Canadian housing numbers released Thursday suggest that the market is getting tight and inching closer to a sellers' market as sales and prices jumped again in November.
Figures released by The Canadian Real Estate Association (CREA) shows that sales activity rose by a slight 0.5 per cent in November on a month over month basis, while year-over-year sales also rose.
However, in the Greater Toronto Area listings in November fell 4.4 per cent, while the average selling price was $479,302, up 2.9 per cent from October.
"It is very much a seller's market at the moment," John Lusink, a Royal LePage broker in Newmarket told CTV News. "They are competing in multiple offer situations and prices have risen to the point where we are seeing new home buyers move further and further north."
And Lusink said now might be the right time for a seller to put a "for sale" sign on their front lawn.
"You buy and sell in the same market, so I would suggest that it's a good time for a seller to put their homes on the market," Lusink said.
The market is expected to remain tight for the next few months before loosening up in the spring and creating a more balanced market.
Overall, the national average price increased 4.6 per cent year-over-year to $360,396. And while prices continue to rise, CREA noted that November's increase was the smallest jump since January. Meanwhile, the number of newly listed homes was down 3.4 per cent from October to November.
A total of 432,048 homes have changed hands on CREA's MLS system so far this year, about 0.7 per cent above the 10-year average.
