Market Watch - April 2018

April's numbers are out

It's been such an interesting time in the real estate market since the beginning on 2018. There's been so many changes in the Toronto real estate industry. Coming off the market's peak from last year and into January's mortgage stress test, we're now starting to see the market stabilize and the mindset of homeowners coming to terms with the new normal.

TREB MLS® Sales Activity

 
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On a year over year basis, the number of sales through TREB MLS® is down 31.1%. This number is mostly effected by the decrease in amount of sales of detached home which is down 38.4% from last year verses the amount of sales of condos apartments compared to last year, just down 26.0%. 

TREB MLS® Average Sales Price

 
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Just like the number of sales, the average sale price for properties on TREB MLS® was down 12.4% from the year before. Even more than the sales activity, detached homes are really responsible for this total drop in average sales price. Detached properties sold for a total of 14.4% less than a year prior while condo apartments actually increased in value 3.2% on average. This is a bigger deal than it seams given the crazy market we had in spring of 2017 where most of the growth was in the condo property category.

Interestingly, the condo apartments are the only category to increase in average price in the year over year comparison. The average price of townhouses is down 7.8% total and semi-detached is down 6.4% total.

What does it all mean?

We're currently in a market correction. The Toronto real estate marketing in 2017 was a bubble and in my opinion all the new mortgage rules implemented and foreign buyer tax stopped the market from falling out of the sky and help give it a soft landing. As Mr. Syrianos mentions in the full article (linked below) real estate is still a very solid long term investment. Toronto's strong and diverse labour market and continued healthy population growth will support long term home price appreciation.

To get all the details, download the full article provided by the Toronto Real Estate Board.

 

Download the Full Report Here

Featured Listing: 18 Concorde Place, Unit 503

The Online Promo Video

 

A little Nook with a lot to offer

Spacious one bedroom condo suite with full ensuite bath and powder room. Approximately 900 sqft with balcony overlooking an award winning courtyard garden and ravine. Eat in kitchen has 4 appliances, pot lights and overlooks the living room. Large open concept living/dining room has a gas fireplace with oak mantle and walk out to the large balcony with gas bbq outlet. Lots of closets and storage space! Close to Tim Hortons and convenient bus stops!

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Welcome to the Blog

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Hello.

Hey guys, this is the maiden voyage of our new blog. Super exciting! We're looking to posting a new blog here at least once a week until the end of time. The plan is to provide some helpful and sometimes opinionated information on the real estate market in Toronto. This blog will certainly be a learning process, so I'm hoping in time I'll be much better at writing in a year or so. Wish me luck!

What to expect

  1. Monthly Market Updates on the Toronto real estate market. I'll be putting up fancy graphs, numbers and comparisons and make it as informative and easy to understand as I can.
  2. Real Estate Tips and Tricks, like maximizing the value of your home or what to look out for when your looking for your next place to call home.
  3. Highlighting awesome new listings of my own and spreading the love by sharing some cool listings in Toronto from other great Realtors too.
  4. Sharing wonderful business in Toronto! I love find new and unique restaurants and activities around where I live - I know it can make such an impact on our lifestyle. Maybe I'll help you find the amazing diner just 10 mins away you go to on the weekends for brunch after sleeping in! Or a cool date spot of Tuesday nights! Oh the possibilities :)

Moving forward

As with pretty much all new adventures, I'm expecting some bumps in the road and learning curves. The goal will always be to provide good, informative (and hopefully a little entertaining) information to you. How I get there will certainly be changing and evolving as we're moving forward.

With that, I'd also like to ask you if you have anything you want me to share or to go more in depth in, please please let me know! All this content is what I think would be helpful for fellow Torontonians to know but I won't think of everything. Help me out and let me know.