Wondering what happening right now in Toronto’s housing market? Here’s a brief breakdown – courtesy of our parent brokerage, Bosley Real Estate – of the major stories surrounding real estate in Toronto’s central core the final week of October 2017!
The Toronto Real Estate Board released the market stats for October and its good news once again! We saw a dramatic increase in sales (7,118) between September and October of almost 12 per cent pointing to stronger fall market conditions. The average selling price for the GTA for October was $780,000 up by 2.3 per cent compared to $762,691 in October 2016. For the City of Toronto the average sale price for October was $818,201 compared to $769,712 in October 2016 up by 6.3 per cent!
“Every year we generally see a jump in sales between September and October. However, this year that increase was more pronounced than usual compared to the previous ten years. So, while the number of transactions (7,118) was still down relative to last year’s record pace, it certainly does appear that sales momentum is picking up” said Mr. Syrianos, TREB president.
For The City Of Toronto the average price for a detached home is $1,287,765 slightly down by 1.1%. The average price for a semi-detached is up by 5.2% to $948,309. The strongest growth was seen in townhomes averaging at $742,845 up by 8%, but the condo apartment has seen an insane price growth of 21% averaging at $555,004.
Last week in the city the freehold market was down 30% in new listings but up 18% in sales with 58% selling above the asking price. The condo market last week was slightly down in new listings but saw a dramatic 27% increase in sales with 33% selling over the asking price. Similar to what happened in Vancouver, it appears that the psychological impact of The Fair Housing Plan, including the tax on foreign buyers, is starting to unwind.
*Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake and Port Hope, Ontario since 1928. We have four centrally located offices and over 250 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately reflect the true temperature of the real estate market.
HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:
New mortgage rules expected to heat up Toronto housing before winter chill
“The sales slump in Toronto real estate is persisting into the fall, but average annual prices across the region are holding up thanks to double-digit price gains in the condo sector.”
Toronto Will Reflect On Google’s Quayside As City Building Done Right
“When Quayside was launched back in 2017, nearly three decades ago, the joke was that we should thank then-U.S. President Donald Trump, not Google, for making Toronto great again.”
Toronto Real Estate Prices Increased 8% For Each Percent Increase Of Population
“Toronto real estate prices are being pushed higher by supply… to an extent. Real estate agents would have you believe that it’s the only factor driving prices higher. Meanwhile, NIMBYs would have you believe it plays no part in pricing. As always, the truth is somewhere in the middle. Supply is a contributing factor to prices, but the scarcity of supply in the Greater Toronto Area (GTA) is greatly overstated.”
The Gap Between Canadian Real Estate Prices And Homeowner Expectations Is Shrinking
“If you ask a person how much their stuff is worth, they’ll almost always overestimate the value. The Canadian Census asks homeowners how much they believe their homes are worth. As you might have guessed, the self-estimates are a little higher than they were selling for at the time. This likely contributed to the meteoric climb many markets made. Interesting enough, these expectations have tapered from 2011.”
Condo projects may flatten prices in 2018, report finds
“The Toronto region’s heated condo market is set to level off in the first quarter of 2018, but not before the average downtown price per square foot crosses the $1,000 threshold pre-construction units, says Shaun Hildebrand, senior vice-president of real estate market research firm Urbanation.”
Here are the most recent Bosley’s Market Insight blogs!
~ Steven and the Urbaneer Team
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