Taking a closer look at the Toronto Real Estate market for the second quarter of 2018
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Stop me if you’ve heard this one already, but… The Toronto Real Estate Board released its monthly numbers for March, and on the surface, things weren’t looking too pretty – so we dove a bit deeper to get a much more clearer picture of what’s really happening in Toronto’s wacky Real Estate market!
What Did the Real Estate Market Look Like In March 2018?
Let’s get the “year over year” media headlines out of the way first – since they seem to be what all “the experts” are focusing on:
Sales were down by 39.5% and the average sale price tumbled by 14.3% to 4,558 in Toronto… scared yet? How about this with your morning coffee – average prices for detached homes were down by 17.1% followed by semi’s at 5% – that’s enough to sour the milk of even the sweetest of coffees!
If you’ve been reading our outlooks since January of this year – we predicted exactly this. Last Month we said:
Keep in mind that March of 2017 is when prices REALLLY went crazy – so do expect the headlines to focus purely on the difference between then and now. With over 11,000 sales record and an average sale price of 5,000, we don’t think March 2018 numbers will come anywhere close to that… but we’re confident the three month trend will be on the up!
Was There Actually Any Good News In March?
Speaking solely to sellers – YES! In fact, every segment of the market has seen an increase when comparing March to January 2018… just like the trend had shown in February!
Semi-Detached Homes – UP 10.22%
Condos – UP 8.6%
Townhomes – UP 3.2%
Detached Homes – UP… finally, even if its only .77% – this marks the first time this year that the detached trend is starting to look somewhat positive.
For buyers, it’s been back to multiple offers for several of the deals we were involved in – especially for properties priced less than a million dollars! The average price in the city was 4,558 and for a detached home, nearly .3 million!
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Toronto Real Estate Market Outlook for 2018 – 2nd Quarter