November 2017 - Cruising into 2018 - The New Street Resale Real Estate Report for The Greater Toronto and Hamilton Region
Note: Many of the stats in this report use home type classifications and averages to provide a general idea of recent activity in the real estate market throughout the GTA and Hamilton regions. These averages give us a high level summary of the real estate market throughout the region and within each city compared to the previous month and year. These stats may or may not be relevant to a particular home or homes within a particular community. To better understand the home value of any particular property it is best to request a CMA from a REALTOR® and analyze sales of comparable homes within close proximity of the subject property.
The average price of a home remained steady in November. In TREB's MLS System for the GTA, we saw average prices drop by 2.4% from October. For the first time in well over a year, we also saw the average price of a home dip below it's average from the same month last year. In RAHB's MLS System in the Hamilton-Burlington area, the average price was also down from the previous month yet still 4.5% up from the previous year.
GTA & Hamilton Home Prices - TREB & RABH MLS Systems - Last 12 Months
Aside from the average price, market activity in both TREB & RAHB Regions seem to show signs of a buyers market with the average days on market up over 40% from last year in both MLS systems. New listings were down from the previous month which is common as we get into the winter months but still much higher than the previous year. TREB's MLS system in particular saw 37.2% more new listings this November compared to November 2016. Total home sales in both MLS Systems equaled 8426, with TREB's MLS system up by about 4% from October of this year but down just over 13% from last November. The Realtors Association of Hamilton-Burlington (RAHB) MLS System saw a decrease in total sales activity of 17.3% from the previous month and 16.6% down from the previous year.
GTA & Hamilton Homes Sales Stats – November 2017
There was more red than usual on the GTA board this November. Similarly to most of this year, it seems that more affordable home product such as condos and townhomes continue to see healthy year over year average price gains meanwhile single-family homes remain relatively fixed. Detached homes in particular continue to see their average price decrease with a 5.8% drop from the previous year, a record-dip in recent months.
GTA Sales & Average Price by Home Type - November 2017
Freehold homes in the Hamilton & Burlington areas saw a decrease in sales activity from both the previous month and year with the average price down 5.8% from October but still up 3.6% from last year. The average price of a condo throughout RAHB's MLS System was up on the other hand, 4% from last month and 7.6% from last year.
Hamilton & Burlington Sales & Average Price by Home Type - November 2017
The average price in certain communities within the Hamilton-Burlington fluctuated more than others with Flamborough, Hamilton Centre, Dunnville, Caledonia, Stoney Creek and Grimsby seeing their average price increase between 14.4% to 25.4%. See below for more stats on each community.
Hamilton & Burlington Prices & Sales by Community (RAHB's MLS System) - November 2017
In the diagram below you will notice that sales activity throughout TREB's MLS System in the GTA has declined in most areas from last year excluding Halton Hills which saw a 37.7% increase in transactions in November compared to last year. The York Region has had the highest drop in sales, with cities like Aurora seeing a 55.2% decrease in sales and Richmond Hill down by 44.4% with only 188 transactions in November. Some interesting stats to note :
- The average price of a condo in Toronto West was up by 27% from last year
- The average price of a condo in Mississauga was up 16% from last year
- The average price of a condo in Toronto East was up 18.7% from last year
- Aurora detached sales were down 62% from last year
- The average price of condo towns in Milton was up about 15% from last year
GTA Prices & Sales by Area (TREB's MLS System) - November 2017
As we head into the winter of 2017, the market doesn't seem to be slowing down too much but prices continue to balance out. After record-breaking years and months of home value increases it seems we will be ending off this year on a more sustainable trajectory. It's hard to say what the 2018 real estate market has in store. We know that demand for housing throughout a world class region such as the GTHA will continue to be strong as our populations grows but will it be enough to sustain further mortgage changes and potential government interventions? Let us know your thoughts on Twitter, Facebook or Instagram.
Opinions are my own and should not be taken as advice. Data Compiled by New Street from TREB (Toronto Real Estate Board) and RAHB (Realtors Association of Hamilton-Burlington). In association with Right at Home Realty Inc., Brokerage, 5111 New Street, Burlington, ON L7L 1V2. The information here is deemed reliable but not guaranteed by New Street, TREB or RAHB. Not intended to solicit listed properties or buyers under agency agreements.