Good bye March. Welcome warm weather, spring flowers, sunshine and more listings! The March real estate stats were released this week and when we add in the GTA figures it sounds like the real estate market is crashing. Not so.
AVERAGE SALE PRICE FOR TORONTO (2018): JANUARY – $766,616 | FEBRUARY- $806,494 | MARCH – $817,642
With three consecutive months of increase, house prices in the Toronto area continue to show signs of stabilizing, fueling predictions the city will continue to see stronger growth in the second half of 2018. The new mortgage qualifications rules do not appear to have had a major impact on the average monthly prices in the first three months this year. Toronto has seen a dramatic drop (down 34%) in the number of sales from last year. Last year we had less than a month of inventory versus this year with inventory ranging between two and three months.
Last week was a short week with Good Friday and Easter, therefore the number of new freehold listings was substantially down 49% compared to the week before. That being said, the number of sales were up 20% and of those sold, 75% sold over the asking price.
It was a similar market in the resale condo sector. Listings were down 33% from the week before but sales were slightly up by 10%, and 55% sold over asking.
AVERAGE CONDO PRICE FOR TORONTO (2018): JANUARY – $543,279 | FEBRUARY – $570,275 | MARCH – $590,184