Greater Toronto Area Report November 2018, Steve Moran, Remax
Toronto area home prices rose last month, up 3.5 per cent in November on a year-over-year basis to an average of $788,345 for all types of homes driven by a decline in inventory.
The number of homes sold in the Greater Toronto Area fell 14.7 per cent in November compared with the same month last year. The sales decline is attributed to a 26.1 per cent drop in new listings in November compared with last year.
Detached home prices have stabilized in the Toronto region in recent months, but most of the price growth continues to come from condominiums.
Condominiums sold for an average of $556,723 in November, up 7.5 per cent compared with the same month last year, while the average detached home sold for $1,008,768, an increase of 1.3 per cent over November 2017.
The relatively tight market conditions have provided the foundation for renewed price growth in the GTA. Looking forward through 2019, I do not expect a return to double-digit price growth though I expect price growth above the rate of inflation and this will continue to be driven by gains in the condominium sector.
I would be happy to help you with your real estate needs. I can be reached at 416-949-1684 or you can visit me at http://www.stevemoranhomes.com.
