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

 
I don’t think you’ll find much argument from agents as to whether the real estate slowdown that came in May is a good thing or not… it definitely is.  Keeping up at a 30+% appreciation rate for any length of time is not sustainable and can result in a strong over-correction if allowed to continue for very long.
 
Once you read or watch this May market report, you’ll see that there’s overall evidence of a big pause in the York region but not so much closer to the city centre or in the downtown condominium market.
 
And that makes sense… condos are now the most affordable housing type, even though, at this point in time, they’re not the most popular choice.  But that time is probably coming sooner that we thought with the big run-up in house prices over the past 12-18 months.
 
If you’re considering buying this year, you’re going to have lots of questions.  Take a moment and download my free home buyer book called the ‘Ultimate Toronto Home Buyer’s Guide’ - you’ll appreciate the candid and open way the complete home buying process is described.
 
Please enjoy this month’s newsletter and keep us in mind when any of your friends are talking real estate in Toronto.
 
Thomas


Some Relief From April’s Market Madness
[VIDEO]

Sales were down 20% for May compared to last year with 10,196 houses and condominiums changing hands in all the districts.
 
Condo townhouse and high-rise suites took a bigger 35% share of the market with 3,565 units being sold… just 120 fewer sales than in April.
 
The May average sale price for all GTA homes came in at $863,910 – a still significant but more moderate 14.8% higher than last year.
 
Because of higher prices for semi and detached houses, 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 7% decline in inventory for the month of May compared to historical numbers and up a big 43% 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 May that ratio finished at 55.2% - compared to 99% last year and down dramatically from April’s 90%.  We’re still in ‘very busy’ seller market territory however so sellers need to be aware that it’s not the craziness of previous months!
 
The days-on-market average for Toronto homes was just 11 days, 2 days slower than April.

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



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


From Our Mortgage University Series...

How To Get An Awesome New Credit Rating

If you are thinking about buying a home and obtaining a mortgage, one of the first things to consider is your personal credit rating. Building a good credit history is important. If you have no reported credit history, it may take time to establish your first account.

Click Here To Read More


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 Seller University Series...

Being Beautiful Matters No Matter The Size

Typical condominium bathrooms are not large, unless you’re in a 1,500 sf+ suite, but, no matter the size, you still want your bathroom(s) to show well.

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.


From Our Buyer University Series...

Home Buying Process Timeline - What Should You Do First?

After many years of helping Toronto house and condo buyers, we’ve found that, with the exception of occasional sudden events, most house and condo buyers begin their home buying search about six to twelve months from the date they ultimately pick up their keys from their lawyer and move in to their new home.

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 King West Community in Toronto

King West Village is known for being a stylish, friendly neighbourhood with plenty of options to suit anyone’s tastes. From restaurants to art galleries and everything in between, King West is also known as the home of the Toronto International Film Festival every year.

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


June 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 June 2017 condo valuation 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 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