Mark Allen, REALTOR®

March 2018 Market Review - Toronto Real Estate!

15 April 2018
Mark

March 2018 MARKET UPDATE!!

The Media on Toronto's Real Estate Market: “The Sky is falling. The Sky is falling. It's the end of Toronto Real Estate.”

Nope, sorry, it's not. The hysteria, however, sells ads and gets clicks. Please refer to TREB's updates, or Mark’s no nonsense Market analysis and updates for a more transparent picture of the market.

TREB just released the March 2018 Market Stats and the numbers are increasingly interesting. How, so? We are still witnessing market reactions like we've never seen before in Toronto from Fair Housing Policies, Interest Rate hikes to recent OFSI regulations and other Government nonsense. The main talking point is sales were reported down 39.5%⬇️ in March 2018, but this is in comparison to record sales last March 2017.

Toronto's Real Estate market demand continues to rebalance itself as sales decline due to indecision or wait and see sentiment, on both, buy and sell side (never wait to buy unless there is an absolutely critical reason to, take that equity and invest or climb the property ladder). On the price side, sales prices year-to-date are increasing month to month (see the chart below for a 2.2%⬆️ gain from February 2018) caused by a lack of good inventory, new listings were reported down by 12.4%⬇️ year over year. Currently, from a trenches perspective purchasing a detached home is a less stressful event for buyers..although competition/multiple offer situations are still prevalent for Condos in the C01, C08 locales in the city, nevertheless not to the same extent as last year. The overall GTA average price on a year over year basis has averaged down 14.3%⬇️. Yet, moving forward into the latter half of the year TREB is predicting the annual rate of price growth will noticeably improve. In the 416 Condo corner, we saw the upward price trend advancing 7.1%⬆️ in average price, but sales were down 32%⬇️ presumably because of a drop in new listings.

A notable component of TREB's market statistics that shouldn't be overlooked is the HPI, or Home Price Index. The HPI accounts for indexing since 2005(from a 100 point base) and the monthly benchmark price information smooth's out the noise for a more accurate analysis. The March 2018 composite shows overall the market price is only down 1.5%⬇️ year over year, at a benchmark of $760,800.

Whether you are buying or selling, the market proves to be in good standing. For questions or help navigating - please reach out to Mark by phone: 416 888 5765, or email: markallen@royallepage.ca.

For Complete TREB Market Watch. Click here - http://www.trebhome.com/market_news/market_watch/2017/mw1703.pdf

For a summary in Video form please visit - https://youtu.be/lVhoqC7yhg4


Shared from: TREB

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