The housing stats for the GTA were released this morning, and I wanted to flag a couple items that really stood out to me.
The first area is the supply of housing. We discuss supply challenges all the time, but this month’s statistics really emphasize that point. At month-end, there were 6,086 homes listed for sale. With 9,017 sales for November, this places supply at 0.675 months or 21 days. This means that if the pace of sales stays the same, and no new supply is added in the form of new listings, there will be no homes for sale on the MLS in three weeks’ time in the entire GTA.
The other thing that’s worth noting is the strength of the condo market. Year-over-year sales were down in November in every major housing category, yet the industry still set a new sales record for the month. So, how can that be? Condo sales are the answer. The year-over-year sales of condominium apartments were up 41.6% for all TRREB districts, and up 44.3% for the City of Toronto. This is largely due to the greater availability of product and more attractive price points.
With there being so few homes to buy, and with greater affordability in the condo market, this should give you some insight into why demand for pre-construction condominiums is so high across the GTA. We are now at the point where would-be buyers are completely closed off from these purchase opportunities at the earliest point of sales because they lack access to the appropriate sales channels.
Early access to new condominium projects is another phase of the housing market where working with the right sales professional can make all the difference. At Harvey Kalles Real Estate, we are working closely with many of the top builders and pre-sale brokers in the industry. If you are looking for a condominium for yourself, for a family member, or as an investment, be sure to speak with a member of our sales team. It will make all the difference in getting you on the right track to achieving your goals.
Have a wonderful holiday season and we look forward to serving you in the New Year.
