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

Hi [FirstName],
 
Toronto and GTA real estate sales hit a big wall in July with numbers down 40% from a year earlier while posting the lowest number of sales for the month since 2002.
 
Listing inventory was up very close to ‘historical numbers’ for the month with lots to offer for a discerning buyer.
 
The big news is that while the overall GTA stats showed big declines, those were much more moderate in Toronto itself with some close-to-downtown neighbourhoods still showing lots of strength.  On the other hand, 905 communities have been hit much harder.
 
Condominium sales took an even larger 38% share of the market as they remain the most affordable housing option for many buyers.  Downtown condos east and west of Yonge Street kept up their 25% year-over-year average price increase and stayed in busy seller market territory.
 
I’ll repeat what I said last month because it’s even more applicable now… Buyers should take this as an excellent opportunity to jump in and purchase the home of your dreams.  For sellers, have your agent show you the recent sales (going back a maximum of 60-90 days only) of condos or houses like yours and price your home accordingly.  The time for having ‘crazy buyers paying crazy prices’ is past for now.
 
If you currently own a condo downtown, you can get a quick market value update by going to DowntownTorontoCondoValues.com.  If you’re a Toronto / GTA house owner, send me a quick text or email and I’ll do the research for you right away.
 
Please enjoy this month’s newsletter and keep us in mind when any of your friends are talking real estate in Toronto.
 
Thomas


Lowest July Sales Since 2002 [VIDEO]

Sales were down 40% for July compared to last year with 5,921 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 a July since 2002.

Condo townhouse and high-rise suites took a bigger 38.6% share of the market with 2,283 units being sold.

The July average sale price for all GTA homes came in at $746,218 – a still significant but much more moderate 5% higher than last year.

If you consider the year-to-date average compared to last year however, the market is still up 18.8% 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 July 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 July that ratio finished at 31.6% - compared to 88% 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 21 days, 6 days slower than June.

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



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


From Our Mortgage University Series...

3 Things You Absolutely Need To Be A Successful Buyer

You’ll definitely need the big bucks to buy a house or condo in Toronto.  For purchases up to $500,000, you’ll need a minimum of 5% down payment and for purchases between $500K and $1,000,000 you’ll need a minimum of 7% down.  Closing costs are over and above that.

Click Here To Read More


New Listing...

Light-filled 952 sf 2-bedroom suite overlooking the Humber River parkland and wildlife - cottage feel in the city!

Lots of south and east facing windows - floor-to-ceiling corner windows in dining room have panoramic park views. Spacious floor layout with lots of sunlight all day. Great location with easy access to TTC, trails and shopping.

Click Here To Read More


August 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 August 2017 condo valuation here


From Our Seller University Series...

Bright Ideas For Making Successful Lighting Choices

The first step is to enhance any natural light that’s available.  Heavy window coverings should be pulled back all the way, shutters should be opened and vertical/horizontal blinds set for maximum light.

Click Here To Read More


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...

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


From Our Buyer University Series...

What Condo Features Should You Consider When Buying?

Layout, light, view, balcony, parking/locker, any upgrades necessary, % of tenants vs owners, bldg security, bldg amenities, etc.

Buying a condo suite in a low- or high-rise building has some similarities and some differences to buying a house.  Typically a buyer is more concerned with the interior of the suite and the building’s amenities and security.

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 Distillery District in Toronto

This designated National Historic Site of Canada is home to the largest collection of Victorian-era industrial architecture in North America.

Its brick-lined streets, boutique shops and award-winning restaurants provide a unique charm not found anywhere else in the city of Toronto, and the Distillery District is truly a wonderful place to call home.

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