The November stats are in, and we have all the scoop on what is going on in the west Toronto real estate market, as well as personal insights to help you make sense of the numbers!
What Does This All Mean?
For the most part, the west Toronto real estate market is staying strong. In most categories, sale prices are still significantly higher than they were at this time last year. However, we have seen a recent dip in the price of detached homes. This is good news for those looking to upgrade because although you may sell for a little less, you will also pay less on your purchase. Another thing to keep in mind is that the market always tends to slow down as we get closer to the holiday season. If you don't mind house hunting instead of holiday shopping, it is generally a good time of year to buy a house - the pickings are slim, but if you can find something that fits your needs, you are less likely to have a lot of competition. December is traditionally slow and this will probably be reflected in next month's numbers. We also have some changes to the mortgage qualifying rules coming into effect on January 1, 2018 - we will be writing a blog on those changes shortly to help get you 'in the know'. It is always interesting to compare the stats month over month - you can review last month's results here. If you need further clarification or have any questions, please feel free to get in touch, we are always happy to help!