How are the Toronto Maple Leafs like the real estate market? We know that no matter how well the Leafs did in the early Fall, they just can't keep such a hot pace. But take heart real estate fans, while the market is slowing down there is still plenty to cheer about. This is simply another typical seasonal adjustment that happens beginning each November and December for as long as we can remember. And to paraphrase our illustrious mayor, "Nothing to see here Folks".

In the freehold sector, new resale listings fell by 11%. This extends the trend into its eighth week in a row. As expected, sales are also slipping at a similar pace, but there is one standout measure of continued health, homes selling at or above the list price have edged up even higher than last week, hitting over 55%. This is most evident in the first time buyer category (those homes priced between $400k and $700k) where 2 out of 3 homes are sold in multiple offers. One word....Wow!

The number of new resale listings in Toronto's condo market remained relatively unchanged this week but the numbers are a little deceiving. While available units are down in the east and west cores, there was a significant jump in the central core. We see the news of an improving condo market (filtering down to a primarily investor based ownership) as the likely reason for this increase. While sales have also backed off, one of the key metrics we continue to watch is the percentage of suites sold at or above list price. In the summer the percentage hovered in the single digits, but has continued to climb, reaching 23% last week. While only down slightly this week, condo sellers should take note that nearly 1/4 of well-priced condos are getting lots of buyer interest.