TRREB Market Stats - November
Winter is upon us and I hope you and your families are staying safe and healthy as we enter into this second round of COVID-19 lockdowns across the GTA. I am reaching out to give you a brief but informative update on the Residential Real Estate Market.
The month of November saw a busy real estate market with sales up over 24% compared to November 2019 and prices up 13% respectively. Inventory levels also rose slightly over last year, up 15% to 13,798 homes available for sale, putting the months of inventory number at only 1.57 months. This figure represents a strong seller's market as the Toronto Real Estate Board would be sold out of listings in just over a month and a half if another listing was not taken.
We have seen some softening in the resale condominium market in the major city centres like Toronto and Mississauga as investors have begun to exit the market as they have found it more and more difficult to find tenants. The 905 resale condo market has remained consistent with prices appreciating and the volume of sales up. This is due to affordability and the cost of borrowing. It is much easier for first time home buyers to enter the market their and many renters are now finding it affordable to own with interest rates at all time lows.
On the investment side developers who launched projects throughout the year and are sitting on some remaining inventory are starting to announce attractive promotions in an attempt to sell a few more units before the end of 2020. If you were considering making an investment now is a great time, please do not hesitate to contact me with any equiries