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

The spring market is in full force already and lots of records have been broken once again.
 
In this month’s Toronto Real Estate Market Report I did a special section on what’s been happening with the prices for detached homes in Toronto… you’ll be amazed.  Watch the video (see link below) for the full February 
 
If you are a first-time buyer, or simply someone interested in learning more about how mortgage financing works, I’ve just completed a new book entitled ‘Toronto Home Buyer’s Financing Guide’ which tells all.  
 
There’s been some intense interest coming from the Government of Canada and CMHC regarding the health of our real estate market and how to somehow tweak it to avoid any sort of disaster.  We saw an enhancing of mortgage qualification rules late last fall and this month CMHC is increasing their mortgage insurance premiums.
 
It will definitely pay you to completely understand how to navigate this more complex mortgage market we’re going into right now.
 
Enjoy this month’s newsletter and have a terrific March break.
 
Thomas


Average Toronto Detached House Price Up 92% In Last 5 Years [VIDEO]

Sales were up dramatically for February compared to last year with 8,014 houses and condominiums changing hands in all the districts. Sales were actually up 23% above the last 6
-year monthly average.
 
Condo townhouse and high-rise suites took a 36% share of the market with 2,906 units being sold.  This percentage of the overall market is a new record for February.
 
The February average sale price for all GTA homes came in at a record breaking $875,983 – a significant 27.7% higher than last year.
 
Interestingly, sales and competition for condo suites has now brought the high-rise market into extremely high demand.
 
The active listing inventory is one of the strongest indicators of how smooth or outrageous the market has been.  We had a 61% decline in inventory for the month of February compared to historical numbers and lower by 50% 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 February that ratio finished at 148.4% - compared to 70% last year.  We’re still in ‘extreme’ seller market territory and there’s nothing really to slow that down going forward!
 
The days-on-market average for Toronto homes was at a record low of just 13 days.
  
Watch the video to get the complete February 2017 Market Report details.



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


Avoid Costly Mistakes When Getting
Pre-Approved For A Mortgage 

In today’s busy Toronto market, buyers often have to go in with either a firm, no conditions offer or occasionally with just a very short financing condition.  Otherwise the seller will choose to accept someone else’s offer.

Once you sign that firm offer, you’re irrevocably committed to buying that home!

You can’t risk doing that without understanding how mortgage financing works and getting a FULL mortgage pre-approval ahead of time.

Reading the Toronto Home Buyer’s Financing Guide will give you clear, easy to understand guidance on how to approach the mortgage pre-approval process.


From Our Blog...

Home Fire Safety: Prevention

Of the approximately 3,000 residential fires that occur in Ontario every year, about 15 per cent are caused by electrical issues – many of which would be prevented with basic checks by homeowners...

Click Here For More Information


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 Bay Street Community in Toronto

The Bay Street community is ideal for those who are looking for an authentic urban lifestyle. It’s home to all kinds of people, from students to doctors who need a fantastic place to live in the downtown Toronto core where everything is within walking distance from shops and restaurants to public transportation and universities.

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


March 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 March 2017 condo valuation here
 


From Our Blog...

Nearby Cities' Populations Growing

New census data from Statistics Canada shows that the populations in Toronto as well as its surrounding cities are increasing, while housing supply numbers stay at record lows....

Click Here For More Information


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

Experience || Thousands of homes sold since 1980

Professional Designations || ABR, SRES

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

Charity Support || Over $110,000 contributed to the Toronto Sick Kids Hospital