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


We’re seeing an interesting phenomenon in Toronto’s real estate market now where properties in the core of the city are maintaining or increasing their values while those in the surrounding 905 communities are declining.  There is also an increasing shift to condominium purchases… mainly because of their lower prices on the resale market.
 
However the affordability of condos downtown may be in jeopardy in the next few years as builders try to maximize their return on expensive downtown land.  For example, in the 3rd quarter of 2017, the average price per square foot of suites being brought to market was almost $950 per square foot.
 
More builders are going for the ultra luxury market.  The recent introduction of suites at the 89-storey One Bloor West made this abundantly clear as they presented 1-bedroom, 591 sf suites starting at $780,000.  That works out to about $1,320 per sf as a starting number.  Even more dramatic is that there are zero parking spaces for sale.  If you want parking, you have to sign up for the building’s valet service at $500 per month.
 
The Federal government’s new mortgage qualification rules are now set in place and due to start as of January 1st, 2018.  The ‘stress test’ that high ratio buyers have faced for many months now will then also apply to buyers purchasing with more than 20% down, even if they don’t need the CMHC mortgage insurance.  This will in essence reduce their buying power by about $140,000.
 
But the way it works, anyone having an Agreement of Purchase and Sale signed before December 31st will still be qualified under the old rules.  Read more about these ‘Stress Test’ qualification rules HERE.
 
Is it time for you to sell, or maybe buy your first home or an investment property?  Our Starbucks Strategy Session is designed as a way to get all your real estate questions answered over an espresso or latte and give you the information you’re looking for to decide on your best path forward.
 
If you currently own a condo in Toronto, you can get a quick market value update by going to DowntownTorontoCondoValues.com.  If you’re a Toronto / GTA house owner, send me a text or email with your property address and I’ll do the research for you right away.
 
Enjoy this month’s October Market Report and please keep us in mind when any of your friends are talking real estate in Toronto.
 
Thomas


Purchasing A Home Before Jan 1st, 2018 May Be A Good Idea [VIDEO]

Sales were down 27% for October compared to last year with 7,118 houses and condominiums changing hands in all the districts.  Although it’s common for the market to rebound higher once we are into the fall market, this only happened fractionally… we had the lowest sales for October since 2012.
 
Condo townhouse and high-rise suites took a 35.9% share of the market with 2,552 units being sold.
 
The October average sale price for all GTA homes came in at $780,104 – a mere 2.3% higher than last year.
 
If you consider the year-to-date average compared to last year however, the market is still up 13.7% 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 October compared to historical numbers was just about even but up a big 79% from last year at this time.
 
However this is occurring selectively with the ‘central core’ Toronto neighbourhoods still doing very well while the outer regions (Peel, York & Durham) not doing well at all.
 
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 October that ratio finished at 37.7% - compared to 92% 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 23 days, 1 day faster than September.

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



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


From Our Mortgage University Series...

Avoid Making These 5 Common Mortgage Application Mistakes

These Absolute Do Nots while applying for a mortgage AND up until closing are so important that any one of them can easily bring a mortgage approval or closing to a screeching halt.
 
The 5 Absolute DO NOTs while applying for a mortgage are:

Click Here To Read More


November 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 November 2017 condo valuation here


From Our Seller University Series...

Be Fearless When Making Perfect Colour Choices

When people first move in to their new home, especially if they’ve been renting previously, they are highly motivated to go wild and crazy with the colours they choose for walls and trim.  They’ve never before had the opportunity to do up a condo or house exactly the way they’ve always wanted to.

Rooms of all one colour can sometimes be more peaceful to the eye while different colours on different walls can on occasion add interest and depth to the rooms.

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...

How Much Can I Afford?

One of the most important things any buyer must do before getting excited about house or condo shopping is to find out how large a mortgage they could be approved for.  If you don’t  you might find out you're interested in homes that are out of your price range OR the opposite - you could actually afford a larger property or buy in a different neighbourhood.

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 Liberty Village Community in Toronto

Many young and creative professionals in the city of Toronto find that Liberty Village is one of the best neighbourhoods to live in.

There is a huge variety of condos available, including townhomes and converted lofts, and no matter where you are in this neighbourhood you’ll always be close to some of the best restaurants and shops that the city has to offer.

Click here to see more neighbourhood information and MLS 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 this fall and into 2018 whenever you hear friends talk about real estate at any time... we're always 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