At first sight, the latest Toronto real estate report doesn't bring much exciting news to most buyers and sellers.
Overall sales went down by 35% on a year-over-year basis.
The number of newly listed homes and actively listed homes are below the 10-year average for the month of February. That being said, there aren't as many options on the market compared to the housing decade average.
The average price of all housing types is $767,818, a decrease from $876,363, down by 12.4% year-over-year. Among all types, detached homes saw a double-digit price decrease of 17.2% compared to the year before. However, condos are valued at 10.1% more than last year, making it the only housing type that saw a year-over-year increase.
HOWEVER, that's not the whole story!
Toronto Real Estate Board President Tim Syrianos suggested that a slow start in 2018 is anticipated in comparison with the record high sales in the winter and early spring months last year. The Fair Housing Plan and the new mortgage guidelines have prompted prospective home buyers and sellers to reconsider and re-evaluate their decisions.
Are you an on-the-fence home buyer/seller and not sure what to do? Let's connect; we're here to help! Keep on reading to learn how you can take advantage of this slow market.
Wondering what's the benefit of buying/selling in a slow market? Industry insiders suggest that it's a good time to sell a condo and buy a home in the GTA. WHY? Simply put, the price gap between single-family homes and condos has narrorwed. For example, there was a $590,777 gap between the average condo and detached home price last February. Compared to February 2016, the price difference was $381,126. Now, it's down to $340,790, which shows a sign of a "move-up" market.
According to Jason Mercer, TREB's Director of Market Analysis, he speculates sales to pick up and an increase in selling prices as we move into the spring and summer. Prospective condo buyers can expect stronger price growth to continue because condos are comparatively more affordable. If you're interested in buying a condo, you'll need to act FAST. Contact us as soon as you see something you like!
February 2018 Market Update for First Time Condo Buyers
Need some help with your real estate planning? Got more questions?
We are here to help!
Send us an email or call 416-427-6162 to discuss.
Share this article with your friends and family!