The average selling price for GTA homes during the first 14 days of November was $488,647 – up by 1.7 per cent in comparison to the first 14 days of November 2011. The latest statistics confirm the general impression that this fall’s selling season has been less buoyant that usual.
The average sale price for detached homes in the City of Toronto (416 area) was $761,423, only 1% up over last year. Prices for semis and townhouse styles were up around 6% over last year, both in the City and the 905 area. Average prices for condo apartments across the GT were flat in the 905, and down 3.8% in the City, during these two weeks.
Fewer homes sold this fall
The more dramatic shift this fall has been in the numbers of homes changing hands. In the first half of November, about 40 fewer houses and condos were sold each day, or about 17% fewer than in the same period of 2011. These numbers may well be influenced by Canada’s somewhat tighter mortgage rules, and they are also likely a result of the exceptionally high volume of sales in the arlier part of the year.
The next two or three months may be an excellent opportunity for buyers who wish to avoid the typical spring rush! If you’d like us to help you find a property this winter, email us, or call James and Joanne at 416-483-8000.