Here’s a breakdown of the week’s key headlines, plus a helpful explanation courtesy of our parent brokerage, Bosley Real Estate!
Good bye March. Welcome warm weather, spring flowers, sunshine and more listings! The March real estate stats were released this week and when we add in the GTA figures it sounds like the real estate market is crashing. Not so.
AVERAGE SALE PRICE FOR TORONTO (2018):
JANUARY – $766,616 | February – $806,494 | MARCH – $817,642
With three consecutive months of increase, house prices in the Toronto area continue to show signs of stabilizing, fueling predictions the city will continue to see stronger growth in the second half of 2018. The new mortgage qualifications rules do not appear to have had a major impact on the average monthly prices in the first three months this year. Toronto has seen a dramatic drop (down 34%) in the number of sales from last year. Last year we had less than a month of inventory versus this year with inventory ranging between two and three months.
Last week was a short week with Good Friday and Easter, therefore the number of new freehold listings was substantially down 49% compared to the week before. That being said, the number of sales were up 20% and of those sold, 75% sold over the asking price.
It was a similar market in the resale condo sector. Listings were down 33% from the week before but sales were slightly up by 10%, and 55% sold over asking.
AVERAGE CONDO PRICE FOR TORONTO (2018):
JANUARY – $543,279 | February – $570,275 | MARCH – $590,184
*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 PAST WEEK:
Millennials behind surge in home buying intentions (with a little help from family): poll
“In what was a long, cold winter for Toronto’s property market, realtor Tom Storey barely felt a chill. As sales of single-detached homes slumped, Storey’s downtown clientele of young buyers continued their pursuit of more affordable condominiums, picking them up at a heated clip.”
Metro Vancouver home sales slow down in March but prices stay high
“The benchmark price for detached properties was $1,608,500 last month, up 7.4 per cent from March 2017 and up less than half a per cent over February 2018.”
Canadian Housing To Be Listed On Chinese Amazon-Style Site
“Chinese consumers will soon be able to buy a home in Canada with the click of a button.”
They bought their prebuilt homes at the market’s peak. Now they face financial ruin
“A group of buyers in an Oakville subdivision say they have been trapped in a unique period in the Toronto-area housing market that has left them in an “impossible” situation.”
Greater Toronto home sales down 35% from February 2017, board says
“Selling prices also dropped more than 12% from last year’s highs, Toronto Real Estate Board reports.”
Missed the most recent round ups?
Bosley’s Market Insight For The Third Week Of March 2018
Bosley’s Market Insight For The First Two Weeks Of March 2018
Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage – (416) 322-8000
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Celebrating Twenty-Five Years As A Top-Producing Toronto Realtor
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