MARKET UPDATE FOR THE WEEK ENDING NOVEMBER 28TH, 2014
It's not just the Grey Cup that signals the end of November. If you've lived in Toronto for any length of time you know that this time of year also means that thoughts of buying and selling homes take a back seat to Christmas shopping and holiday planning. While we may not remember who won the last Grey Cup, we can take the slowing real estate market to the bank. Now some people will tell you that the best time to buy or sell is when no one else is buying or selling. It seems those people made that point abundantly clear this week.
Consider the freehold market segment. It's true that new listings dropped by 54% over the previous week, but sales are not backing off at the same pace. This week sales were only down 7% but sales at or above asking inched up marginally. It's interesting to note that sales across Downtown Toronto have remained consistent overall price points. Our research also shows that first time buyers will likely see more properties for sale in the east but will be involved in fewer multiple offers in the west, while in the Central core those same buyers will likely purchase homes at a higher percentage over the asking price.
The condominium market returns with some more positive results. After a rather stagnant week of sales last week, it jumped back with some solid numbers. New listings continue to slow this week ( down 17%) while sales jumped up by as much as 50% in some parts of the core. While down slightly, we are happy to report that 14% of condo sales happened at or above the listing price this week. With 470 existing condos for sale in the Central core and the bulk of the new inventory under construction, we will continue to monitor this segment closely, but it seems that consumer confidence combined with strong immigration numbers are winning over bubble talk in the condo market.