As 2018 has come to an end we look back at a year that brought us the new mortgage stress test, slightly higher interest rates and the surge of the Condo and Rentals Markets.
Average home in the GTA is now $787,300, down by 4.3 per cent year-over-year for all home types combined. Still home prices in the city of Toronto are up slightly and the reason is the continued growth of the condo market accounting for most if not all of the growth. Although Im seeing condos somewhat start to level off they are affordable to most because of the lower price-point so we should continue to see them stay competitive into 2019. For 2019 we should see a continuation of a fairly flat market overall. Interest rates should stay where they are for the most part as the recent numbers show our economy is slowing and with the uncertainty of the stock market the Bank Of Canada should most likely hold steady, its even possible by the end of 2019 if things do not improve we could see a rate cut.
Most of the growth continues to be in Condos, specifically those within the core of the city as well as freeholds priced under the 1Million mark. This is the more affordable segment of the market thus it brings the most competition.
Oct 1st – Dec 31st we have had 13 Freeholds sell in Victoria Village, 9 of those detached homes and 4 Semis or Rowhouses. This is down when compared to 3rd quarter 2017 where we had 20 Freeholds sell. This is in line with the rest of the city where sales are down compared to last year this time as so is available inventory. Victoria Village currently has 8 Freehold Listings available for sale.
Here is a quick rundown of what happened last quarter.
• 2 storey row house on Bartley Dr sold for $745K Nov 13th, it was originally listed at $875K for over 2 months.
• Another 2 storey row house on Bartley Dr sold for $679K Nov 3rd
• A semi detached bungalow sold on Knighton Dr for $749K after 27 Days
• A 3 storey row house on Sufi Cres sold for $738K on Dec 3rd after 6 days on the market
• A dated raised bungalow on Elvaston sold for 1,002,000 after 8 days on the market
• Another dated bungalow on Sweeney sold for 1,035,000 on Oct 31st after 13 days on the market
• A 2 bedroom updated bungalow on Murellen Cres sold for 1,145,000 on Oct 26th after 8 days. It was originally listed at 1,250,000 for 29 days
• A 4 bedroom side split on Knighton Dr sold for 1,010,000 on October 26th after 17 days on market, it was listed for 1,028,000
• Another bungalow on Sweeney sold for 1,050,100 after 8 days on the market listed at 1,050,000. Looked to be in good condition but required updating
• A back split on Knighton with 4 bedrooms sold for 1,020,000 after 6 days on market. Was listed at 1,050,000
• A well kept bungalow on Hesketh Crt sold for 1,025,000 after 14 days on market listed at 1,128,000
• A nicely renovated wide (56 feet) bungalow on Cobham sold for 1,120,000 on Oct 10th
• A 2 Storey 4 bedroom home on Larksong Crt sold Oct 9th for 1,349,000 from 1,379,000 after 14 days on market
As always if you have any questions feel free to email me at gus@realosophy.com