By: Ingrid Menninga

Opportunities in this stable market

Tags: Homes in Toronto, Housing report, real estate report, home buyers, home sellers

Toronto real estate market report march 2018

Did you know what opportunities a stable market can bring to you? Are you aware of a hidden story behind the numbers in last month's housing reports? Read on and see what surprises are in the market.

Highlights

Got questions? Contact us and read on to find out what stories these numbers tell us and how they can help you with your home buying/selling decision.
Toronto homes for sale

1. Continued dwindling prices

Overall, the average price in March decreased year-over-year, down by 14%. The reasons for the drop were multifaceted - fewer detached homes sold and sales of high-end homes (priced over $2 million) declined by half.

It's noted that, according to industry insiders, the tougher new mortgage rules didn't have a big impact on average monthly prices, smaller than projected in the first quarter of this year. If you take a closer look at the numbers, you'll find that average prices have bounced around between $730,000 and $780,000, since last July, which shows moderate stability in the market.
 
Toronto average home prices
However, according to RBC Economic Research, the friendlier trend for homebuyers is expected to be short-lived due to rising interest rates. If buying a home or looking to move up is in your plan this year, you may want to act fast.

[Feeling overwhelmed with the home buying process? We're here to help. Click here to talk to us today.]

Industry experts anticipate that more condo owners will decide to move up this year because the price gap is narrowing between condos and other single-family home categories, especially detached homes. 

READ MORE: HIDDEN OPPORTUNITIES LAYING IN THE NARROWING PRICE GAP
 

2. Is there enough inventory for you on the housing market?

housing inventory in toronto
Something interesting to note of is in terms of the two-digit decrease of new listings. The lower end of the housing market, which is where most homebuyers and homeowners are, shows 10%-to-20% decrease, as opposed to an over 50% decrease in the higher price ranges. In other words, if you're looking to buy a home priced below $1 million, you still have many options.

[Looking for properties within your budget? Try our FREE online home searching services. Click here to start.]

To sum up, the current market is stabilizing. However, such stabilization isn't expected to last long due to rising interest rates. It's important that condo buyers act fast because prices are expected to keep growing in the near future. Since the price gap between condos and other housing categories is narrowing, now may be a good time to move up.

Related Reading:
Looking to move up? Now might be the time!
First Time Condo Buyers' Handbook


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