Skip to main content

Market Watch for April 2018

TORONTO, ONTARIO, May 3, 2018 – Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 7,792 sales through TREB’s MLS® System in April 2018. The average selling price was $804,584. On a year-over-year basis, sales were down by 32.1 per cent and the average selling price was down by 12.4 per cent. The year-over-year change in the overall average selling price has been impacted by both changes in market conditions as well as changes in the type and price point of homes being purchased. This is especially clear at the higher end of the market. 


Detached home sales for $2 million or more accounted for 5.5 per cent of total detached sales in April 2018, versus 10 per cent in April 2017. The MLS® Home Price Index strips out the impact of changes in the mix of home sales from one year to the next. This is why the MLS® HPI Composite Benchmark was down by only 5.2 per cent year-over-year versus 12.4 per cent for the average price. “While average selling prices have not climbed back to last year’s record peak, April’s price level represents a substantial gain over the past decade. Recent polling conducted for TREB by Ipsos tells us that the great majority of buyers are purchasing a home within which to live. This means these buyers are treating home ownership as a long-term investment. A strong and diverse labour market and continued population growth based on immigration should continue to underpin long-term home price appreciation,” said Mr. Syrianos. 

After preliminary seasonal adjustment1 , the month-over-month change (i.e. March 2018 to April 2018) in sales and the average selling price was minimal, with sales decreasing 1.6 per cent and the average selling price decreasing by 0.2 per cent. The month-over-month sales trend has flattened out over the past two months following a steeper drop-off in January and February. “The comparison of this year’s sales and price figures to last year’s record peak masks the fact that market conditions should support moderate increases in home prices as we move through the second half of the year, particularly for condominium apartments and higher density low-rise home types. Once we are past the current policy-based volatility, home owners should expect to see the resumption of a moderate and sustained pace of price growth in line with a strong local economy and steady population growth,” said Jason Mercer, TREB’s Director of Market Analysis. Provincial Election Candidates Should Make Housing Issues a Top Priority With a provincial election campaign about to begin, GTA REALTORS® hope that all of the provincial parties will make housing issues a priority. 

Home ownership is a worthwhile investment that benefits our economy, individual finances and quality of life,” said Mr. Syrianos “In recent months and years, there has been significant intervention in housing markets by all levels of government, through regulatory changes and taxation. We believe the next step should be tax relief, especially from Land Transfer Taxes, both provincial and the Toronto Land Transfer Tax, and efforts to facilitate an increase in the supply of missing middle housing that fills the gap between single family homes and high rises. Furthermore, we believe that any attempt to increase the Toronto Land Transfer Tax should require approval from the provincial government, given the significance of Toronto’s economy to the Province and the connections between the Toronto real estate market and that of the broader GTA,” added Syrianos.

Comments

Post a Comment

Popular posts from this blog

7 Ways to Make Your Home Cozier This Winter Without Spending

As the temperatures continue to drop, we'll all be spending more time indoors. There are countless ways to make your home feel cozier for the winter if you have extra money to spend, but if you're being mindful of your finances after the holidays, here are some ideas to help you do it without spending. Bring Out the Blankets As the temperatures drop, it’s time to bring out all of those extra throw blankets and quilts you have lying around in storage. Drape blankets over your couches, chairs, beds, and ottomans; fill a blanket ladder and display it in the corner of a room; or fold extra blankets and place them in the corner. Sticking to warm textures such as wool where possible will help to make the space feel cozy. Light Candles Lighting some candles around your home is one of the easiest ways to make your space feel cozy, and who doesn’t have a stash of candles sitting around somewhere in their home? Not only will the flickering light add a sense of warmth and charm, but your ...
Post a Comment
Read more

Bathroom Upgrade Options

Whether you're looking for easy, affordable changes or a major renovation, there are many ways to enhance a bathroom environment. Beyond the basics like decorative colour-coordinated accessories to match curtains, mats and towels, enhanced upgrades like a spa-inspired showerhead and a touchless faucet will add personal comfort and convenience. Depending on your budget, a total makeover might include new tiling. If so, consider a few hand-painted accent tiles to make your bathroom truly unique. More spacious projects might include the addition of a two-sink vanity or a soaker tub.  Bidets are also becoming more popular as they become more affordable. If you don't have the room to add a luxurious stand-alone bidet, some newer toiles are dual purposed, while others can be accessorized with an add-on set attachment for a comparable hygienic experience. No matter what your bathroom makeover budget may be, you can achieve a fresh transformation simply by making a creative paint selec...
Post a Comment
Read more

3 Reasons To Invest In Smart Technology

AI is becoming more and more a part of modern life. Whether you are for it, against it, or somewhere in between, embracing AI at home can have considerable benefits. Save $$$ - With smart technology, you can set usage modes based on time of day or set vacation mode with your thermostat, lights, and refrigerator. If you forget to turn down the heat before you leave, you can remotely control it with your phone from anywhere. Time  - saving alerts and reminders – Have you ever put a load of laundry in the washer only to forget about it until the next day? With smart technology, you can receive alerts when your laundry is complete. For the kitchen you can now buy smart fridges that track food inventory and expiration dates and notify you when items are running low. Security – Wouldn’t it give you peace of mind if you got a notification when the oven was left on or the front door was unlocked? Smart technology can do just that and rectify the situation – remotely. There are now also sm...
Post a Comment
Read more