Toronto's Real Estate Team
Toronto Real Estate Market Analysis
For August 2017

 
The big question now is ‘Which way will Toronto’s real estate market go this fall?’
 
Will it slow further, maintain its current pace or pick up as we go through September like a traditional fall market?
 
The early spring market skewed the year-over-year average sale price much higher than normal… into the 30+% range but we all knew that was unsustainable.  Now in August, that year-over-year increase is just showing as 3%… a B-I-G comedown.
 
The slowdown in the market is hitting the 905 and the peripheral neighbourhoods of the 416 the hardest, turning many of them into ‘buyer markets’ not seen in several years.  Toronto’s close-to-downtown core markets are still running strongly, especially including condo sales.
 
One of the best results we’ve seen is a return to the 1-on-1 offer negotiations where you actually get to go back and forth with the buyer and seller to come up with a satisfactory-to-all sales agreement.  Gone almost completely are agents under-listing homes to generate waste-of-time-for-most multiple offers.
 
Is it time for you to sell, or maybe buy your first home or an investment property?  Our Starbucks Strategy Session is designed as a way to get all your real estate questions answered over an espresso or latte and give you the information you’re looking for to decide on your best path forward.
 
If you currently own a condo in Toronto, you can get a quick market value update by going to DowntownTorontoCondoValues.com.  If you’re a Toronto / GTA house owner, send me a text or email and I’ll do the research for you right away.
 
Enjoy this month’s August Market Report and please keep us in mind when any of your friends are talking real estate in Toronto.
 
Thomas

Toronto home prices sink but sales increased in August [VIDEO]

Sales were down 35% for August compared to last year with 6,357 houses and condominiums changing hands in all the districts.  Although it’s common for the market to dip lower in the summer months, this was extreme… the lowest sales for an August since 2010.

Condo townhouse and high-rise suites took a bigger 39.4% share of the market with 2,505 units being sold.

The August average sale price for all GTA homes came in at $732,292 – a mere 3% higher than last year.

If you consider the year-to-date average compared to last year however, the market is still up 17% which shows that not all those gains in price during the insane spring have been lost.

The active listing inventory is one of the strongest indicators of how smooth or outrageous the market has been.  The inventory average for the month of August compared to historical numbers was just about even but up a big 65% from last year at this time.

The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of market we’re actually in.  24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market.  

In August that ratio finished at 38.7% - compared to 98% last year and down from March’s 154%.  We’re now just in a ‘barely above neutral’ slight seller market territory so owners with their homes on the market may need to adjust their expectations if they want their home sold.

The days-on-market average for Toronto homes was 25 days, 4 days slower than July.

Watch the video to get the complete August 2017 Market Report details.



If you'd prefer to read the full market report details, click here.


From Our Mortgage University Series...

4 Significant Signs You're Not Ready For A Mortgage

Toronto’s real estate market has been going steadily upward since 1997 and, although 2016 had exceptional appreciation above 17%, the average has been about 7% over the last several years.  2017 has been even higher!

The right time to pursue a home purchase is when you’re financially and emotionally ready. Here’s a look at a few signs you may not quite be there.

Click Here To Read More


New Listing...

Spacious 977 sf 2-Bedroom Close To Hurontario & Eglinton

Move into this luxury building for a great price... Master has ensuite and walk-in closet.  Living room opens to a large south-west facing balcony with terrific greenspace views.  Enjoy the lifestyle with plenty of amenities!!

Know anyone who'd like to see it?

Click Here To Read More


September 2017...

Report On Downtown Toronto Condo Prices

Curious about what your downtown Toronto condo may be worth?

Here’s an easy, online way to find out what suites like yours are selling for in today’s market.

Get this free report with up-to-the-minute statistics based on all the recent listings and sales of condos in your building.

Get your free September 2017 condo valuation here


From Our Seller University Series...

Home Seller Timeline Explained

People approach selling their properties with multiple timelines… some make a snap decision and want it on the market the day after tomorrow while others know the time is coming and they give themselves a few weeks and sometimes even a month or two to get the home prepared for sale.


Learn How To Sell Your Toronto Condo For Top Dollar Fast

Download your own copy of the Insider Tips For Getting The Best Price book.

By reading this book you’re on your way to helping yourself have a successful sale and getting the highest price possible.  As the saying goes ‘Knowledge Is Power’.
 
Become a smart, educated seller, download your guide here to help you confidently sell your condo for the best price.


New Listing...

1-Bedroom Furnished Penthouse For Rent Overlooking Lake Ontario

This lovely condo suite is available for a short-term 6-month rental starting November 1st 2017 until April 30th, 2018.

This bright west-facing on the penthouse level of 650 Queens Quay W is just west of Bathurst and overlooks the island airport and Lake Ontario.

Click Here To Read More


From Our Buyer University Series...

How Can A Buyer Agent Protect You?

Prior to 1995 both the listing agent, and the agent showing homes to buyers (called a sub-agent), were both working for the seller.

Finally, in 1995, the agency laws in Ontario changed so that the buyer could choose to have their own representation.  Thus the concept of buyer agency was born.

Click Here To Read More


Avoid Making Serious Home Buying Mistakes

Download your own copy of the Ultimate Toronto Home Buyer's Guide book.

Whether you’re a first time buyer or you’re ready to move to your next home, you need to find out how to avoid the pitfalls of buying a house or condo in today’s busy Toronto / GTA real estate market.
 
Jump start your real estate search by understanding how the complete home buying process works. Learn about what a buyer agent does to protect you throughout the buying process.
 
Become a smart, educated buyer, download your guide here to help you get confidently prepared for your home search.


For Those Of You Who Like Trivia...

Every month we post our latest World’s Most Interesting Postcard in our Team newsletter.  You might be amazed at what you’ll learn from these interesting tidbits!!

Click to see larger image

Featured Neighbourhood...

The CityPlace Community In Toronto

CityPlace is the ideal spot for someone who wants to be close to everything. It’s steps away from the Entertainment District, the CN Tower, the Air Canada Centre and Union Station, as well as the Financial District, Liberty Village and king West.

Centrally located at the heart of the city, CityPlace is a convo haven that’s moments from the waterfront but also offers a quick getaway out of the city via the Gardiner or Lake Shore Blvd.

Click here to see the listings for this community...


Keep Your Ears Open For Real Estate Conversations...

People always feel good about recommending a person or a business where they've received terrific service. They want their friends to enjoy the same great experience they had. 

Please keep us in mind throughout 2017 whenever you hear friends talk about real estate at any time... we're here to advise, consult and help.

Thomas


Can I Buy You A Coffee Next Week?

When you're buying a house or condo for the first time there are just so many questions... What do I need to do first? Why are multiple offers happening? How can I beat the odds and get that dream home when there's competition. How can I avoid picking the wrong house or condo building?

Your head is probably buzzing with those and many more questions.

The best way to get the process started is to sit down for a casual 20-30 minute chat with someone who knows many of the answers that you need... no cost or obligation... just with the intention of giving you some solid advice and counsel to help you put a home buying plan together.

Pick a time and date to have a coffee (or tea) at LetsMeetForACoffee.com

Toronto's Real Estate Team
Thomas Cook @ RE/MAX

Expect Amazing

Real Estate Sales Representative @ RE/MAX Hallmark Realty Ltd Brokerage

785 Queen Street East in Leslieville

Thomas@LivingInToronto.com  

Direct => 647-962-1650

Author || Ultimate Home Buyer’s Guide
Author || Home Buyer's Financing Guide
Author || Insider Tips For Getting The Best Price
Author || Get Free Money From The Federal Government

Experience || Thousands of homes sold since 1980

Professional Designations || ABR, SRES

Awards || RE/MAX'S 2ND highest award - Circle Of Legends

Charity Support || Over $115,000 contributed to the Toronto Sick Kids Hospital