Sales Commentary February sales on the Toronto Real Estate Board were up by 5.7% over February of last year – a slower increase than any month in almost a year. Is this a sign of a slowdown in buyers? No. The problem is a continued lack of listings to buy. At January month end, we had 5,000 ‘active listings’ and by month end for February we were at 5,400. When you factor out those listings that will never sell and you look at 12,000 buyers per month for the spring market, you see a problem. Continued price increases that ...
Toronto Condo Market Report March-April 2017
March 22, 2017
Market Report February-March 2017
February 21, 2017
Sales Commentary The Toronto Real Estate Board no longer publishes mid-month sales numbers hence we are forced to guess the market going forward, based only on January results. In January, overall sales were ahead by 12% over January of 2016, but active listings were 49% lower than the 2016 number. We are starting to see all listings sell at over the list price. Some by as much as $200,000 which is scary! In terms of the downtown condo market, January sales were up 23% over the same month last year but ‘active listings’ were down by 57% from last ...
2017 Toronto Real Estate Market Forecast
January 10, 2017
Share of Total Condo Apartment Sales By Bedroom Type (All Areas) Source: Toronto Real Estate Board Q3 Many forecasters or pundits get bogged down in irrelevant statistics. Past experience has shown that the view from ‘the street’ has been more accurate than the ‘view from the executive floor’. In real estate, lower sales do not automatically translate into lower prices. And the average price to average income ratio for valuing property prices over a number of years is also of little value when you consider the impact of immigrants, non-residents, and self- employed buyers in today’s market. If ...
Market Report November-December 2016
November 21, 2016
Sales Commentary On one level, sale results for October suggest that this market will continue indefinitely. Overall, sales on the Toronto Real Estate Board were ahead by 11.5% compared to October of last year. But there are signs that these sale increases cannot continue. ‘Active’ listings are down by 34% from last year at this time, and ‘days on market’ has shrunk to just 16 – meaning that we are running out of saleable properties. In 2015, sales from September to October increased by 7.5% (which is normal). In 2016, sales from September to October declined by 1%. This ...
Toronto Market Report October-November 2016
October 20, 2016
Sales Commentary September sales followed a similar pattern to previous months. Sales were 21% higher than in September of 2015. But of more significance was that sales of 9900 units were more typical of a June and July than of a fall market. At the same time, listings continued to be in short supply – down 36% from a year ago. The end result is a continuing upward pressure on prices of all types of housing. The condo market mirrored the stats of the overall market – sales ahead by 30% and active listings lower by 40% against September ...
Market Report September-October 2016
September 20, 2016
Sales Commentary August sales on the Toronto Real Estate Board were up by 23% over August of last year. But to make an even bigger statement, August sales were only 1% lower than July. Last year the August to July drop was 19%! Also August sales in 2016 are higher than for sales in any Fall month for 2015. However, there is a double edge sword. Active Listings in August were 37% lower than for the same month last year, and new listings for August were down by 1%. This can only mean continued rising prices in the short ...
Toronto Market Report August-September 2016
August 22, 2016
Sales Commentary July sales on the Toronto Real Estate Board were just under 10,000 units, which was 2% higher than July of last year. However, these sale numbers were 22% lower than for June and about the same as in March of this year. This suggests a slowing market due to seasonality and also a market taking a breather. But the real drag to the market continues to be a lack of listings. ‘Active’ listings are 31% lower than in July of last year and ‘new’ listings in July were down by 7% over July of last year which ...
July-August 2016 Market Report
July 19, 2016
Sales Commentary June sales mark the halfway point of the calendar year but in terms of sales on the Toronto Real Estate Board, it usually represents 54% of the year’s sales. That means we will hit 111,000 sales in 2016 versus 101,000 in 2015 which was the previous record. If you recall, all of the bank economists were calling for lower sales this year while our Brokerage was forecasting another record year in 2016! But to keep everything in perspective, sales per 100,000 people are lower today than in 2007. In other words, the increase in sales has been ...
Market Report June-July 2016
June 20, 2016
Sales Commentary Toronto real estate recorded another record sales month in May, just like April and March. Sales on TREB were 12,870 units and 10.6% higher than May of last year. May sales were 6.6% higher than April and some experts are arguing that on a ‘seasonally adjusted’ basis that the market is slowing. The reality is that the spring market this year started in mid-February and last year it did not start until April. Of course the market is slowing. The number of ‘new’ listings in May was down 6.4% from May of last year and the ...
Market Report May/June 2016
May 17, 2016
Sales Commentary Record breaking sales continued through April on the Toronto Real Estate Board. Sales topped the 12,000 unit mark and were ahead by 7% over 2015. Condo sales were ahead by 17% but detached and semi-detached sales in Toronto were actually lower by 4% and 11% respectively. TREB’s House Price Index shows that detached housing is higher by 13% over this time last year. By comparison, condos are higher by 6%. We are witnessing multiple offers, not just for low rise, but for condos and leases across the spectrum. Governments are pointing the finger at those supposed foreign ...