Toronto Real Estate Board President Garry Bhaura announced the continuation of moderate price growth in November 2018 compared to November 2017. The MLS® Home Price Index (HPI) Composite Benchmark was up by 2.7 per cent year-over-year. The average selling price was up by 3.5 per cent year-over-year to $788,345.
Residential transactions were down by 14.7 per cent compared to November 2017 This suggests that, in many neighbourhoods, competition between buyers may have increased.
On a preliminary seasonally adjusted basis, sales were down by 3.4 per cent compared to October 2018. The average selling price after preliminary seasonal adjustment was down by 0.8 per cent compared to October 2018.
I am finding that there is increased competition resulting in sales over the asking price among buyers in high demand areas like the Beach, Leslieville and East York, where multiple offers and sales without conditions are the norm. In suburban areas, particularly Scarborough, multiple offers are generally only stimulated if the property has been listed 10 - 15% below market value. In these areas, this may still generate contitional & under-asking price offers from buyers. In areas outside the GTA multiple offers are rare, unless the price point of the house is on the lower side.