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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.
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From Our Buyer University Series...
Historically for house purchases, there have been two primary conditions that most offers have included.
They are conditions on
- Home inspection
If you’re buying a condominium townhouse, you’d certainly want to have an inspection which would include the exterior features of the premises such as the roof and windows, and all the interior systems such as heating, cooling, central vac, plumbing and wiring.
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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?
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From Our Seller University Series...
What do you do when your Realtor calls and wants to show your condo in say, ½ an hour?
I guarantee that this will happen and, of course, we always want to accommodate serious showings don’t we?
Jump for joy first, since someone wants to look at YOUR home, right?
Then, panic. As you hang up the phone, you notice that your wee one has been at it again… your condo is CLEAN, it’s just not TIDY. Now, what do you do?
Toronto's Real Estate Team
Toronto Real Estate Market Analysis
For May 2018
Have you driven around downtown Toronto recently? If not, you might be surprised. Everywhere there are big signs posted notifying of a permit request to build a high-rise, either condo or rental, and there are lots of BIG holes being dug to start construction on new buildings.
It’s like a big awareness has come over people that living the condo lifestyle downtown is an OK thing, and it’s even a very attractive option for many who previously only considered owning a house.
I’ve been asked by some folks if there’s not going to be an oversupply at some point and that’s a valid question. I attended a New Home Market Analysis presentation by the Altus Group last week where the speaker pointed out several important statistics.
First, 2017 holds the record for the most brand new suites sold (28,880) versus just 10,000 back in 2000. The average cost per square foot was $882 and, significantly, the majority of suites sold were 2-bedroom or 2+den units.
And, most importantly, to counter the fear of oversupply, of all the builder’s supply, from all across the GTA, ONLY 300 suites have been completed and ready for occupancy but not yet sold as of the end of May.
In fact, there is only a 4 month's supply of new condo inventory available in the GTA from pre-construction sales compared to 13 months of supply for brand new houses.
Downtown condominiums are the future for Toronto because of affordability and their super location.
Would you like an update on what your Toronto condo or house might be worth in today’s market?
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 May 2018 Market Report Analysis and please keep us in mind when any of your friends are talking about buying or selling real estate in Toronto.
The Market Is Shifting To Condos [VIDEO]
Sales were down 22% for May compared to last year with 7,834 houses and condominiums changing hands in all the districts. This was the lowest number of sales for the month since May 2002.
Condo townhouse and high-rise suites took a highest-ever for May 38.2% share of the market with 2,992 units being sold.
The May average sale price for all GTA homes came in at $805,320 – this was a modest 6.6% decline from one year ago. Considering that May 2017 was the turning point in last year’s crazy market, if instead you compare 2018 with 2016 (with an average of $752,324), this year was still up 8.9% 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 May compared to historical numbers was up just 6.1% but increased by a significant 13.2% 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 May that ratio finished at 37.4% compared to an 55% 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 20 days, the same as in April.
Watch the video to get the complete May 2018 Market Report details.
If you'd prefer to read the full market report details, click here.
Keep Your Ears Open For Real Estate Conversations...
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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.
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.