No bad news is good news? I guess so. The market is “behaving” in Toronto (as opposed to the 905 region, which is “struggling” to be sure). So here are the facts:
*October 2018 sales UP by 6% compared same period last year. GN
*Average sale prices inched up only 3.5% to $807K GN
*New listings DOWN by 3% BN (Sales have been outpacing new listings for 5 months in a row now). Supply is sorely needed PARTICULARLY in the city where we have only 1.9 months of inventory. BN
IN THE CITY:
*Condo sales UP 3% (VS by 13% in 905.) why the gap? because we are selling from an “empty cart” AND because the difference in average sale prices are $603K in the 416 vs $461K in 905. More supply there and definitely more affordable.
*Condo prices in the city rose by more than 8% compared to last year…showing low supply applying upward pressure on prices sparked by so much demand to live in the city if possible…vs commuting.
PRICE SHOPPING?? OK SO HERE’S THE DEAL:
*Detached homes in the city cost on average: $1.3 ML In the CORE of Toronto? $2ML
*Semi ‘s in the city? $1ML In the core…almost $1.4ML
*Condo’s in the city? $603K In C01 (where the vast majority of sales take place) in the city core? $1ML BN
If you want something more “digestibly” priced….start looking in the YORK REGION…(I can help with that).
WANT TO FEEL BETTER ABOUT THE MARKET?
Since the 2 major markets that make all the GOOD NEWS/BAD NEWS headlines are Toronto and Vancouver, I thought I would share a REAL tale of 2 cities!
*Vancouver metro sales DOWN BY 35% (27% BELOW the 10 year average in sales for October)
*New listings UP by another 7.4%…so LOTS OF TIME for buyers to NOT give you your asking price.
*Total inventory for our western friends is now SWOLLEN to 42% above October 2017.
All that said,
1 Their average sale prices for all categories of housing are 40% higher than ours.
2 Detached houses are 67% more expensive than ours.
3. Condos cost on average 35% more.
So, some perspective dear citizens.
PS: I don’t usually get “political” in my housing reports…but I just thought if I made a difference in ONE person’s mind about “to vote or NOT to vote”? Well I thought it was more than worth the diversion from my reporting norm.
And, no, I’m not applying for a sales position in the US…but I thought the LARGER message might resonate with those of you who are thinking about the next big move in your lives.
If you (or someone you know), are looking for a Realtor who cares MORE about focusing on 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.