November: Scorpio or Sagittarius? More to the Point…Buyer or Seller?

November sales stats are in—November ’16 as compared to November ’15

We’re looking at the 416 and 905 regions per the Toronto Real Estate Board.

To break it down further:

Detached homes: Sales +13.4%, Prices +27.6% Average Price $1.058million
Semi-detached: Sales +6.3%, Prices +19.8% Average Price $720,815
Townhouse: Sales +15.2%, Prices +23.7% Average Price $598,432
Condo: Sales +25.8%, Prices +15.1% Average Price $443,586

As has been the case we’re still seeing a shortage of listings, the demand in the GTA is outstripping supply. For example, if you live in the City of Toronto, as I do, you know we have a lot of neighbourhoods chock full of semi-detached homes, still costly yes but less so than a detached home. In the 416 we saw a decline in the number of semi sales (-3.1%) and an increase in semis in the 905 (+12.2%), this decrease in sales for semis in the 416 speaks to the inventory/listing shortage, we just didn’t have ’em.

In short, the region is hot, still, people want in whether 416 or 905, buyers are looking.
If you’re considering selling you’re definitely in a good place (though yes you need to move somewhere, core team is in both Toronto and Hamilton hmmmm) and likely looking at a tidy profit and fast sale: average days on market are down 34% from 26 days on market in 2015 to 17 days on market 2016.

2016_nov_market-stats_rlp

Need more explanation, want more detail?

Need a guiding hand Toronto or Hamilton?

We’re in each! Feel free to reach out 🙂

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