The data for November is in, and for the first time in 6 months, sales were down year-over-year. The 6,251 sales reported by TREB represent a 14.7% drop from last year. Meanwhile, the average price rose 3.5% to $788,345, the MLS Home Price Index (HPI) Composite Benchmark was up 2.7%, new listings fell by 26.1%, and active listings were down 9.8%.
How would we describe the market? In a word, balanced. While the reduction in sales might suggest weakened demand, there were many late-season sales in 2017 as buyers rushed to purchase before new lending regulations took effect in January. Rather, November’s sales compared very favourably to 2012, 2013, and 2014; not record setting years, but typical volume for a late season market.