Getting the numbers, an inside look at your market

Tuesday, May 8, 2018 Written by Emmanuelle in News

TREB (Toronto Real Estate Board) released the last market numbers on May 3rd 2018.Let us have an objective look at them.

The Average selling Price in April 2018 was $804,584, the selling price was down 12.4 % compared to last year. So what is happening? This average price has been impacted by:

  •  The changes in market conditions
  • As well as changes as the type and price point of homes being purchased.

This is especially clear at the higher end of the market: detached home sales for 2 million or more accounted for 5.5% of total detached sales in April 2018, versus 10% in April 2017

YEAR

AVERAGE PRICE GTA

Days on the Market

2015

$622,121

2016

$729,837

2017

$822,614

Year to Date 2018

$779,400

January 2018

$735,754

32

February 2018

$767,693

25

Mars 2018

$784,715

20

April 2018

$804,584

20

When watching TREB MLS Average resale Home Price, and also having a closer look on last months average price, we can say that we are having a positive trend.

The way to read the statistics (and many medias do) masks the fact that we are in a healthier market, and a market where moving from one place to another is easier. Buyers can have the time to find a new place and Sellers have a strong market (20 days to sell is not a bad market condition)  I expect that to be even truer for condominiums and higher density low-rise home type.

Once we are past the current policy based volatility, home owners should expect to see the resumption of a moderate and sustained pace of price growth in line with a strong local economy and steady population growth.

 

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