The November real estate market has seen some interesting activity. When it comes to detached homes, average prices are significantly higher than last month, but the number of homes sold has decreased. We’ve seen a similar pattern in the condo market, albeit less pronounced in terms of price. In this post, we’ll reveal the most important Etobicoke real estate market statistics and offer an explanation as to why we’re seeing these trends. Let’s jump in!
Detached Homes:
- Prices up 7% since October 2017
- Prices down 5% since April 2017 highs
- Number of homes sold down 13% versus October 2017
Condos:
- Prices up 5% since September 2017
- Prices reach a new high in Etobicoke: up 3% versus September high and up 5% compared to October 2017
- Number of condos sold down 14% since October 2017
South Etobicoke Neighbourhood Stats
The charts below give you an overview of how the sales prices and volumes have been trending over the past year:
Etobicoke Average Sales Price of Homes and Condos
November 2016 – November 2017
Etobicoke Sales Volume of Homes and Condos Sold
November 2016 – November 2017
So What Do the Numbers Really Mean?
There’s no doubt that buyers are being more cautious right now than we saw in the spring. They’re prepared to wait to buy the right home at the right price for their family. The urgency to “buy now or I won’t be able to afford the market” is gone.
On the other side, sellers aren’t rushing to put their homes on the market. Those that don’t have to sell are waiting for a better time. They are counting on this lull being short-term and hoping we’ll see a brisker market in the spring.
Overall, there continues to be quite a bit of uncertainty in the market. As such, there are lots of predictions surrounding the impact that the new mortgage rules will have. Will prices continue to rise as we’ve seen in the last couple of months? Will prices drop as the new mortgage rules come into effect? What will happen with mortgage rates? There’s been talk about more increases but no one knows when these will come about.
The one thing that’s for sure is no one really knows what direction the market is headed. Remember, the best time to buy or sell is when the timing is right for you and your family. It’s always better to think about buying a home as a long-term decision, and not to get too concerned with the ups and downs in the market.
If you’re thinking of buying or selling, we’re here to help. Get in touch with us today!
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