Market Analysis

January 2019



 

Curious About What's SOLD In Your Condo Building Or Neighbourhood?

Now you can get daily, weekly or monthly updates of market activity (new & sold listings) in your specific condo building or from the neighbourhood around your house.

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January 2019... 

 

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 January 2019 Condo Valuation Here


From Our Buyer University Series...

 

What Happens Between Offer Acceptance And Closing?

Once your offer has been accepted by the seller there’s often a rush (and a timeline) to complete a series of tasks.  Let’s review what needs to be done.
 
Deliver Your Deposit Money To The Listing Broker’s Office
Once your offer has been accepted, we need to deliver that bank draft deposit immediately to the listing agent’s office to secure your purchase.  If we don’t do that immediately it may put your offer in jeopardy

Click Here To Read More


January 2019...

 

Report On Toronto House Values

Semi and detached house prices have been bouncing around the last few months in Toronto with the changes in the market.

Some neighbourhoods are being affected greatly... others not so much.

Would you like to be brought up-to-date with what your Toronto house is worth right now?

Get Your Free January 2019 House Valuation Here


From Our Seller University Series...

 

Find Out How Much Your Toronto Condominium Is Worth

The traditional Realtor will often market his service to a home seller by offering to come over to their property and tell them what the value of that house or condo is. He or she will also take this opportunity to demonstrate their marketing plan for that home and how they will be able to sell the home quickly.
 
The problem with that is the seller typically needs more! They also need tips on how to ‘dress their home for success’ by making cosmetic improvements and they need to know what their bottom line will be. The seller should be coached on what improvements they should make and most importantly, the fix-ups they shouldn’t do because the return on investment won’t be there.

Click Here To Read More
 

Toronto's Real Estate Team
Toronto Real Estate Market Analysis
For December And Year-End 2018

 

Hi [FirstName],

If it wasn’t for a shortage of listings, we’d be in big trouble in the latter part of 2018. The first several months saw a big drop in sales because of the new mortgage qualification rules but this was combined with a flood of listings hitting the market.  As we neared the end of the year, the trend was reversed with a reduced listing inventory combined with slower sales.

 

For the first time since 2008, the year-over-year appreciation level was a negative number… -4.3%.  Keep in mind that we’ve only had TWO years with negative appreciation in the last TWENTY years and the other one was in 2008 when the mortgage/financial meltdown in the US-dominated economic news.

 

The total volume of sales in 2018 was at a 10-year low with 77,426 houses and condominiums being sold.  This was down 16.1% from 2017 and the lowest total annual sales number since 2008.  Condominium sales took 37% of the market… the highest percentage ever and up from 30% back in 2000.

 

There’s a crisis of confidence in the market right now.  First, we had the new ’stress test’ rules for mortgage qualification, then came along some mortgage interest rate increases and finally, late in the year, the news of a massive shutdown at the GM plants in Oshawa.  Combine this with higher average sale prices for semi- and detached houses and we get a population of condo owners with pent-up demand for larger housing and with nowhere to go because of affordability issues.

 

Rental properties were in the news this year as well with higher rents for 1- and 2-bedroom suites and a just-above-zero vacancy rate in the GTA.  This may be alleviated somewhat by new condo suites that will be completed and available for occupancy during 2019 but not by enough to lower rental rates.

 

While single-family houses and condos in the close-to-downtown neighbourhoods stretching east to Victoria Park and west past Dufferin have been selling consistently well and remained a seller’s market, this has not been the same for those 905 areas surrounding Toronto. In York region, they’ve seen negative appreciation numbers and either a neutral or buyer’s market situation.  In Durham, they’ve again seen negative average sale price appreciation numbers but a little more market activity since their price points are lower than York Region.

 

In the near-east, Riverdale, the Beaches and East York all continued to show positive, although low, appreciation numbers (2-3.7%) with vigorous sales activity and a seller’s market showing that there still is demand for houses close to the core.

 

Downtown condominium suites continued their appreciation rampage with 11-12% year-over-year appreciation in December and an 11.4% average appreciation for the entire 2018.  Overall sales were down 18% from 2017 but that didn’t stop condo prices from rising approximately $70,000 east and west of Yonge Street.

 

What’s my prediction for 2019?  I expect we’ll see a continued lower volume of sales across the board and a near-zero or very low overall appreciation rate during the year.  I expect that home sales in the 905 will continue to languish while house and condo sales close to the core stay busy with 2-4% appreciation for houses and a lower appreciation rate (likely in the 5-8% range) for downtown condo suites.

 

Curious about what your condo or house is worth in today’s market?  For a condo valuation, go to DowntownTorontoCondoValues.com and for houses, click on DowntownTorontoHouseValues.com.

 

To keep current on market activity changes and analysis during the month go to Facebook and ‘Like’ my Toronto Real Estate Analysis page.

 

Watch the video or read the DECEMBER 2018 & Year-End Market Report Analysis and please keep me in mind when any of your friends are talking about buying or selling real estate in Toronto.


Thomas
647-962-1650
Thomas@LivingInToronto.com



Worst Annual Sales Numbers In A Decade... [VIDEO]

Sales were down 22.5% for December compared to last year with 3,781 houses and condominiums changing hands in all the districts.  This was the lowest number of sales for the month since 2012.
 
Condo townhouse and high-rise suites took a significant 39.4% share of the market with 1,489 units being sold.
 
The December average sale price for all GTA homes came in at $750,180 – this was a very modest 2.1% increase from one year ago.  This was just fractionally above the average two years ago in December.
 
The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving.  The inventory average for the month of December compared to historical numbers and compared to last year at this time were both down almost 12%.
 
This is actually a good sign since we’re not being overwhelmed with high inventory levels and probably keeping us from seeing a slump in prices in some GTA locations.
 
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 December, that ratio finished at 33.1% - 4 percent below last year – and just slightly above the low point that we hit in September.  The GTA overall is barely into seller market territory so sellers may need to adjust their pricing expectations if they want to make a move.
 
The days-on-market average for GTA / Toronto homes was 31 days, 4 days slower than in November.

Watch the video to get the complete December 2018 Market Report details.


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



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 2019 whenever you hear friends talk about real estate at any time... we're always here to advise, consult and help.

Thomas


 

Amazing Free Services Available From This Professional Realtor


As a successful Toronto Realtor helping condo and house buyers and sellers since 1980, I've developed many programs and services to assist people with their real estate needs.

I've even written several soft-cover books and reports to help explain how buyers and sellers can make their best, informed decisions.

There are important benefits and advantages to being well prepared for the upcoming real estate experience.

You definitely want to avoid making significant buying or selling mistakes.

Here's a list of my 'Free Stuff' that's available to you.
 



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

Become a smart, educated Toronto buyer or seller.  Go ahead and download any of these books or reports at no charge.

Author || Ultimate Home Buyer’s Guide
Author || Home Buyer's Financing Guide
Author || Insider Tips For Getting The Best Price (For Toronto condo sellers)
Author || Get Free Money From The Federal Government (For 1st-time buyers)
Author || Best Capital Gains Tax Advice For Smart Investors
Author || Guide To Attracting The Best Tenants
Author || Guide To Downtown Toronto Condo Prices (for Toronto condo buyers)
Author || 
Insider Advice For Getting The Best Price (For Toronto house sellers)

Awards || RE/MAX's 2nd highest award - Circle Of Legends
Experience || Thousands of homes sold since 1980
Professional Designations || ABR, SRES
Charity Support || Over $117,500 contributed to the Toronto Sick Kids Hospital