November 2018 saw a 14.7 per cent drop in sales compared to November of 2017. Lower sales activity for the month year over year was anticipated as the looming imposition of new mortgage stress-test in January 2018 fueled a spike in sales activity at the end of 2017 from buyers wanting avoid the tougher rules.
With the number of active listings down by 9.8 per cent year over year and a drop of 26.1 per cent in new listings for the period, lack of inventory continues be a key market influencer, pushing home prices up by 3.5%.
Sale prices for semi-detached properties improved the most, although lower-priced housing options such as condos and townhouses continued to show steady increases as influenced by the mortgage stress test restrictions and higher borrowing costs.
If you would like to find out what these statistics mean to you, or if you are curious to know how much your property is worth today or how much you can afford to buy, please reach out.
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