December Surges Anticipated

The debate is whether the surge will come from hydro as Aurora lights up the evenings for the holidays or will the real estate market itself end in a surge of elevated demand before winter sets in.

Many Buyers have paused making home purchases since the Strong Seller’s market flipped in favour of Buyers in Spring due to higher selection and less competition, there has been less urgency and Buyer demand.  December may end with several Buyers, Buying homes in advance of tightening lending rules that will affect pre-qualification budgets for those with a 20 per cent or greater down payment as new stress tests will be implemented and enforced.  With change and uncertainty many may pause until 2018 to sell or purchase and as always consumers hope to time the ever-changing housing market to sell high and buy low.

November home sales in Aurora duplicated the same result  as in October at 56 real estate sales of all home types.  Home sales have reduced by 76 per cent compared to November 2016.  The average price for all home types in Aurora was up by 4 per cent to $922,430 from prior year.    Days on the market extended to 34 from 14 last year and homes yielded 97 per cent on average of their asking price proving that offers are being submitted and sale prices are being negotiated lower than asking price.  At the end of November 333 homes remained for sale 105 per cent greater year over year.  There were 205 homes placed on the market in November an increase of 55 and it’s important to note in many cases this number may include a reintroduction of homes that didn’t sell when on the market previously this year.   Analyze the homes for sale with your REALTOR® to investigate the history of how long the home has been for sale and whether it was previously on sale and complete the crucial comparative market assessments of the homes in question and the neighbourhood before developing your offer strategy.

If we analyze the year to date statistics, home sales are about 38 per cent lower than in 2016 but home values have remained high with an upward supply of homes for sale by 30 per cent.  Now is a fantastic time to buy with greater selection and offers being drafted and accepted with multiple conditions allowing for finance, inspection and other due diligence and far less competition.

Call your REALTOR® to set up a holiday season face to face appointment to discuss the value of your home and to develop a customized real estate plan of action to implement now or leading into 2018.

-written by Connie Power

Connie Power is a Real Estate Sales Representative CNE® SRS® ABR® SRES®, Mentors and Develops New Real Estate Sales Representatives for RE/MAX Hallmark York Group Realty Ltd.,  Brokerage serving York region and beyond in the Greater Toronto Area (GTA).  

EmPOWERing YOU in Real ESTATE, Call Connie today to make an appointment to discuss your next move at (905) 726-0856.

*The statistics provided herein were obtained from the Toronto Real Estate Board; Regional Housing Market Tables; York Region, Aurora for October 2017, November 2016 and 2017. 

***Not intended to solicit those currently under a real estate contract.