $530,000 (+9.27%)
- Average Price: $595,678 (+7%)
- Number of Sales: 1,370 (-14.2%)
- New Listings: 1,928 (-15.32%)
- Sales to New Listings Ratio: 71.06 (seller’s market)
- Active Listings: 2,167 (-7.98%)
- Months of Inventory: 1.58 if no new listings came on the market
US Existing Sales Report
Sales of existing homes in the US increased by 1.9% in November 2018. This was a 2nd consecutive monthly increase. The seasonally adjusted rate is now at 5.32 million homes but is 7% below November 2017. Prices continued to rise for the 81st consecutive month, bringing the median existing home price to $257,700 or up 4.2% annually. All regions posted monthly growth except for the West where sentiment is weak due to unaffordable inventory. Properties typically stayed in the market for 42 days during November 2018, an increase from the 36 days in October 2018 or from the 40 days in November 2017.