2017 MARKET STATS

OCTOBER 2017 MARKET STATS

October stats pointing to stronger market conditions in the GTA

November 2, 2017

Residential sales showed an above-average unit sales increase between September and October 2017 of almost 12%, but sales are down 27% from the same month last year.  Condominiums were a key driver of both this increased number of sales and an overall 2.3% increase in selling price for October transactions compared to October of 2016. A recent Urbanation report forecasts that 2017 will set a new record for condo sales in the GTA with 12,000 units becoming available this quarter, pushing total sales to 34,000, up from 27,000 in 2016.

Posted by Scott Purcell in 2017 MARKET STATS

SEPTEMBER 2017 MARKET STATS

September 2017 Market Stats

October 4, 2017

The market continues to work its way through the Ontario Government’s cooling measures and two recent consecutive interest rate increases by the Bank of Canada. Home sales in the Greater Toronto Area were down 35 per cent in September compared with the same month last year. However, the average selling price for all property types continued to increase with a 2.6 per cent rise compared to September 2016. Condos lead the selling price increase with a 23.2 per cent rise while detached home selling prices remain unchanged. With the number of new listings for the period up by 9.4 per cent year-over-year, the market is becoming better supplied which is good news for buyers.

Posted by Scott Purcell in 2017 MARKET STATS

AUGUST 2017 MARKET STATS

August 2017 Market Stats

September 7, 2017

Toronto appears to be following in the footsteps of Vancouver, where over the past year a market correction occurred in part as a result of government legislation intended on cooling the housing market.  However, strengthening of the economy and consumer confidence, as evidenced in the Bank of Canada’s recent move away from years of emergency-level interest rates, has the potential to influence buoyancy in the traditional Fall Market. Jason Mercer, TREB’s Director of Market Analysis says, “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.”  Should the month of September perform at an average level of the past 5 years, the current inventory would be absorbed in 2 months.

Posted by Scott Purcell in 2017 MARKET STATS

JULY 2017 MARKET STATS

Market Continued to Adjust in July

On August 4, 2017

Sales reported in the Toronto Real Estate Board (TREB) MLS System for July 2017 were down by just over 40% on a year-over-year basis. The average selling price for all home types combined was up by 5% compared to July 2016, but has dropped $175,000 since April. The number of new listings rose by 5.1% while active listings were up significantly from July 2016, benefiting buyers with more choice in the market, at least for the short term based on current pace of sales activity.

Posted by Scott Purcell in 2017 MARKET STATS