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 2020 Condo Valuation Here
Is Now a Good Time to Buy or Sell Real Estate?
Traditionally, spring is one of the busiest times of the year for real estate. But the coronavirus outbreak—and subsequent stay-at-home orders—led many buyers and sellers to put their moving plans on hold. In April, sales volume fell to its lowest level since 1984, according to the Canadian Real Estate Association.
However, while sales have fallen, prices have remained stable. The average home price in April was down just 1.3% from the same month last year.1 And in many metropolitan areas, prices have continued to rise. The Teranet–National Bank Composite House Price Index, which measures 11 major Canadian markets, showed home prices in April were up 5.3% from a year earlier.
But given safety concerns and the current economic climate, is it prudent to jump back into the real estate market?
Before you decide, it’s important to consider where the housing market is headed, how the real estate process has changed, and your own individual needs and circumstances.
Read more here
From Our Buyer University Series...
15 Steps To Mastering The Home Buying Process
The home buying process can take as little as a few weeks or stretch out to several months or longer. When buying brand new construction, it can even take up to three or four years to go thru all the steps.
I’ll give you a brief description of each step when buying a resale house or condominium so you can get a feel for how it all comes together.
Of critical importance, once you’ve seriously started your home search, is to get a Full Mortgage Pre-Approval so you know exactly how large a mortgage you qualify for. In today’s busy Toronto market where multiple offers happen quite often, you may need to go in without a financing condition so being certain about your financing is a necessity.
Click Here To Read More
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 June 2020 House 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.
There is certainly no minimum built into the system. A home owner could sign the paperwork tonight and be on the MLS tomorrow morning - maybe not the best idea because the marketing might not be complete, or even started, but it could be done.
The selling process works best if you allow some lead time before the listing is loaded onto the Toronto Real Estate Board (TREB) MLS system.
Click Here To Read More
Toronto's Real Estate Team
Toronto Real Estate Market Analysis
For May 2020
As the Realtor community adjusted to the showing restrictions and rules, showing numbers increased across the GTA in May almost week by week.
New rules put into effect by the Toronto Real Estate Board mandated that buyers and agents disclose any exposure to the coronavirus before the showing and usually hand sanitizer products are supplied in the homes for the buyers to use upon entry.
Buyers and showing agents have been instructed to touch as little as possible in each home… sellers have typically turned on all lights and opened closet doors to minimize contact with anything in the home.
May sales were down a big 54% from 2019 BUT increased by over 50% from April 2020. Overall listing inventories were lower by 43% year-over-year but up slightly from April.
Downtown condo inventories increased from April by 23-31%, partially due to Airbnb condos being listed for sale (or for rent to an annual tenant) because of short-term rental restrictions being imposed. In C01, sales were up by 81% from April and up by 11% in C08.
As local restaurants, businesses and offices remain closed, we expect to see some investment condo owner clients not able to collect their full (or even partial) rent on June 1st and beyond. Other property owners may have lost their jobs and become unable to keep their homes. If either of these events has happened to you, OR you need some advice and counsel as to future options, I can offer some help.
The first thing you’ll need to know is what are your options and what are their respective costs (and benefits) to you. The second is to find out what your condominium or house is worth in today’s topsy-turvy world.
To arrange for an up-to-date condo suite valuation, go to DowntownTorontoCondoValues.com - please BE SURE to leave me your condo’s monthly maintenance fee so I can send out your report.
For a specific house valuation, click on DowntownTorontoHouseValues.com.
To keep current on market activity changes and analysis during the month, go to Facebook and ‘Like’ my Thomas Cook In Toronto page.
Watch the video or read my May 2020 Market Report Analysis and please keep me in mind when any of your friends are talking about buying or selling real estate in Toronto.
May Sales Up Almost 55% From April - Listings Increased By 47% In The Same Period [VIDEO]
In May, at the height of the traditionally busy spring market, sales were undoubtedly the lowest they’ve ever been since maybe the 1960s with a 54% drop from last year with just 4,606 houses and condominiums changing hands in all the districts.
Condo townhouse and high-rise suite sales were down by 58% with a 30% share of the market and just 1,371 units being sold. This however is a 50% jump over April 2020 sales!
The May average sale price for all GTA homes came in at $863,599, up about $40,000 from the month before and a 3% increase compared to one year ago.
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 May compared to historical numbers was lower by a huge 43% compared to last year at this time.
It’s clear that the coronavirus has hit our market hard… both buyers and sellers have been intimidated by the threat of possible virus transmission although showing numbers are improving as we go along.
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.
While in April that ratio dropped dramatically to 28.2% indicating an almost neutral market, May came in at 40.2% which is edging into moderate seller market territory.
The days-on-market average for GTA / Toronto homes was 24 days, 5 days slower than April.
Watch the video to get the complete May 2020 Market Report details.
If you'd prefer to read the full market report details, click here.
For Those Of You Who Like Trivia...
Now and then 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!!
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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 in the new year whenever you hear friends talk about real estate at any time... we're always here to advise, consult and help.
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.