November Toronto Real Estate Facts
#1 Home Sales in Toronto down over 50%
In the 416 area, 1,523 transactions took place last month, from 3,426 sales recorded in November 2007. From a year-to-date perspective, there have been 28,806 sales in the 416 area this year, from 36,804 transactions a year ago.
#2 Home Values have dropped 10%
In the 416 area, last month’s average price was $390,225, from $433,859 noted in November 2007. Approximately a 10% decrease.
#3 LOTS more Homes taking longer to sell.
The average number of days a home currently remains on the market in the GTA is 41, from an average of 32 days last November. There are currently 27,037 homes listed on the TorontoMLS system compared to 18,309 available properties in November 2007.
#4 Mortgage Rates Still Low!
Whats it mean?? If you have to sell, price your property accordingly. Based upon last years sales a 10% decrease is what the market is dictating. If you are downsizing all is proportionate. You can buy lower but you will be selling lower.
If you are a first time buyer. Its a great time to negotiate.
If you intend to trade up all is proportionate as well . Sell first though and take full advantage of the trading dollar savings being greater.