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

NEWS

January 2019 Market Review

As expected, January was a slow month in the Toronto real estate market. Just 4,009 sales were reported, up a wee bit from 3,987 last January. (For reference, there were 5,188 in January 2017; 4,640 in January 2016; and 4,318 in January 2015, so the last couple of Januarys have been on the slower side.) The average sale price was $748,328, up just 1.7% from $735,874 this time last year. Basically, the market has been flat since then.

New listings increased 10.5%, to 9,456, and total active listings edged up 0.6% to 11,962. Remember, back in early 2017 when we saw the beginnings of that crazy price spike, there were just 5,034 active listings at the end of that January – down from 9,966 in 2016. That really highlights how super-tight the supply was in early 2017 – and it shows how important supply is and what it can do to the market.

The townhouse segment was the only one to see an increase in the number of sales year-over-year (+4.4% in the 416), and it also had the highest average price increase (+12.3%). At the other end of things, fully detached houses saw the biggest drop is number of sales (-8.6%) and the only decline in average sale price (-8.8%). Taking into account the various types and weighting the averages, the MLS® HPI Composite Benchmark price was up by 2.7% – still basically in line with inflation.

We are still in a time of year when the market is less busy – and the weather can have a real impact. (Think of the last few weeks: cold, snowy, warmer and now cold and snowy again!) Even one or two bad days can slow down sales and make it look like market activity has dipped. February will probably be similar to January. However, for my part, talking to my buyer clients and to other agents, it seems like there’s a lot of demand out there, and lots of folks impatiently waiting for the spring market to get going so that they can buy something. Some of the sale prices I’ve seen reported in the MLS (well over asking) seem to support that. We’ll have to wait and see what happens over the next few weeks and months, but I think we’re in for a busier year and higher prices in the Toronto market.

 

 

December 2018 Market Review

December was a quiet month in the Toronto real estate market. TREB reports just 3,781 sales for the month, down 22.5% from the 4,876 reported in December, 2017. For reference, there were 5,338 sales in December, 2016, and 4,917 in December, 2015, so sales last month were well below what we have seen in recent years. The average sale price for the month was $750,180, up 2.1% from $734,847 in December, 2017.

TREB also released the annual stats, which deserve some comment. In comparing 2018 to 2017, it appears that the market is ‘down’ year-over-year. But, while the average sale price for the whole year declined 4.3% (for the whole of the GTA), that’s not because the market is trending downwards. Rather, it is because of the massive price spike that occurred in the first quarter of 2017, when prices surged roughly 30%, only to drop right back down to almost exactly the pre-spike level by mid-year. When those super-high sales are averaged over the whole year, they obviously draw up the average.

A more helpful approach is to look at what happened *within* 2018. The average sale price in January, 2018 was $736,783. By June it was up to $807,871, and then down to $750,180 by the end of the year. (That pattern is fairly normal: in January, 2017 the average sale price was $768,351; by June it was up to $791,929 and then down to $734,847 by December. This is generally due to the seasonal cycles of the real estate market.) So, while the market was definitely flat (which has its pros and cons…), it was not ‘down’.

By the way, if we back a little further, we see that while the market was at $730,472 in December, 2016, meaning we are up just about 2.7% in the last two years, the average price a year earlier was just $608,714, meaning we are still up 20% over the last three years. Clearly, 2017 and 2018 were unusual, but the longer-term trend is still strongly positive.

Part of the reason for the on-going strength of the Toronto (i.e. 416, excluding the 905) market is demand for condos. Although sales volume in that segment was down 23.9% from December 2017, the average sale price was up 11.4%, which is a significant amount. In fact, the only segment that saw a decline last month was fully detached homes, which has been a recurring theme this year. It looks like buyers have easily made the shift away from the most expensive home type, and found options among semi-detached, townhouses and condos.

There were just 4,308 new listings last month, a decline of 31.5% year-over-year, and just 11,431 listing on the market at the end of the month, down 11.6%. I think that we’ll continue to struggle with that kind of low supply in 2019. We can certainly expect that this month we’ll see a fair few listings that were taken off MLS in December come back onto the market, but it’s too soon to tell if we’ll get the kind of supply that we used to get. Either way, it’s usually a couple of months into the New Year before the listings start to tick up for the spring market.

Also, the Bank of Canada decided this week to keep rates steady for now, and that’s probably a good thing for the economy (which has some issues) and the real estate market. Unless (and/or until…) something external happens, the Toronto real estate market should keep humming along this year. With price increases at the low end of what we have seen in the last 15 years or so, buyers should be able to meet their needs; and with continuing demand, sellers will be able to sell. Overall, that’s what a balanced market looks like. 🙂

 

 

November 2018 Market Review

The Toronto real estate market had a slow-ish November, with sales volume dropping 14.7%, from 7,326 in November 2017 to 6,251 last month. At the same time, the number of new listings dropped 26.1%, from 14,260 to just 10,534, and the total number of listings dropped 9.8%, from 18,197 to 16,420. This dynamic (fewer sales, but with fewer homes available to buyers) resulted in a slight increase in the average sale price. The November 2017 average was $761,410, and that edged up 3.5% to $788,345 – a little above the Consumer Price Index (AKA ‘inflation’), which was 2.4% in October, 2018 (the most recent available number).

Sales volume for all types was down, but average price was up for all types except townhomes. The average sale price for semi-detached houses increased the most (17.2%), which could be an indicator that buyers continue to adjust to the high price of detached homes by choosing less expensive semis (which would increase demand in that segment and drive up prices). Condos had the second-highest increase (7%), which I think bolsters that argument, and suggests that the market can adjust to price spikes all by itself – no government intervention required! 😉

Regarding the number of available listing, it was down about 2500 from the previous month, which is typical for the last few months of any given year – things sort of peter out as we head into the Christmas/New Year season. Following that, the chill of winter can keep a lid on things for another month or two – it’s amazing how much bad weather can impact the Toronto market – but keep in mind that, although the market slows down, it never stops. If you really want to, you can certainly put out a listing now; and if you find something to buy, you have the choice of listing your current home immediately, or waiting ’til the New Year.

Check out TREB’s handy chart: MarketWatch_infographic_November

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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FOR BUYERS

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

The Offer

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

Pre-Approval

It is important to be qualified or pre-approved for financing before you start looking for a home. This lets you and your agent know what you can afford as well as providing a written confirmation or certificate for a fixed interest rate good for a specific period of time… Read More

Home Inspection

This condition provides an opportunity to have the property inspected by a qualified person who will look for any major defects in the building prior to your entering into a firm agreement. Many Buyers choose to have a termite inspection done as well… Read More

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One of the most important decisions you will make when selling it is who will assist you. You should put the sale in the hands of an experienced agent who will produce results for you and provide a premier customer experience… Read More

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RE/MAX agents are trusted advisors who are committed to you and possess the knowledge and experience to help you navigate today’s complex real estate market… Read More

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RE/MAX is the most recognized name in real estate in Canada. From the RE/MAX for sale sign to remax.ca, brokerage websites and personal agent websites, the RE/MAX brand attracts attention to your home. When homebuyers see that sign on your lawn, they understand that you’re working with a market leader… Read More

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Purchase offers on your home may be complicated and might contain special clauses. Price is not the only consideration. Your RE/MAX agent will help you understand and evaluate offers and work hard to get you the best terms possible… 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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Information is deemed to be reliable but not guaranteed. Not intended to solicit sellers or buyers currently under contract with a Brokerage.