Market Report: Recently tightened market conditions provide foundation for renewed price growth.

GTA Realtors reported 6,251 residential transactions through TREB’s MLS® System in November 2018. This result was down by 14.7 per cent compared to November 2017, when we saw a temporary upward shift in demand as the market was distorted by the looming OSFI-mandated stress test at the end of last year.

“New listings were actually down more than sales on a year-over-year basis in November. This suggests that, in many neighbourhoods, competition between buyers may have increased. Relatively tight market conditions over the past few months have provided the foundation for renewed price growth,” says TREB President Garry Bhaura.

On a preliminary seasonally adjusted basis, sales were down by 3.4 per cent compared to October 2018. The average selling price after preliminary seasonal adjustment was down by 0.8 per cent compared to October 2018.

Via TREB. View the full report here.

All statistics via Toronto MLS Market Watch.

 

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