Monthly Archives: February, 2018

January 2018 Market Review

February 14th, 2018 Posted by Blog No Comment yet

You may have heard that ‘sales were down’ in January, with the implication that that’s a bad thing. As anyone actively involved in the Toronto real estate market knows, the market is not ‘down’ at all. In fact, it’s crazy busy out there.

The first thing to note is that January 2017 set a record for sales activity with 5,155 sales. So, anything short of a new record would be down, right? I have said before that we don’t have to break records every month to have a great market, and this is another such example; 4,019 sales is decent. For comparison, January 2013 saw 4,375 sales – way below last year, and not much above this year. I’d say that January 2018 looks fine.

The next thing is that January is a relatively slow month, compared to May or October, so fluctuations can be exaggerated. Having 22% fewer sales sounds dramatic, but it’s only about a thousand sales – easily made up at any point throughout the rest of the year.

The good news that I see in the January 2018 stats is the big increase in supply. At the same time last year there were only 5,034 listings on the TorontoMLS. This year we had 11,894, which gave buyers more choice. Looking again at 2013, there were 14,231 active listings in January of that year, so supply could easily go up and still be below past levels. If this year’s increased supply can be maintained – and improved upon – throughout the year we could see a more moderate market, which would be a nice change….

Speaking of moderation, the average sale price dipped by about 4.1%, to $736,783. However, TREB’s weighted average was UP 5.2%, reflecting the number of sales of condos compared to houses i.e. more condos (which are cheaper than houses) sold. Moderation in the price of single family detached (the most expensive type, and the only one that saw a price decline), combined with price increases in other housing types, shows that the market has naturally adapted to high prices for detached houses. I doubt that government intervention had anything to do with that…. 😉

The condo market is nuts these days. Not only did my own condo listing get swamped (over 130 showings in a week, and 11 offers on ‘offer night’), but showing condos to other clients is a gong show. Getting appointments is sometimes tricky, and it seems there’s always at least one other agent poking around the same unit, meaning we sometimes have to wait to get in to see a place. The activity is reflected in the average sale price going up 15.1% last month, despite fewer sales. The condo market remains an attractive segment.

This week precedes a long weekend (Family Day), so we probably won’t see much action, but I expect the market to keep chugging along next week and for the rest of the spring market. If you want/need to buy or sell, feel free to get in touch. 🙂

 

1113-231 Fort York Blvd **SOLD!!**

February 6th, 2018 Posted by Condos, SOLD!! No Comment yet

Update: We had over 130 showings booked for this great starter condo, and generated 11 offers! The property sold ‘firm’ on offer night. The condo market is hot!

***

The amount of development around Fort York in recent years has been amazing. Not only have loads of great condos gone up, but the area is also benefiting from other projects. For example, there’s a new Fort York Visitor Centre, and most of us have heard about the new Bentway skating trail that runs under the Gardiner Expressway.

Number 231 Fort York Blvd (‘Atlantis Aquarius’) is right across the street from all that action. Unit 1113 is a well laid-out one bedroom unit with a cute little balcony and a great view. (As the western-most building of the project, it has an unobstructed west-facing view of the city, the waterfront and the lake off in the distance.) Features include laminate wood flooring in the living/dining room, stainless steel appliances and a breakfast bar – great for casual eating or entertaining. The unit comes with an owned parking spot, and extra rental parking spots are sometimes available, too.

The building has some great amenities, including a games room, mulit-purpose room, and the Oasis Club – the fitness room, salt water pool, large Jacuzzi, etc. It all makes for comfortable living. And if you want to get out for a run or a bike ride, Coronation Park and the waterfront trail are right across the street.

It’s a short walk to the streetcar (board at Fleet Street, just down at the corner with Fort York Blvd), or the bus; they’ll take you to Union Station or Bathurst Station – and points in between. Or, pop down to the Lake Shore to hit the Gardiner. There are lots of transportation options from here!

This great little spot is perfect for the first time buyer(s) or small investor. Judging by the showing action so far, it’s a hot commodity! If you are interested, or know somebody who might be, don’t hesitate to call me.