What to say...what to say...that would make this Market Minute more interesting than last month's? Inventory, the number of listings, are down - way down when compared to the number from the same time last year. The GTA experienced a 14.2% increase in sales and Burlington - a very minimal decrease. At the time of this writing, the Oakville, Milton District Real Estate Board had not yet released their figures. Here are your November Market Results for the GTA and Burlington areas:
BURLINGTON NOVEMBER MARKET
As mentioned above, the sales activity for the Burlington area decreased by 4%, but the number of new listings decreased by 15% over the same period last year. The average selling price has increased by 9%. If this continues, bidding wars may become a reality.
"As we near the end of the fall market for 2019, the decrease in listings and a higer ration of sold to listings indicate that the market is currently an opportune time for sellers to consider listing", says RAHB President, Bob Van de Rande. For your concise market results for the Burlington area, please click here.
G.T.A. NOVEMBER MARKET ANALYSIS
Market conditions continued to tighten in November. The average selling price rose to $843,637 reflecting a 7.1% price growth year-over-year.
"An increasing number of home buyers impacted by demand-side policies over the past 3 years, including the 2017 Ontario Fair Housing Plan and the OFSI 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 their type and/or lcoation of home they ultimately chose to purchase." said Mr. Collins, President of the Toronto Real Estate Board.
"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 2018, Increased competition between buyerrs has resulted in an acceleration in price growth. Expect that rate of price growth to increase further if we see no relief on the listings suppply front," said Jason Mercer, TREB's Chief Market Analysis. For Jason's full report please watch the video below: