The real estate scale has tipped in favour of buyers in the Greater Toronto Area… seven interest rate hikes later.
This is according to a new report from Canadian real estate company Zoocasa, which examines average sold prices, list prices, and sales-to-new-listings ratios in 31 cities across the GTA. The data shows that home prices across the region were down 7.2% year over year as of November, and in 24 individual markets -- that’s around 77% of the markets considered in the report -- the average sold price was anywhere from 0.02% to 10.04% below the average list price.
“Many of the higher-priced markets are experiencing the biggest gap between list and selling prices,” writes Zoocasa, pointing to pricier markets like Mississauga -- homes are selling for an average of $1,002,312, 5.78% under the average list price -- and Burlington -- homes are selling for an average of $964,939, 5.68% below the average list price -- as having some of the most notable disparities between listing and selling prices.
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The City of Toronto falls into the same category, with properties selling for $1,050,788, 2.53% less than the listing price. However, the most notable gap between sold and list prices was observed in Scugog, where the average selling price was a staggering 10.04% under the average listing price.
On the flip side, seven markets saw homes sell for more that the listing price. Markham tops that list, with an average selling price of $1,344,123, 7.44% above the average listing price, followed by Ajax, with an average selling price of $947,533, 4.98% above the average listing price.
Although the data spells good things for prospective buyers, it also shows that only three markets -- King, Innisfil, and Adjala-Tosorontio -- were in buyer’s territory as of November. Most markets had a sales-to-new-listings (SNLR) ratio between 40% and 60%, which put them in balanced market territory. There were no markets in seller’s territory.