The first month of the year can always bring unexpected market conditions. Historically January represents a slower real estate market with fewer sales and lower prices than other months; this, however, has changed over the past few years with January developing into a very active month for sales. January 2018 witnessed some fantastic results in the upper end of the condo market despite a lack of inventory that left many potential buyers out in the cold. (more…)
We move into 2018 saddled by a number of market factors that make predictions more difficult than they already are for any year in real estate. 2017 was, without doubt, one of the most remarkable years in the history of the Toronto residential real estate market. The year began in the most frenzied fashion possible. During the months of January, February, March and April, sale prices were increasing in an unsustainable fashion, topping out at 33 percent on a year over year basis in March. By April the average sale price for all properties sold in the greater Toronto area had reached an alarming $920,000. That number included all condominium apartment sales, the least expensive housing form available to buyers. (more…)
November finished strong but in a fractured fashion. To use a cliché, not all markets were equal in November.
The City of Toronto (area code 416) continues to strengthen, following the market declines after the province’s announcement of the Ontario Fair Market Plan and in particular a 15 percent tax imposed on foreign buyers in late April. In the City of Toronto, where generally there was much less foreign buyer activity than in the 905 region, the shock of the foreign buyers tax has been absorbed. The impact of the tax in the 905 region continues to negatively impact that residential resale market. The only drag on the City of Toronto’s residential resale market is the sale of detached properties. (more…)
The Toronto residential resale market returned to form in October. It returned to where it should have been before the frenzy set in at the beginning of this year and buyers began competing for properties indiscriminately and paying unreasonable prices. Price increases of 30 percent on a year-over-year basis are simply unsustainable. Even without the implementation of the 15 percent foreign buyers tax introduced in April the market would have returned to reality. Reality was accelerated by the tax. (more…)
The market for luxury condo sales in Downtown Toronto is in a unique and unusual situation. Over the past few months, there has been lots of conversation about market changes in Toronto. Many buyers see this as a chance to see if prices will decline whereas sellers who are not in any urgency to sell are waiting to see if the markets will continue to rise before listing their properties. This has caused there to be less inventory in the luxury condo market than at almost any point in the past year, and increasing competition amongst buyers is pushing pricing higher. (more…)
There were no surprises in the market data for the month of August. It was expected that as compared to last year the number of reported sales would be down, and that the average price from residential resale properties in the greater Toronto area would once again decline.
Toronto Market Report – July 2017: It is safe to say that the lull in the Toronto and area residential resale market is not due exclusively to the summer doldrums, although the seasonal slowdown that happens every year in July and August is no doubt adding to the slow market. (more…)
June’s Toronto Market Report is as bewildering as the data was in May. The attention-getting news is that sales were lower by 37.3 percent compared to sales achieved in June 2016. Last year 12,725 properties were reported sold. This June only 7,974.
There have been a number of changes in the Toronto and area residential resale market in the last two months, and yet in many ways it continues to resemble the market that had politicians and economists expressing sustainability concerns in February and in March.
How is the market different?