February 2017 Toronto Housing Market HITS IT OUTTA’ THE PARK!….again!
As you may remember, we went into the New Year with less inventory than we had sales in December, but the Toronto housing market still delivered on its promise to defy all odds and the numbers were staggering!
Well, February 2017 was no exception and all kinds of new records were broken…though we do have concerns as we go forward into the year, with prices skyrocketing and buyers bidding with “the sky’s the limit” fever pitch.
February 2017 housing market is officially “ON FIRE“!
*Sales were UP by only 6% (no supply) but still MORE sales than last year and with only 49% OF THE INVENTORY that we had last February.
*Average sales prices UP by a staggering 28% in the GTA …now an average (VERY AVERAGE) home in the GTA will set you back by $876 K AND that very average home sold this year 38% FASTER than last February! Yes…in 13 days!
*Detached home sales in the GTA rose by only 3%; however, the price of those homes soared by 33%
(Detached homes in the city now cost, on average,more than $1.5ML and in the city core? $2.5ML!!!)
*Semis sales contracted by 10% (no supply) but they now cost 29% more than last year.
(Semis in the city run at $1.1 ML and in the city core you will pay $1,450,000 )
*And CONDO sales are BRISK TOO! UP by 14% in the city and they too are pricier than last year by 18%.
For more detailed stats right down to your street, contact me and I’ll fill you in at the “micro” /local level.
So now, the trick is to decide do you LIST now? or wait? Do you sell and get out of the market and rent? till things cool down? Not so easy…Vacancy rates are at an all time low because so many people who can’t even get INTO the market are having to sit on the sidelines and rent. Let me help you come to a conclusion that’s right for you! Clearly, one size does NOT fit all, especially in the Toronto housing market!
Sell and Rent? Sell and downsize? Sell and upsize? Sell and move WITHIN the city? Sell and move OUTSIDE the city? Or stay put and wait it out?
I have happy clients whom I’ve helped with all of these options. There is a good option for you, you just need to analyze your circumstances with a Realtor who listens, understands and cares more about the right option for you than they do about their income!
If you (or someone you know), are looking for a Realtor who cares MORE about focusing on you, your concerns, goals and the successful purchase or sale of YOUR unique home, than they care about their volume of transactions and awards, please let me know the best way for me to connect. I would love to offer my highly personal service. Contrary to that old expression, not only IS this business, but it IS personal! And, please, I encourage you to ask me any questions you may have about this post. I value your input and appreciate the time you took to read it.