As with each passing year, 2018 was filled with its fair share of ups and downs. As we move forward into 2019, what will be in store for the real estate market in the GTA? Will there be calm and chaos? The big question now is how much will interest rates rise and will there be a correction in 2019?
As we head into the final month of the year it’s starting to feel a lot like Christmas! Agents are busy sending out their cards and calendars to clients and preparing to take some well needed time off. The offices are slowing down, listings are dropping off, but buyers haven’t completely disappeared. The November stats were released this week from The Toronto Real Estate Board and for the City of Toronto the average price was up 5% to $842,483 compared to November 2017($802,220). We saw a significant decrease in the number of sales, down 14% and a larger drop in new listings, down 20% compared to last November. Relatively tight market conditions over the past few months have provided the foundation for renewed price growth where there is still plenty of appetite for buying a home with bidding wars still going on.
It’s the end of the road for GM in Oshawa – “General Motors 100 years in business.” What is going to happen to real estate in Oshawa? Will there be a countless number of listings coming to market? When bad economic news emerges in the fall months, the repercussions in markets tend to be more pronounced, due to lack of daylight and gloomy weather. But we are putting all that aside and getting our Christmas list ready. New boots, new gloves, and more listings!