Top 4 Trends for November 2018
- Average Home Prices in New Tecumseth are up on Average of 6% from this time last year. In 2017 they were $544,637 vs. $$577,670 in 2018.
-This is a healthy growth to see in spite of new mortgage regulations and rising interest rates.
- The overall Amount of homes for sale Remains approximately the same with around 3 month’s worth of inventory. Meaning that at the current rate it would take 3 months to sell all the remaining home if no more came to market.
-This means there is still a fair amount of Homes for Buyers to choose from but only in the larger detached homes. There is not a lot of supply for cheaper housing in the Townhomes and Semi Detached.
- The average time to sell your home in New Tecumseth was about 44 Days for the Month of November.
- Townhomes and Semi-Detached were selling in about 10 – 20 Days on Average.
- 3 & 4 Bedroom Detached homes were selling in 35 – 60 Days on Average.
- INTEREST RATES - The Bank of Canada did not Raise interest Rates and it’s looking like they may not be raising them again now until the spring time if at all.
Projections Moving Forward?
It looks like we may be getting a break from the Bank of Canada in terms of the continued interest rate hikes, they have decided as of December 5th to keep the Prime lending rate of the same as what it was at 1.75%. Now what this means is that this is the lending rate the Bank of Canada uses. It affects borrowers with variable-rate mortgages personal lines of credit and home typically home equity line of credit this typically increases what fixed rate mortgages go for as well as anybody on a on a variable rate mortgage.
Also when the BOC (Bank of Canada) Raises the primes rate, Banks also follow suit by increasing their “Fixed rate” Mortgages as well. Essentially increasing borrowing costs for everyone who was looking to lock in a fixed rate mortgage term.. Typically for 5 years.
Keep in Mind:
There is no bad time to sell…People have different circumstances and motivations and being that we have been in a pretty balanced market for the majority of the year. I expect this to continue into the New Year.
Call me for a free home evaluation and consultation of the best tips and strategies to start getting ready…. Contractors are busy and it’s often very difficult to get people at the last minute…even for basic things like painting and decluttering etc.
Preparing a home for market always requires more work than expected and in order to make the process as stress free as possible, the more time we have to plan the better.
Free Tools & Resources for YOU!
Create your own Personal MLS Access Portal for all of the latest homes that are ACTUALLY for Sale at www.YourRealEstateFinder.ca
SOLD Data is HERE for You! Within your Portal on our Website you will soon be able to access the SOLD DATA for the properties and Neighborhoods you wish to keep an eye on.
If you found this useful at all, please feel free to comment or share & Don’t forget to follow along on my Business page at Justin McClintock – The Property Gallery Realty INC.
Thank you so much and hopefully you get some time to enjoy the Beautiful Fall weather before the Holidays!
Disclaimer: These numbers are based solely on the activity from the previous month in the Toronto Real Estate board. Individual properties and neighborhoods will of course vary in performance.
If you would like a more detailed breakdown or more SPECIFIC information about what’s going on in your Marketplace I’m always happy to chat, give me a call at 519-217-2034 or connect with me personally on Facebook OR follow along on Instagram - @justinmcclintock.ca