Toronto Real Estate Market – Making sense of the News and Numbers
Over the weekend, there were several news stories about Toronto Real Estate. I find some of these articles present too much info, through a mix of numbers, stats, and statements from Realtors, Brokers, President…
For the TORONTO/GTA Home Buyer or Seller, the important points to know
- January 2017 – house price up 22% from last year (ie. $140,552 more than a year ago)
- Condo prices also rose 14.5 %
- Sales up 11.8 % from last year (5,188 homes sold vs. 4.460 last January) in GTA through MLS
- Average Price of a Detached Home in :
- City of Toronto: $1.34-million
- City of Markham : $1.37-million
- Suburban Toronto: $999,102
Home Pricing: Be wary when you read of ‘average’ home prices (ie. average selling price of a home in the region was $770,745 and condos $442,598). The actual price ranges can vary significantly by neighbourhood, MLS district, type of house (semi-, detached, townhome). In many cases, a Buyer’s idea of their ‘dream home’ will likely cost much more than these averages.
“Home Sales Dropped” : I often have to think twice when I hear this term, ie. “Detached home sales dropped 5.5 per cent in the city, compared to an 11.9 per cent increase outside Toronto’s borders”
In this case, ‘sales dropped’ does not refer to a slowing market, but quite the opposite: there has been less properties available for sale, so less were sold. This leads to more Buyers competing for each home, and pushing the prices higher. In other words: “You can’t buy what’s not available,” said Jason Mercer, TREB’s director of market analysis, who noted that inventory of re-sale homes in the Toronto region is about half of what it was last year.
“As we move through 2017, we expect the demand for ownership housing to remain strong, including demand from first-time buyers,” President of Toronto Real Estate Board (TREB) Larry Cerqua said in a statement. “However, many of these would-be buyers will have problems finding a home that meets their needs in a market with very little inventory.
- Toronto Star: Home Prices up 22% in January…
- CBC News: Housing Sales up 12%
- Globe and Mail: Housing Market Sizzles…
- CTV News: …Toronto Booms, Vancouver Falls…
Please feel free to share other news articles, comments, questions, and we’ll try to understand this crazy market together! Contact Us
Christine Ng Broker, Royal LePage Signature Realty email@example.com