Toronto Luxury Real Estate:November and December 2018 Market Reports.
The end of 2018 was a whirlwind for me which is why this post includes both November and December market infographics, my apologies. It is actually helpful to see them side by side as you can compare the month over month in addition to the year over year.
We are definitely seeing a market slowdown as a result of the government intervention with the introduction this year of the Affordable Housing Act coupled with the rise in interest rates. The strength in the market continues to be condominium sales as condos are more affordable and people are choosing urban living to the suburbs.
As you can see the December Infograph has changed this month with the addition of important sales information for the Central Toronto Market. It is a helpful tool to understand just how much stronger the Central Toronto Market is relative to the rest of the GTA. The average sales price at the end of December was $1,145,892 vs $750,180m for the entire GTA.
You can see comparing the December sales to November sales they were down just over 4% month over month however we should take note that is partially a seasonal phenomenon as sales do cool in December when people are busy with their festivities.
It was helpful to hear today that the Bank of Canada feels they should hold interest rates steady right now and not have a further increase as they feel the housing market could not sustain a further rate increase. If their long term plan is continued rate hike is must be done gingerly.
I am here to help if you require my assistance. I am right now coming through the Market Watch report looking a sales within particular neighbourhoods. Stay tuned and I am excited to see the spring market unfold. Next week we shall see a lot of new properties listed as people have settled back into routines after the holidays.
Happy New Year Wishing everyone a fine 2019!