RE/MAX 2017 Spring Market Trends Report

SIGNIFICANT PRICE INCREASES AND HIGH DEMAND IN THE GREATER TORONTO AREA DURING THE FIRST QUARTER OF 2017 SPURRED GROWING NUMBERS OF BUYERS TO LEAVE THE DOWNTOWN CORE.

These buyers, known as move-over buyers, are looking for greater affordability in markets across southern Ontario. In turn, they are driving price appreciation in Mississauga, Brampton, Durham, Barrie, Hamilton-Burlington, Windsor, and as far away as Kingston.

The GTA saw the average residential sale price rise by 29 per cent, up from $675,492 in the first quarter of 2016 to $873,631 during the same period in 2017.

At the same time, housing demand has slowed in Greater Vancouver compared to Q1 of 2016, and the average residential sale price decreased 11 per cent year-over-year, from $1,094,936 in the first quarter of 2016 to $969,900 in 2017. The decline in average sale price is in part due to the introduction of the foreign buyer tax last August, a relatively severe winter and the natural stabilization of prices after the market reached a high point in May 2016.

Move-over buyers from Vancouver and buyers migrating from other provinces continue to fuel activity in Fraser Valley, Kelowna, and in Victoria, particularly in the upper-end of the market due to relative affordability in these regions.

For the full report click HERE.

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

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Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page.

Oh, by the way……if you know of someone who would appreciate the level of service I provide, please call me, text me or email me with their name and number. I’ll be happy to follow up and take great care of them.

GTA Real Estate Market Report April 2017

Strong Growth in New Listings in April

Greater Toronto Realtors reported 11,630 residential sales through the Toronto MLS system in April 2017. The number of transactions in April represented a 3.2% decline compared to 12,016 transactions reported in April 2016. One issue underlying this decline was the fact that Easter fell in April 2017 versus in March 2016 which resulted in fewer working days this year compared to last and, historically, most sales are entered into TREB’s system on working days.

For the region as a whole, only condo apartments in the GTA experienced sales growth at 7.7%.

The number of new listings reported in April was up 33.6% compared to the same period in 2016. Active listings were 12,926 in April 2017-up 3.0% from April 2016. New listings were up by double-digits for all low-rise home types. New listings for condo apartments were at the same level.

“The fact that we experienced extremely strong growth in new listings in April means that buyers benefited from considerably more choice in the marketplace. It is too early to tell whether the increase in new listings was simply due to households reacting to the strong double-digit price growth reported over the last year or if some of the increase was also a reaction to the Ontario Government’s recently announced fair housing plan  ,” said Larry Cerqua, TREB’s President.

The average price in April was up by 24.5% from the same time last year to $920,791. Condo apartments in the GTA led the way in terms of an average price increase at 32.1% compared to the same time last year.

“It was encouraging to see a very strong year-over-year increase in new listings. If new listing growth continues to outpace new sales growth moving forward, we will start to see more balanced market conditions. It will likely take a number of months to unwind the substantial pent-up demand that has built over the past two years. Expect annual rates of price growth to remain well-above the rate of inflation as we move through the spring and summer months ,” said Jason Mercer, TREB’s Director of Market Analysis.

Sales of Toronto (416 area code) condominium apartments increased by 8.0% in April 2017. The average selling price of a Toronto condo increased by 32.3% in April 2017 from the same time last year to $578,280.

Condominium apartments accounted for 25.9% of total GTA sales in April while detached homes accounted for 49.1% of the total sales.

Other notable statistics include the average days on the market for April at 9 days, down 40.0%. The sales-to-listings ratio for April 2017 was 90.0% which is classified as a very big seller’s market. A ratio from 24%-28% is considered a balanced market.

Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property’s market value range

Real estate is very neighbourhood specific, building specific  and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.

For all of your real estate questions please contact me direct (416-520-6746) or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page

Oh, by the way……if you know of someone who would appreciate the level of service I provide, please call me, text me or email me with their name and number. I’ll be happy to follow up and take great care of them.