Positive Outlook for 2017 based on November Indications
November was an important month for real estate in Ontario. It was the first full month after the new government regulations took place. Which should be an indicator of what is to come in 2017.
Supply was up, for the first time in months in November with a 10.3% increase in new listings in November 2016 in comparison to last year. Perhaps this has something to do with fear of a bubble and prices dropping. Although, even with an increase in typical November inventory, prices were still on the rise this past month. Up 22.7% from last year and 1.8% from last month which is interesting as last year prices dropped slightly from October to November by .3%.
Double digit % increases are seen across all home types in 905 and 416 (excluding semis in Toronto). This month Toronto saw the biggest gains, with detached home prices soaring 32.3% from last year and the number of condo sales increasing by 28%.