Greater Toronto Area Report November 2017, Steve Moran, Remax

Sales of all home types in the Greater Toronto Area increased 3.6 per cent from October, bucking the usual trend of lower November sales compared to October.

Similar to the Greater Vancouver experience, the Ontario government's housing reform measures announced in April, particularly the foreign buyer tax, appears to be waning, creating more buyer demand.

On top of this, it is also possible that the upcoming changes to mortgage lending guidelines, which come into effect in January, have prompted some households to speed up their home buying intentions.

The average selling price for all home types in the Greater Toronto Area in November was $761,000. This is down by 2 per cent compared to November 2016, due in large part to a smaller share of detached home sales this year compared to last year.

Changes in market conditions have not been uniform. We are still seeing seller's market conditions in condominiums and townhouses in many neighborhoods versus more balanced conditions in detached and semi-detached homes.

Thanks for watching, I would be happy to help you with your real estate needs. I can be reached at 416-949-1684 or you can visit me at http://www.stevemoranhomes.com.

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