Average Price Up in August 2017
Greater Toronto Realtors reported 6,357 residential sales through the Toronto MLS system in August 2017. The number of transactions in August represented a 34.8% decline compared to 9,748 transactions reported in August 2016.
For the region as a whole detached homes in the GTA experienced the largest sales decline at 41.6%.
The number of new listings reported in August was down by 6.7% compared to August 2016. The number of active listings reported in August was up by 65.0% compared to August 2016.
“Recent reports suggest that economic conditions remain strong in the GTA. Positive economic news coupled with the slower pace of price growth we are now experiencing could prompt an improvement in the demand for ownership housing, over and above the regular seasonal bump, as we move through the fall,” said Mr. Syrianos, TREB’s President.
The average price in August was up by 3.0% from the same time last year to $732,292. Condo apartments in the GTA led the way in terms of an average price increase at 21.4% compared to the same time last year.
“The relationship between sales and listings in the marketplace today suggest a balanced market. If current conditions are sustained over the coming months, we would expect to see year-over-year price growth normalize slightly above the rate of inflation. However, if some buyers move from the sidelines back into the marketplace, as TREB consumer research suggests may happen, an acceleration in price growth could result if listings remain at current levels” said Jason Mercer, TREB’s Director of Market Analysis.
Sales of Toronto (416 area code) condominium apartments decreased by 24.5% in August 2017. The average selling price of a Toronto condo increased by 20.9% in August 2017 from the same time last year to $540,169.
Condominium apartments accounted for 31.4% of total GTA sales in August while detached homes accounted for 40.6% of the total sales.
Other notable statistics include the average days on the market for August at 25 days, up from 18 days a year earlier. The sales-to-listings ratio for August 2017 was 38.7% which is still classified as a 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.
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