GTA Condo Market Report Q2 2018

GTA Real Estate Market Report May 2018

 

Annual Rate of Sales Decline Slows in May 2018

 

Greater Toronto Realtors reported 7,834 residential sales through the Toronto MLS system in May 2018. The number of transactions in May represented a 22.2% decline compared to 10,066 transactions reported in May 2017, a record year.

For the region as a whole semi-detached homes in the GTA experienced the largest sales decline at 29.4%.

Supply of homes available for sale continued to be an issue. The number of new listings reported in May 2018 was down by 26.2% compared to May 2017. The number of active listings reported in May 2018 was up by 13.2% compared to May 2017. Recent polling conducted by Ipsos for TREB suggests that listing intentions are down markedly since the fall.

“Home ownership remains a sound long-term investment. Unfortunately, many home buyers are still finding it difficult to find a home that meets their needs. In a recent Canadian Centre for Economic Analysis study undertaken for TREB, it was found that many people are over-housed in Ontario, with over five million extra bedrooms. These people don’t list their homes for sale because they feel there are no alternative housing types for them to move into. Policy makers need to focus more on the “missing middle” – home types that bridge the gap between detached houses and condominium apartments,” said Tom Syrianos, TREB’s President.

The average price in May was down by 6.6% from the same time last year to $805,320. Condo apartments in the GTA led the way in terms of an average price increase at 5.7% compared to the same time last year.

“Market conditions are becoming tighter in the GTA and this will provide support for home prices as we move through the second half of 2018 and into 2019. There are emerging indicators pointing towards increased competition between buyers, which generally leads to stronger price growth. In the City of Toronto, for example, average selling prices were at or above average listing prices for all major home types in May steady population growth,” said Jason Mercer, TREB’s Director of Market Analysis.

Sales of Toronto (416 area code) condominium apartments decreased by 13.8% in May 2018. The average selling price of a Toronto condo (416 area code) increased by 6.5% in May 2018 from the same time last year to $602,804.

Condominium apartments accounted for 30.5% of total GTA sales in May while detached homes accounted for 42.7% of the total sales.

Other notable statistics include the average days on the market for May  at 20 days, up from 11 days a year earlier.  The sales-to-listings ratio for May 2018 was 37.4% 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.

 

Trust Him Completely

Ontario’s Top 6 Housing Markets: 2007-2017

It’s been an exceptional decade in Ontario’s housing market, with lots of ups, a few downs, and plenty of questions. RE/MAX INTEGRA is pleased to present Decade In Review, a deep dive into Ontario six largest housing markets from 2007 to 2017.

Between 2007 and 2017, the province’s six major housing markets experienced substantial growth despite some serious challenges that included a financial crisis and subsequent recession. RE/MAX found that housing values more than doubled in the 10-year period in the Greater Toronto Area and Hamilton-Burlington, while average price rose 81 per cent in Kitchener-Waterloo; 63 per cent in London-St. Thomas; 62 per cent in Windsor; and 44 per cent in Ottawa.

“Lower borrowing costs helped to jumpstart the province’s real estate engine, creating one of the most dynamic housing markets in recent history,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX INTEGRA, Ontario-Atlantic Region. “For existing homeowners, especially those who purchased early in the decade, the equity gains realized have exceeded all expectations.”

Click HERE for the full report.

Do you have any questions about Toronto Real Estate? Please contact me direct at or by email, David@DavidStoddard.ca

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

GTA Real Estate Market Report April 2018

GTA Real Estate Market Report March 2018

Sales Down in March 2018 Compared to a Record March 2017

Greater Toronto Realtors reported 7,228 residential sales through the Toronto MLS system in March 2018. The number of transactions in March represented a 39.5% decline compared to the record 11,954 transactions reported in March 2017.

For the region as a whole detached homes in the GTA experienced the largest sales decline at 46.3%.

The number of new listings reported in March 2018 was down by 12.4% compared to March 2017 and a 3.0% decrease compared to the average for the previous 10 years. The number of active listings reported in March 2018 was up by 103.1% compared to March 2017.

“TREB stated in its recent Market Outlook report that Q1 sales would be down from the record pace set in Q1 2017,” said Mr. Syrianos, TREB’s President. “The effects of the Fair Housing Plan, the new OSFI-mandated stress test and generally higher borrowing costs have prompted some buyers to put their purchasing decision on hold. Home sales are expected to be up relative to 2017 in the second half of the year.”

The average price in March was down by 14.3% from the same time last year to $784,558 due in large part to a smaller share of detached home sales versus last year. In addition, the share of high-end detached homes selling over $2 million in March 2018 was half of what was reported in March 2017, further impacting the average selling price. Condo apartments in the GTA led the way in terms of an average price increase at 6.1% compared to the same time last year. In the City of Toronto the average price was up for condo apartments only.

“Right now, when we are comparing home prices, we are comparing two starkly different periods of time: last year, when we had less than a month of inventory vs this year with inventory levels ranging between two and three months. It makes sense that we haven’t seen prices climb back to last year’s peak. However, in the second half of the year, expect to see the annual rate of price growth improve compared to Q1, as sales increase relative to the below-average level of listings,” said Jason Mercer, TREB’s Director of Market Analysis.

Sales of Toronto (416 area code) condominium apartments decreased by 32.0% in March 2018. The average selling price of a Toronto condo (416 area code) increased by 7.1% in March 2018 from the same time last year to $590,184.

Condominium apartments accounted for 30.2% of total GTA sales in March while detached homes accounted for 43.2% of the total sales.

Other notable statistics include the average days on the market for March at 20 days, up from 10 days a year earlier.  The sales-to-listings ratio for March 2018 was 45.2% 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.

GTA Condo Market Report Q1 2018

Four C’s In Service and Professionalism

“It was a pleasure to have David Stoddard as our agent, both in buying and selling for our move.  David accomplishes the four c’s in service with professionalism.

First, his competence with the finances, management and business matters of the process demonstrated continuously, putting Leonard and me at our ease

Second, his courtesy is exemplary. Simply put, David has a gentleman’s polish in his manner and social demeanour.

Third, David’s consistency in manner is unwavering.  David maintains a sense of professional calm at all times, giving an acute focus on every detail with equal attention.  David manages all affairs with the same precision and politeness whenever we dealt with him.

Fourth, our confidence in David’s expertise was totally warranted.  When there was a problem, David suggested viable options, never pushing us to one or the other but respecting our judgment, gave us the background for us to make informed decisions on our direction.  When we needed other professionals, David’s list of associates provided us with the best.

Should we need an agent in the future, David Stoddard will be our first call.  I encourage others to place the trust we have had in his services.”

– David Gamble & Leonard Tam

GTA Real Estate Market Report February 2018

GTA Condo Market Report Q4 2017

GTA Real Estate Market Report January 2018

Level of Listings Second Lowest In 10 Years

Greater Toronto Realtors reported 4,019 residential sales through the Toronto MLS system in January 2018. The number of transactions in January represented a 22.0% decline compared to 5,155 transactions reported in January 2017.

For the region as a whole detached homes in the GTA experienced the largest sales decline at 26.0%.

The number of new listings reported in January 2018 was up by 17.4% compared to January 2017. The number of active listings reported in January 2018 was up by 136.3% compared to January 2017. However, it is important to note that the level of new listings was the second lowest for the month of January in the past 10 years.

“TREB released its outlook for 2018 on January 30th. The outlook pointed to a slower start to 2018, especially compared to the record-setting pace experienced a year ago. As we move through the year, expect the pace of home sales to pick up, as the psychological impact of the Fair Housing Plan starts to wane and home buyers find their footing relative to the new OFSI-mandated stress test for mortgage approvals through federally regulated lenders,” said Mr. Syrianos, TREB’s President.

The average price in January was down by 4.1% from the same time last year to $736,783 due in large part to a smaller share of detached home sales versus last year. Condo apartments in the GTA led the way in terms of an average price increase at 14.6% compared to the same time last year. In the City of Toronto the average price was up for all home types except for detached homes.

“It is not surprising that home prices in some market segments were flat to down in January compared to last year. At this time last year, we were in the midst of a housing price spike driven by exceptionally low inventory in the marketplace. It is likely that market conditions will support a return to positive price growth for many home types in the second half of 2018. The condominium apartment segment will be the driver ofn this price growth,” said Jason Mercer, TREB’s Director of Market Analysis.

Sales of Toronto (416 area code) condominium apartments decreased by 19.8% in January  2018. The average selling price of a Toronto condo increased by 15.1% in January 2018 from the same time last year to $543,279.

Condominium apartments accounted for 31.7% of total GTA sales in December while detached homes accounted for 41.3% of the total sales.

Other notable statistics include the average days on the market for January at 32 days, up from 19 days a year earlier.  The sales-to-listings ratio for January 2018 was 33.8% 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.

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

Welcome to 900 Mt. Pleasant Rd, Suite 1102

For Sale

MLS: C4064742

Suite 1102 Has A CUSTOMIZED Design Not Found In Any of The Other “02” Units.  Working With The Builder At The Time Of Purchase The Current Seller’s Re-Designed The Layout Adding Functional Living Space And Many High-End Tasteful Upgrades To Make This A Truly A One Of A Kind Suite At 900 Mt. Pleasant Rd.

Stunning  South-West  Corner Suite With Three Walk-Outs To Two Large Balconies, South And West Exposure.  Floor To Ceiling Windows. Natural  Light Galore.

Exceptional Split Two Bedroom Design With 1235sf of Functional Living Space. Formal Open Dining Room. Spacious Living Room.

A Large Master Bedroom With A Terrific Walk-In Closet   The 3pc Ensuite Washroom Has A Large Walk-In Shower.

A True Chef’s Kitchen With Marble Counter-Tops, Marble Backsplash, Glass Tile Flooring And Upgraded Cabinets.  Upon Request The Builder Enclosed The Kitchen Thereby Adding More Counter Space And Cabinetry.  Two Pantries Were Added. The Kitchen Separates The Living Space With Two Sets Of Fashionable Glass Doors.

A  Customized Office Space Was Added With Built-In Cabinetry.

The Second Bedroom Is Spacious With A Double Closet And A Walk-Out To A Balcony.

The Second Washroom, Located Away From The Immediate Living Area For Privacy,  Is A 4pc With A Glass Tub Enclosure.

Inclusions: All Light fixtures, All Stainless Steel Appliances: Fridge, Built-In Dishwasher, Stove. Microwave/Hood Fan. Stacked Washer And Dryer. Parking. Two Lockers. Concierge, Gym, Party/Meeting Room, Guest Suite.

For more information:

www.900MtPleasantRd1102.com

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

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 December 2017

RE/MAX 2018 Housing Market Outlook Report

GTA Real Estate Market Report November 2017