RE/MAX Hallmark Realty Ltd., Brokerage | Direct: 416.508.9513 | Office 416.699.9292

NEWS

September 2018 Market Review

September was a decent month for real estate in Toronto. TREB reported 6,455 sales, up 1.9% over September 2017. I’d call that basically flat (i.e. stable). The average sale price hit $796,786, which was up 2.9% year-over-year. That basically the same as the inflation rate (the August rate was 2.8%). Note that the average price is basically the same now as it was in the spring: in April it was $804,584, and in May it was $805,320. Put another way, affordability – much talked about these days in the media and among politicians – is not running away from buyers this year.

The number of new listings dipped 3.1% to 15,920, and by the end of the month there was a total of 20,089 listings (of all types) available, up 5.6% over September 2017. We haven’t seen this many listings in the month of September in the GTA since 2013, when we had 20,194. After that year, September supply declined to a low point of just 11,255 listings in September 2016. Low inventory meant rising prices – the average sale price that month was up 20.4% year-over-year. The current level of supply is better suited to a balanced market.

Condo sales volume in the 416 area dipped 5.5%, but the average sale price jumped 11.7%. As I keep saying, condos are a good investment, either for living in or holding/renting out….

Sales volume and average price increased for townhouses and semis, too – but detached houses actually took a bit of a hit, going down 1.4%. Such a small change could be a reflection of the variety of houses sold; take out a few multi-million dollar sales and the average could come down slightly. We’ll see if anything significant happens over the next couple of months.

For now, it looks like a good time to be a buyer: there’s a decent supply of options and prices are stable. That’s not to say that it’s a bad time to be a seller. (It’s not as good as spring ’17 – but so be it.) A balanced market is good for sellers, too, as they can rely on a steady stream of optimistic buyers for their property. One of them will be the right fit. And, since most sellers are also buyers, a balanced market allows those folks to make the move they want/need to make, too.

The fall is usually a great time to ‘do’ real estate. If you’ve been thinking about it, get in touch with me and let’s get it done!

 

Summer 2018 Market Review

The summer months are usually relatively quiet in the Toronto real estate market. There are some obvious reasons for that – people change gears and shift their attention to fun activities, and lots of folks take every opportunity to get out of the city. That said, there are still plenty of sales happening, but at a less hectic pace. The other thing to keep in mind when looking at Summer 2018 is that, by this time last year, the big spike/correction excitement had settled down. As I mentioned in a previous post, we’ll get a better measure of what the market has been doing this year once we start comparing to the post-spike/correction months last year.

Let’s look at July, first: sales volume was up 18.6%, to 6,961 units. That’s probably a reflection of the state of things last July – which was basically shock about what had just happened: there were just 5,869 sales that month. For reference, July 2016 had 9,989 sales; July 2015 had 9,880 sales; and July 2014 had 9,198 sales. So, having just 5,869 in July of 2017 was quite low; the recovery this year looks sharp, but remains well below the previous few years.

The average sale price was $782,129. That’s a bit below the June average ($807,871), but is a normal, seasonal dip. More interestingly, it was up 4.8% from the July 2017 average price ($745,971). There were 13,868 new listings, a dip of 1.8%, but the total number of available listings was up 5.2%, to 19,725. If we get a few thousand more listings in the coming months (i.e. the ‘fall market’), we should have enough listings to make for a more balanced market.

July condo sales in the 416 were up 5.8%; the average price was $582,547, up 9.2%. In fact, the average sale price for all types (detached, semi-detached, townhouses and condos) went up, year-over-year.

August continued with the usual seasonal slowness, but still showed signs of improvement over last year. There were 6,839 sales, an 8.5% increase over August 2017. August of 2017 was similar to last July – in a bit of post spike/correction shock. There were just 6,306 last August. Again, for reference, August 2016 had 9,813 sales; August 2015 had 7,998; and August 2014 had 7,568 sales. Last year, August was well below the previous few years, so an impressive-seeming increase this year must be seen in the right light.

The average sale price was up 4.7% to $765,270. Again, a bit below the previous month but typical for the time of year. (Also, the mix of types of home matters more when the volume is relatively low.) There were 12,166 new listings, a 6% increase, and the total number of available listings was up 8.8%, to 17,864.

Condo sales volume slipped 5.6% in the 416 last month, but the average sale price actually increase 8.3%, possibly reflecting some extra tightness in that segment. With some luck, September listings will ease that pressure – but, still, condos remain a good buy for downtowners and investors.

Looking ahead to the rest of September, it’s reasonable to expect more new listings and a decent pace of sales. The average sale price in September 2017 was $775,546, which represented a significant bump from $730,969 the month prior. Again, that’s typical of the seasonal nature of the real estate market – things pick up quickly in September. I think that this month will be our first really good measure of what the market has been doing since the price spike/correction of 2017. My bet is that we’ll see strong price appreciation.

By the way, the Bank of Canada left their prime rate unchanged this week, so we might actually have a month or two without any outside interference in the market. That would be nice, as it would allow things to unfold naturally. 😉

New listing: 45 Gainsborough Rd – big 3 + 1 semi **SOLD!!**

Located near Gerrard and Coxwell’s Little India (AKA India Bazaar), Gainsborough Rd is a pleasant, tree-lined street of mostly semi-detached homes. Number 45, renovated a few years ago, is near the bottom of the street, just south of Eastwood Ave and just a few doors up from Moncur Park. It has a newer kitchen, two renovated baths (heated floors in the upstairs bathroom) and hardwood throughout. The three bedrooms are larger than average for the area, and the finished basement includes a rec room and an extra bedroom.

There’s a great front porch – perfect for getting to know the neighbours – but it’s the back yard that makes this property so great. Double doors open from the kitchen to a large deck (22′ x 16.5′) with plenty of seating and a hot tub. Way at the back of the relatively deep lot is another seating area with a fire pit. It’s a beautiful spot with a freshly sodded lawn and cute gardens – very relaxing!

Just a block away from the #22 bus route, this location offers quick access to the subway, but there’s plenty of nearby amenities – standard stuff like banks and grocery stores, but also interesting options like Lasiy Daisy’s cafe, Godspeed brew-pub, The Pantry (an artesan cheese shop) and Sanagan’s Meat Locker (a butcher).

Monarch Park, Greenwood Park , Orchard Park and Woodbine park are all walking distance, as is the beach (and The Beach!) and Leslieville. If you have to head downtown you can hop on the 506 Carleton (currently a bus, but usually a streetcar) or walk down to the Queen St 501.

There are great schools nearby, too: Bowmore Rd (Junior and Senior), Roden PS, Equinox Holistic Alternative School (housed inside Roden), Georges-Etienne-Cartier (Catholic French). High schools are Monarch Park, Danforth Tech (although local kids also attend Riverdale CI) and St Patrick.

 

SIMON MILBERRY

About

Buying and selling a home can be tough, especially in today’s challenging market.  But, it can also be fun – an exhilarating adventure. I understand both the joys and heartaches of finding (and getting) that perfect home. As a homeowner with a young family, I’ve been there and done that. I also have the professional know-how that years of working in the Toronto real estate market has developed.

Over the years (since 2001), I have represented clients in the purchase and sale of condos, starter homes, move-up houses, luxury homes and small businesses. (Although Commercial real estate is not my core business, I am usually working with one or two Commercial clients.) My knowledge and experience make the difference for my clients.

My clients are my focus, but a Realtor can’t get much done if he doesn’t develop strong professional and personal relationships within the industry. In today’s market, characterized as it is by very tight supply, I find that one of the most important aspects of my business is networking with other Realtors. I am constantly digging for opportunities for my clients. This results in off-MLS transactions that serve the needs of both the buyer and seller.

As a father of 3 boys and 1 little girl, I take a family-friendly approach to my business dealings. That means flexible appointments and easy scheduling; feel free to bring the kids! I endeavor to make the whole process as smooth and stress-free as possible.

Ultimately, the objective is to enhance your life by finding you a new home that suits your needs of today and into the future; and selling your existing asset for the most money and with the best terms possible. Together, we’ll develop and execute the right strategy for you and your specific needs.

Much of my business comes to me by referral, so I’m not limited to any geographical area.  My focus is on meeting the needs of my clients, wherever they may be. Call me today, and let’s get to work on your real estate goals.

Community

RE/MAX Hallmark is a big believer in giving back to the communities we serve, and I am happy to participate in three of our most important programs.

Every time I do a transaction – buy, sell or lease – I make a direct donation to theChildren’s Miracle Network. RE/MAX agents are leading donors to the CMN, having raised $52 million dollars in Canada alone since 1992. When you do your real estate business with me, we contribute to that growing total.

We do the same for the Canadian Breast Cancer Foundation. Again, RE/MAX is a major sponsor of the CBCF, and makes it easy for us to contribute directly to the important work they do. A portion of every commission I make goes directly to the CBCF.

I also make a monthly donation to the breakfast program operated by the Toronto Foundation for Student Success. We all know how important a good brekky is – and how many kids wouldn’t get one if it weren’t for programs like the TFSS. With four kids of my own, this one is close to my heart.

You need an experienced, full-time professional Realtor – that’s key to a successful real estate transaction. However, I want you to know that, not only am I going to take care ofyou, but together we’ll help take care of others!

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Financing

Homes come in every size, style and price range. Knowing what you can afford at the beginning of your search saves you time and disappointment later on… Read More

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You’ve found that perfect house! What do you do now? Your Sales Representative will prepare an Agreement of Purchase and Sale, including any custom clauses you may require. Most Buyers will make an offer provided certain conditions are met… Read More

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CONTACT

Simon Milberry, Sales Representative at RE/MAX Hallmark Realty Ltd., Brokerage

Address

2237 QUEEN STREET EAST
TORONTO, Ontario M4E1G1

Phone

Business: 416.699.9292
Fax: 416.699.8576
Mobile: 416.508.9513

 

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