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Prices have nowhere to go but up.

Updated: Mar 11, 2020

The November 2019 Statistics below shows that new and active listings were down 17.9% and 27.2% respectively, year-over-year; but the average selling price increased by 7.1% year-over-year to $843,637, from $787,349 in November 2018. This is the strongest annual rate of price growth for 2019.

According to Jason Mercer, TREB’s Chief Market Analyst… “Strong population growth in the GTA coupled with declining negotiated mortgage rates resulted in sales accounting for a greater share of listings in November and throughout the second half of 2019. Increased competition between buyers has resulted in an acceleration in price growth. Expect the rate of price growth to increase further if we see no relief on the listings supply front”

As I mentioned before, when demand increases and supply decreases, prices have nowhere to go, but up.

If you or someone you know is thinking of Buying or Selling a home and would like a free Market Evaluation or specific statistics for a region/neighborhood; or If you have any Real Estate questions, please call me I will be happy to help.

*As of the last day i.e. November 30th

Your Friend in Real Estate,

Christine Ivy Stephenson | Real Estate Agent

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