Prices and Sales Fall in December — But Are Still Much Higher Than Last Year

Toronto Prices in December were 6% lower than in November, and sales were 38% lower, but the market remained much stronger than last year. Our market follows a predictable seasonal pattern, with prices & sales at their lowest ebb in July/August and again in December/January. So the drop in sales and prices in December was expected and, in fact, prices were 20% higher than last December while sales were 8% higher.Even more telling, active listings in December were down a whopping 45% from November and 48% from last December and, combined with higher sales, this meant that the inventory of homes for sale (active listings/sales) continued to fall, and is now at one month’s supply.The recent changes in mortgage rules, together with the small recent increases in mortgage interest rates may at some point put a bit of a damper on the market but, for now, it would seem that we are in for another very frantic early spring market.

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Prices and Sales Fall in December — But Are Still Much Higher Than Last Year

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