GTA sales buck seasonal trend

Sales of homes in the Greater Toronto Area bucked the regular seasonal trend by edging higher last month... but were lower year-over-year.

There were 7,374 transactions through the MLS system of Toronto Real Estate Board, 13.3% down from November 2016.

Buyers were enjoying far greater choice from a year earlier with a 37.2% rise in listings to 14,349.

“We have seen an uptick in demand for ownership housing in the GTA this fall, over and above the regular seasonal trend,” said TREB president Tim Syrianos.

He added that the impact of policy changes may be starting to weaken but noted that the tightening of mortgage rules next month may also have prompted buyers to act sooner.

Detached home sales were down 19.1% from a year earlier while condos slipped 7.9%.

“Changes in market conditions have not been uniform across market segments. We are still seeing seller’s market conditions for townhouses and condominium apartments in many neighbourhoods versus more balanced market conditions for detached and semi-detached houses,” said Jason Mercer, TREB’s Director of Market Analysis.

The average selling price in the GTA was down 2% year-over-year in November to $761,757 due to fewer detached home sales.

Year to date the average sales price was up 13.4% compared to November 2016 to $827,608.

“We will have more insights to share about consumer intentions for 2018 at the end of January when TREB releases its third annual Market Year in Review and Outlook report,” added Mercer.

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