Jennifer English

NOVEMBER 2019 Market Update

06 December 2019
Jennifer English

First Up

Average Sale Price for ALL Property Types in the City of Toronto

November 2019 saw significant increases in the average sale price, particularly for detached homes and condo apartments. 8.1% marks the increase for the average sale price for ALL home types. This increase translates to an average sale price of $910,419. The breakdown by property type; detached up 4.5% ($1,360,246), semi-detached saw a slight increase at 0.6% ($1,067,027), and condo apartments hit the double-digit mark, the first to do so in 2019, at 10.8% ($659,855). You know how it goes, when supply is low and demand is high, prices rise.

What else do the numbers reveal?

The most note-worthy information on the Toronto Real Estate Market.

There was a BIG drop in the number of active listings across all property types, hence the month's of inventory slumped lower. For detached homes, the active listings were down 19.1%, semi-detached down a whopping 32.9%, and condo apartments, 21.2% fewer this November from last ... it's no wonder the prices are shooting back up as they did in 2016 and the first quarter/half of 2017.

Year-over-year, not only did the number of sales remain neck-and-neck with November 2018, so too did the sale price to list price ratio and the days on market. This, for all home types in Toronto.

Further to the drop in active listings, month's of inventory pushed even further toward a seller's market, if that's even possible. Detached homes this November are sitting at 2.1 vs. 2108, at 2.8, semi-detached went below the one month mark to 0.8 vs. 2018 at 1.4, and condo apartments also dipped this year from last, 1.3 vs. 1.6.

One doesn't normally see December/January as a good time to sell and I get it! Having said that, with inventory this low, and a phenomenal amount of buyers looking to either get onto the property ladder, up-size, down-size, or invest, if you've been thinking about selling, don't hesitate!

As always, I'm here to help if you need me. Whether it's for a detailed market analysis on YOUR home in YOUR area, getting a pre-approval for a mortgage, identifying neighbourhoods you’d like to consider,  planning renovations or updates, (to sell or make improvements for yourself). Really, for all things real estate! Call, text, or email   -- anytime, consider me your go-to for all things real estate, in perpetuity!