Home buyers in the Greater Toronto Area are enjoying huge advantages in the residential real estate market right now, as new data from HouseSigma reveals.
It is taking sellers as long as has ever been recorded by HouseSigma to sell a home – an average of 73 “property days on market,” which is the joint-highest since our records began. Average “property days on market” measures the total number of days a property has been for sale, including if it was delisted and quickly relisted.
Residential resales across the GTA in November totalled 4,588 transactions, which is 15.5% lower than October and nearly 20% down from November last year. The median price of a home also decline, by more than 3% month over month. This was led by a drop in detached home prices, which make up the largest portion of home sales.
Home sellers shied away from listing their homes in November, with new GTA listings dropping month over month by more than 30%. This pulled total active listings down somewhat to 24,165 homes, which is lower than the previous month but only by 11%, given the slower sale absorption.
All of these factor are giving home buyers in the region a significant advantage, in terms of negotiating power, choice of homes, and lack of competition.
Check out the full details of November’s GTA market stats in our infographic below.
Find all your market trends data for the Greater Toronto Area here – and keep up to date with our Ontario blog page here.