Mid-month Toronto resale numbers reveal deep sales slump; The Economist on global household debt levels
NOVEMBER 20, 2012
Mid-month Toronto resale numbers reveal deep sales slump
Yesterday, TREB released their November mid-month sales figures.
A couple interesting points:
1) Detached sales were the weakest segment in the 416, a surprising reversal from recent trends. Prices also weakened in this segment, up only 1% y/y so far, a far cry from the double-digit gains we've been used to.
2) Condo sales are still in the dumps, despite some very strong condo development launches in Toronto in the past month. A strong presale market and very weak resale market is an unusual dichotomy that won't last. One will have to give.
3) Note the average price gain for the detached segment. Note that the average gain in the 416 was 1.0%, in the 905 it was 1.9%, and the weighted total was 0.2%. That math doesn't make sense. I suspect either the total average should have been 1.2% instead of 0.2%, or else the price change in either the 416 or 905 should have been negative.
For those who don't follow Vancouver Condo Info (you should), it appears that sales in Vancouver, which are reported daily by realtor Paul Boenisch, are also on pace to be 20-25% below last year's total and 25-30% below decade averages for the month.
The Economist on global household debt levels
Household debt to GDP levels globally. Presented without commentary...