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.

 

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

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

GTA Real Estate Market Report December 2017

RE/MAX 2018 Housing Market Outlook Report

GTA Real Estate Market Report November 2017

GTA Real Estate Market Report October 2017

Stronger Fall Market Conditions

 

 

 

Greater Toronto Realtors reported 7,118 residential sales through the Toronto MLS system in October 2017. The number of transactions in October represented a 26.7% decline compared to 9,715 transactions reported in October 2016.

 Total sales reported through the first 10 months of 2017 amounted to 80,198-down from 99,233 for the same period in 2016.

 For the region as a whole detached homes in the GTA experienced the largest sales decline at 29.8%.

 The number of new listings reported in October was up by 11.8% compared to October 2016. The number of active listings reported in October was up by 78.5% compared to October 2016.

 “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 was down relative to last year’s record pace, it certainly does appear that sales momentum is picking up,” said Mr. Syrianos, TREB’s President.

 The average price in October was up by 2.3% from the same time last year to $780,104. Condo apartments in the GTA led the way in terms of an average price increase at 21.8% compared to the same time last year.

 

 

“The housing market in the GTA has been impacted by a number of policy changes at the provincial and federal levels. Similar to the track followed in the Greater Vancouver Area, it appears that the psychological impact of the Fair Housing Plan, including the tax on foreign buyers, is starting to unwind,” said Jason Mercer, TREB’s Director of Market Analysis.

 Sales of Toronto (416 area code) condominium apartments decreased by 21.4% in October  2017. The average selling price of a Toronto condo increased by 20.9% in October 2017 from the same time last year to $555,004.

 Condominium apartments accounted for 28.4% of total GTA sales in October while detached homes accounted for 44.0% of the total sales.

 Other notable statistics include the average days on the market for October at 23 days, up from 16 days a year earlier.  The sales-to-listings ratio for October 2017 was 37.7% 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.

 

  

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.

Spotlight on 2017 The Luxury Real Estate Market

Sales of homes priced over $1 million were up year-over-year in Victoria, Calgary, the Greater Toronto Area (GTA) and Oakville while the luxury market in Vancouver cooled during the first seven months of 2017.

Sales of $1 million-plus single-family detached homes declined 32 per cent in Vancouver year-over-year to start 2017. The foreign buyer tax implemented by the provincial government in August 2016 is a contributing factor to this decline, as the tax led to fewer offshore buyers entering this segment of the market. At the same time, a strong mix of demand from downsizing baby boomers, foreign buyers and affluent younger couples combined with low supply led to an 11 per cent year-over-year increase in luxury condo sales in Vancouver. As a result, more developers are turning their attention to condo projects and more luxury units are expected to enter the market in the coming years.

Similarly in the GTA, luxury condo sales continued to increase significantly, growing 85 per cent year-over-year between January and July in 2017. In large part, this can be attributed to overall price appreciation in the market over the course of the last year, resulting in more condos meeting the higher dollar threshold, combined with condo inventory levels failing to keep pace with demand. The price appreciation across the market was a strong motivating factor for many baby boomers to sell their homes and use the equity to downsize to luxury condo units.

In contrast to Vancouver, sales for detached homes between $1-2 million rose 25 per cent year-over-year during the first seven months of 2017. The market continues to adjust to the introduction of the Ontario government’s Fair Housing Plan and the long-term impact has yet to be determined. The 15 per cent non-resident speculation tax included in the plan slowed demand from overseas buyers in the GTA overall, but did not significantly curb activity in the region’s luxury market. During the first seven months of 2017, demand for luxury properties in the GTA remained strong, with sales rising by 30 per cent year-over-year.

Click HERE for the full report.

 

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.

 

GTA Condo Market Report Q3 2017

Condo Market Conditions Remain Tight in Q3 2017

 


Greater Toronto area Realtors reported 5,684 condo apartment sales through the MLS in the third quarter of 2017. The number of transactions represented a 28.9% decrease compared to 7,991 transactions reported in Q3 2016.

In the City of Toronto, which accounted for 73.4% of condo apartment sales in the GTA, sales were down by 34.0%. The average selling price in the City of Toronto was $542,492 up 23.0% from Q3 2016.

The number of new listings in the GTA reported in Q3 was down by 10.2% compared to the same period in 2016. The number of active listings in the GTA reported in Q3 was down by 1.0% compared to the same period in 2016.

“The condominium apartment market segment has exhibited the strongest average rates of price growth since the spring, relative to other major market segments. Competition between buyers remain strong, as listings remain below last year’s very constrained levels. Over the past few months, TREB has participated in discussions at various levels of government pointed at developing solutions for the housing supply issue in the GTA. As these discussions continue, it will be important to remember that the condominium market is not immune to a listings shortage,” said Toronto Real Estate Board President Tom Syrianos.

“TREB will be paying close attention to the potential impacts of the new OFSI Guideline B-20 concerning new mortgage rules and underwriting standards, and the possibility of a vacancy tax in the City of Toronto. We will be asking consumers about their opinion on these initiatives, from the prospective of buying and selling intentions, during our fall polling cycle,” continued Mr. Syrianos.

The average GTA selling price grew in Q3 up by 22.7% from the same time last year to $510,206.

“Condominium apartments will likely account for a greater share of home sales as we move forward. Consumer polling undertaken for TREB by Ipsos in the spring pointed to increased buying intentions for condominium apartments. With this in mind, it is not surprising that we have continued to see robust price growth, as demand has remained strong relative to available listings” said Jason Mercer, TREB’s Senior Manager of Market Analyses.

 

  Other notable statistics include the average days on the market for Q3 2017 at 22 days, down from 25 days in Q3 2016.

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 building  specific. The numbers as reported above are GTA averages. Results in one building do not indicate that all other buildings are experiencing the same results.

The pace of average rent growth continues well-above inflation.

 Greater Toronto Area Realtors reported 8,716 condominium apartment lease transactions in Q3 2017 down by 5.0% from Q3 2016.

 The number of condominium apartments listed for rent in Q3 was down on a year-over-year basis by 3.9%.  

 The average one-bedroom rent for the TREB market area as a whole was up by 11.2 per cent on a year-over-year basis to $1,976. The average two-bedroom rent was up by 7.7 per cent to $2,607.

The vacancy rate for a condo apartment in the City of Toronto for Q3 2017 was 1.0%.

 


 

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

 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.