After being a Toronto Realtor since 1980, I’ve seen lots of up and down markets over the years and 2018 is no different. The first five months of the year had average sale prices across the GTA below those of 2017.
However, from June on, the average sale price has slowly inched upwards erratically with a low 2% increase year-over-year in June to a high 4’s in July/August, a September setback to 2.9% and now a solid 3.5% increase for the month of October.
It looks like we’re at least on a low, but positive, trend GTA wide but that success is not shared across all of the many communities that make up our wonderful city and region.
In York Region, most communities are still experiencing average sale prices 10-16% below last year while homes in Durham are slightly better with averages 6-8% below 2017.
That aside, sales for Toronto semi and detached houses are moving fairly quickly with downtown/east-/west-end listings selling in about half of the overall Toronto Real Estate Board days-on-market time (9-12 days VS 24). Downtown condo suites are moving within 15-18 days on average.
With the new rules around disclosure of selling prices, I can now set condo and house owners up on a SOLDWatch alert where you will get an email whenever a house nearby or a condo in your building sells.
To get an ‘internet’ valuation and have an alert set up for your condo, check out DowntownTorontoCondoValues.com and for your house, go to DowntownTorontoHouseValues.com.
To keep current on market activity and analysis throughout each month go to Facebook and ‘Like’ my Toronto Real Estate Analysis page.
Watch the video or read the OCTOBER 2018 Market Report Analysis and please keep me in mind when any of your friends are talking about buying or selling real estate in Toronto.
Have We Turned A Corner? [VIDEO]
Sales were up 6% for October compared to last year with 7,492 houses and condominiums changing hands in all the districts. This was the 2nd lowest number of sales for the month in the past 5 years.
Condo townhouse and high-rise suites took a significant 35.4% share of the market with 2,653 units being sold.
The October average sale price for all GTA homes came in at $807,340– this was a modest 3.5% increase from one year ago. Considering that May/June/July 2017 was the turning point in last year’s crazy market, if instead you compare 2018 with October 2016 (with an average of $762,747), this year’s average was still up 5.8% in that 2-year period.
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 October compared to historical numbers was up 9.3% but was flat 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) are not seeing the same level of activity.
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 39.6% - 2 percent above last year – and the 3rd highest so far in 2018. The GTA overall is now into a moderate seller market territory so sellers may need to adjust their expectations if they want to make a move.
The days-on-market average for GTA / Toronto homes was 24 days, 2 days faster than in September.
Watch the video to get the complete October 2018 Market Report details.
If you'd prefer to read the full market report details, click here.
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Please keep us in mind throughout 2018 whenever you hear friends talk about real estate at any time... we're always here to advise, consult and help.
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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.
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