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November 2018 GTA Real Estate Market Report Summary

November 2018 GTA Real Estate Market Report Summary

TREB recently released the numbers for GTA’s real estate market in November. While home sales fell nearly 15% compared to last year, sale prices continue to grow. This suggests that Toronto still remains a seller’s market- good news for Richmond Hill residents looking to sell.

 

“This suggests that, in many neighbourhoods, competition between buyers may have increased,” said TREB president Garry Bhaura in a release. “Relatively tight market conditions over the past few months have provided the foundation for renewed price growth.”

 

 

Market Summary

The number of home sales and the number of active listings declined in November from October. While the Greater Toronto Area’s market took a hit, Richmond Hill saw some increases. Even though there were fewer sales and listing in November, the average sale price increased from $993,656 in October to $995,613. Homes also sold quicker in Nov compared to Oct, with listings spending an average of 34 days down from 36 last month.

 

Price per Home Type

Detached homes took a hit in November both across the GTA and in Richmond Hill. There were only 76 detached properties sold in Richmond Hill in November, down from 92 in the month before. However, dwindling supply is mostly to blame. People also tend not to sell as often during the colder months.

 

Semi-detached units also slowed down in November. There were 621 properties sold in the GTA, however, 10 of those were in Richmond Hill, an increase from October.

 

Townhomes are the only property type to see an increase in price across the GTA. Even though there were 34 fewer townhomes sold in the GTA in November compared to Octobers, the average price increased from $574,808 to $577,683.

 

Condos, the largest driving force in the GTA real estate market, also slowed. Downtown units have seen very low vacancy rates, which explain the decrease in sales. Richmond Hill, however, saw an increase in prices even with fewer sold. On average condo units went for $457,286 in October, but jumped to $469, 700 in November.

 

Contact us if you need help buying or selling your next Richmond Hill home!

 

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Derek Li Group

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