It’s a good time to Sell! Its a great time to Buy! Maybe you should Rent?!?! Prices are falling, no wait prices are increasing, the home down the street just got 12 offers…..Confused? Not to worry its not just you, the last 18 -24 months have especially been difficult to navigate and understand the Toronto & GTA Real Estate Markets.
I get the above comments and questions almost daily lately so I thought it would be helpful to take a more in depth view of whats happening.
Second quarter of 2018 has continued to show some growth albiet very slow and steady.
End of 1st Quarter – March 2018 the average sale price for all homes in GTA was $784,568. End of 2nd Quarter – June 2018 the same average is $807,871. A increase of 3% over the last 3 months. If we look back to 2017 of March the number was $915,089 and by the end of June 2017 it dropped to $791,929. We can clearly see the heights the market reached last year and more importantly how flat its been going from $791,929 in June 2017- $807,871 June 2018 a 2% increase the last 12 months. Continue reading →
Its been a slow start to the first 3 months of 2018 in the Victoria Village Neighbourhood. In total 7 detached bungalows sold ranging from $850,000 to $1,692,500.
There were 5 homes Terminated (Listed and then taken off the market without selling) 2 of those Semi-Detached and the other 3 Detached Bungalows.
As we have been seeing in the press sales are down 40% in all of the GTA from the same first quarter last year Jan-March 2017 vs Jan-March 2018. Current reports are showing a 18-20% drop in home values from 1 year ago. Continue reading →
As we have been seeing in the press sales are down 40% in all of the GTA from the same first quarter last year Jan-March 2017 vs Jan-March 2018. Current reports are showing a huge drop in value as well. The average price of a home in the GTA at the end of April of 2017 was $918,170 one year later it’s dropped back to $767,818. A drop of 16% in all of the GTA.
The last two quarters of 2017 saw the market flatline, prices stabilized, buyers continued to be cautious and sellers expectations changed.
New year has brought new rules for homebuyers. Continue reading →
Photo Credit: mindzeyephotography.com
September numbers are in. The fall market is in full swing, new listings of freehold houses were down 2% in September in Toronto compared to September 2016 and up 28% in Halton and 22% in Durham.
Overall GTA sales were down 36% from last year in September with freehold houses falling 39% and condos down 30%. Freehold sales in York region led the decline down 53% followed by Peel at 40% and Toronto down 38%.
Average prices are up 3% over last September led entirely by the condo market where prices were up 20% and freehold priced unchanged.
With the real estate market in the news almost daily and seemingly part of many conversations at social gatherings or amongst neighbours sometimes much confusion and misinformation is being shared about whats happening in the market. I’m frequently asked by my clients and friends what is happening and how we got here, so I thought I’d share some insight.
The biggest point of conversation seems to be how quickly home prices had risen earlier this year and how, just as quickly, they have now fallen and why this has happened. Continue reading →
There are many questions to consider before you sell your home. One of the most important ones is whether you should Buy first and then Sell or Sell first and then Buy?
To many this may seem like a fairly simple answer. Sell, see what you get for your home and then look to Buy. Depending on the location/neighbourhood your home is in this may be the correct strategy. For others it may be smarter to look to Buy and be assured they can find what they want first and then Sell their home. Continue reading →
The average price for homes in the GTA dropped again in June to $793,915. A far cry from the $920,791 average we saw in April. So the average price of a home has fallen over $120,000 in 2 months. Thats quite a drop in a short period.
In the same period we went from 12,926 Active Listings in April to 19,680 in June. Thats over 50% in new listing. This has definitely affected prices and many buyers habits as we are now in a more balanced market. Sales have also dropped 37% in definitely to June 2016 to 7,974 for June 2017.
Speaking with many Realtors as well as buyers they definitely agree this is better for all involved. Its much easier for new buyers getting into the market, and the anxiety of “FOMO” (Fear of missing out) is all but a distant memory. Continue reading →
From Bidding Wars & anxious buyers fearing they will “miss out” to no offers, perfectly good homes sitting on the market & buyers having the luxury of taking their time with ample options.
Its been a whirlwind start to 2017 for the real estate market in the GTA. May numbers show a 7% decrease in home price sales and home sales (units sold) of Detached, Semi- Detached & Town-homes have dropped 44% in the first week of June 2017 compared to last year June 2017. This is the 8th straight week of falling sales with York Region leading the decline. Continue reading →
This is a question many sellers often ask. The current market is arguably the most difficult to predict and there are many factors affecting it.
We have seen an extremely frenzied start to the year with prices increasing at 33% year over year in March. As hot as the first quarter was, we have seen a quick slow down to start the second quarter in April & May. Many homes are not receiving the same amount of multiple offers like they were just a few short weeks ago and some are not receiving any at all. Let’s not kid ourselves, we are in the midst of one the best sellers’ market ever recorded but we are not seeing the same amount of activity we were just last month.