We may have turned a ‘market corner’ in June with the year-over-year average sales price being a positive number (+2%) for the first time this year. Considering that a large portion of the GTA / 905 around the central Toronto core is definitely hurting from all the government intervention of the past 12 months, this is a good sign!
Don’t think that you’ll get a ‘steal’ for a downtown condo suite or a house in Riverdale… the entire downtown/east/west core is still very busy and sales are brisk. Average house prices in those downtown neighbourhoods haven’t budged much year-over-year BUT condo prices certainly have.
They’re showing a 10-13% increase both east and west of Yonge Street in the prime neighbourhoods.
If you’re in the market for a luxury + $2M house, you may be in luck. Sales in that price category were down 60% from 2017.
If you’re curious about what’s for sale in a specific Toronto community, go to Search.LivingInToronto.com where you can customize what you’re looking for by neighbourhood and price range.
Would you like to know if your home has appreciated over the past few years? I can do a quick market value update for your Toronto condo at DowntownTorontoCondoValues.com or your Toronto / GTA house right here to give you a good idea.
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 JUNE 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.
Condo Sales Get The Most Year-Over-Year Appreciation [VIDEO]
Sales were up 2.4% for June compared to last year with 8,082 houses and condominiums changing hands in all the districts. This was the 2nd lowest number of sales for the month since June 2003.
Condo townhouse and high-rise suites took a high 35.4% share of the market with 2,864 units being sold.
The June average sale price for all GTA homes came in at $807,871 – this was a modest 2% increase from one year ago. Considering that May/June 2017 was the turning point in last year’s crazy market, if instead you compare 2018 with 2016 (with an average of $746,961), this year’s average was still up 8.2% 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 June compared to historical numbers was up just 7.2% but increased by just 5.9% 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 June that ratio finished at 38.8% compared to 40% last year. The GTA is now into a very 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 Toronto homes was 21 days, one day longer than in May.
Watch the video to get the complete June 2018 Market Report details.
If you'd prefer to read the full market report details, click here.
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