Sales Commentary We have delayed this Report to wait for mid-month May sale numbers from TREB. It confirms what we said previously. The market peaked in terms of prices, and it looks like it peaked in terms of sales as well in March! While April sales were 3.2% lower than for April of 2016 at 11,630 units, they were also down 3.5% from March of this year! Peak sales months are usually May and June each year. For the first half of April, we averaged 435 sales per day. Over the last half of April, it was 345. For ...
Toronto Market Report May-June 2017
May 23, 2017
Ontario's Expansion on Rent Control
April 21, 2017
Why the Government’s sudden preoccupation with rent controls? The media has reported two cases where the landlord doubled the rent from $1600 to get rid of a tenant. The current rules of the Rental Tribunal make it very difficult to evict a tenant for non-payment of rent or for carrying out illegal activities. This is the only resort for landlords to get a speedy resolution. In both instances, the landlord needed to sell the unit as vacant. We can tell you that landlords value good tenants and want to keep them. By keeping a good tenant, you avoid ...
Market Report April-May 2017
April 21, 2017
Sales Commentary Paranoia seems to have set in with the rapid rise in real estate prices over the past year – almost 30% year over year. And most of this increase has happened in just the past four months. Now Governments at all levels are ready to act! But wait! The market in terms of prices has already begun to plateau. It started in the last 10 days of March and has extended into the first two weeks of April. So what has changed? We started from a market with a shortage of listings to one where listings are ...
Toronto Condo Market Report March-April 2017
March 22, 2017
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 ...
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 ...