November saw 6,251 transactions, down by 14.7% over last November. The average price in the City of Toronto is now at $842,483.
Relatively tight market conditions over the past few months have provided the foundation for renewed price growth and bidding wars continue to happen in certain pockets.
The condo market is still quite brisk with the average price now at $595,678. Listings are down 22% and sales are down 9%. Keeping in line with previous weeks, nearly 50% of sold units are still happening at or above the list price. The condo market continues to lead the way in terms of price growth in the GTA.
With the uncertainty of the NAFTA renegotiations now behind us, we can focus on the economy in general. August 2018 GDP growth, released on Oct. 31, 2018, show that the Canadian economy grew by 2.5%, annualized, year-over-year.
Following the latest Overnight Rate hike in October, to 1.75%, the Bank of Canada is now expected to raise interest rates by 25 bps each quarter until they reach 2.5% in Q3 2019. If you are thinking of buying or selling you may want to consider doing that sooner in the new year rather than later.
As always, if you have any questions please feel free to give me a call anytime.
Best wishes for the holiday season and throughout 2019!
Your Friend in Real Estate,
Suzana ( Sue ) Davies
Sales Representative ®
Bosley Real Estate Ltd., Brokerage*
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