Things we are putting on our Christmas list….Warmer shoes, a better shovel and more listings. It comes as no surprise that on the eve of the holiday season Toronto got its first dusting of snow which not only signals the traditional listing slowdown, but throws us even harder into traffic chaos. Well, at least we aren’t in Buffalo.
So what’s cooking in the freehold sector? Well, listings are down by 16% over the previous month and sales are down by as much as 67%. Our agents report that open house traffic has remained relatively strong over the last few weeks but its’ obvious that the snow really takes the wind out of buyer’s sails. “Days on market”, one of the key indicators of our market, have been getting longer but still over 45% of sales happened at or above the list price.
The condominium market has seen only a minor drop in new listings (8.3%) yet witnessed nearly half as many sales as a month ago. While sales in the east and west have held their ground the bulk of that decline has occurred in the central core. Even with such a large decline in sales we are encouraged to report that 20% of condo sales this week have been in multiple offer scenarios. It is interesting to point out that condo sales above $1.5M were negligible this week but this price segment has close ties to the freehold sector so we believe that sales will improve as overall freehold market gathers steam in the new year.
HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:
NO LETUP SEEN IN CANADIAN AND TORONTO HOUSING MARKETS
The Canada Mortgage and Housing Corp. projects average Toronto housing prices to continue increasing through 2016, nudging closer to $600,000.
TOO MANY CONDOS? MAYBE TOO FEW CONDOS, THANKS TO IMMIGRANTS, CIBC SAYS
Canada consistently ranks near the top on international lists of the world’s most overheated housing markets, with house prices far above historical norms when compared to income.
Real estate may not exactly be the Rodney Dangerfield of equities, but it hasn’t always been accorded the respect it deserves, despite being one of the fastest-growing segments on global stock markets in the past 15 years. That, however, could be about to change now that two of the world’s biggest index firms have anointed real estate as a sector all of its own.
EXPERTS CAUTIOUSLY OPTIMISTIC FOR HOUSING SECTOR IN 2015
Expect rising land costs to keep driving shift from new houses to new condos.
CANADA’S HOUSING MARKET A ‘3-CITY SHOW’ AS SALES SCORE BEST OCTOBER SINCE 2009
Canada’s housing market is largely firing on three cylinders as it comes off its best October since 2009.