February 2019. Worst Feb housing sales since 2009!
Toronto real estate sales were recession like in numbers, but prices climbed higher. Toronto Real Estate Board (TREB) numbers show last month’s sales were the fewest for a February in a decade. The decline in sales were accompanied with a mixed change in inventory, and a rise in prices.
Here are the brutal facts…DESPITE the fact that I contributed to successful sales in February!
*February 2019 Sales were down by 2.4% year over year.
*New listings tanked by 6% and total inventory was flat to last year
*Average sale prices still rose though, by 1.6% to $780K, however this growth was fueled by the CONDO market.
*905 did 70% of all HOME SALES…since 416 has so little inventory
*416 did 66% of all CONDO SALES…and the lion share of those sales took place in the downtown core of the city.
IN THE CITY: February 2019
- average detached home costs around $1.3ML and in the central core…just under $2ML
- average semi is now around $1.1ML..now THAT is amazing! And in the core? Just under $1.3ML!!
- average CONDO will now set you back $830K in the city and $713K in the downtown/lakeshore hood
TREB is trying to get the government to loosen the shackles of the new stress test, as well as increase first time buyers’ rebates and increase the amortization period of mortgages so that housing is more “affordable”.
The FORD gov’t must remember that, in the GTA, approximately $68K is generated by each sale/transaction, which flows directly into the local economy in consumer expenditures for furniture, appliances, contractors etc….AND the egregious Municipal and Provincial Land Transfer Taxes are directly related to the dollar volume of SALES!!
Is it time for you to Move in for the first time? move up? Scale down? I can help with all these options!
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.