Here we are heading into December again – and boy does it feel like it today! Brrrrrr!
Aaaah, December, a month rich with tradition – one of those traditions along with tree lighting and hot coco – is a slow month for real estate. It’s the time of year that social events start to crowd your day planner and the idea of brushing snow off your car to go view properties becomes too daunting a task…ultimately, house hunting gets placed on the back burner for many Buyers.
We see a lot of Sellers also taking time off from trying to sell to enjoy the holidays – removing their properties from the market to be re-listed anew in January.
Home prices in the GTA during the first 14 days of November increased by 1.7% to an average selling price of $488,647. However, during the first half of November there were fewer luxury detached homes sold as a percentage of total transactions compared to last year contributing to the marginal yearly increase. Going into the fourth quarter of this year Sellers are having to price more aggressively to sell .
Conversely, the rental market is still going strong – in fact it’s stronger than ever! With more and more people wanting the convenience of living in downtown Toronto, that isn’t going to change. With a 1.3% vacancy rate it’s a great opportunity for a cash strapped Seller to get cash-flow positive with a tenant.
We will have a full look at the November sales figures shortly so stay tuned – and as always if you have any questions about what’s going on in your Neighbourhood market, just ask me. You can contact me at firstname.lastname@example.org or 416-291-7372.
Wishing you all a happy start to December!