Column Toronto Real Estate Brokerage Royal LePage RES Ltd/Johnston and Daniel Division Toronto REALTORS® Louise Dodd and Jason Dodd
Column Middle Toronto REALTOR® Louise Dodd Toronto REALTOR® Jason Dodd Toronto Real Estate Services Toronto Real Estate for Sale Previous Toronto Real Estate Sales Toronto Real Estate Information and Other Information
December Real Estate Market

The Toronto Real Estate Board has published its December stats and the sale of 4,930 single family homes including condominium townhouses and apartments were recorded through the Board's MLS system. This number is 7% lower compared to the 5,305 sales in December 2016 and 28% lower than the 7,353 sales in November 2017.

The average price of a single family home in the G.T.A. is now $822,681 up 12.7% from 2016's average price of $729,837.

“It is interesting to note that home price growth in the second half of 2017 differed substantially depending on market segment. The detached market segment – the most expensive on average – experienced the slowest pace of growth as many buyers looked to less expensive options. Conversely, the condominium apartment segment experienced double-digit growth, as condos accounted for a growing share of transactions, said Jason Mercer, TREB’s Director of Market Analysis

The limited supply in the G.T.A. freehold market, from November 2016 to mid April 2017 was extreme. There was more inventory in the condominium market during that time. About mid-April, the inventory for both markets grew until July. In July and August central Toronto inventory shrank. In September it grew. Still, central Toronto inventory remains limited. We track MLS sales on a daily basis. From November to April 30th 2017, 10% of the sales in C01-C04, C08-C12, E01-E03, W01, W02 sold for asking price or under. In May about 25-50% of the sales were for asking price or under. In June about 45-60% of the sales were for asking price or under. In July the sales were 50-75% for asking price or under. In August the sales were 65-75% for asking price or under. In September, the sales were 50-75% for asking or under. In the last quarter the sales were 40-70% for asking or under. The districts noted cover roughly the area from the Lake to York Mills, and from the Humber River to Victoria Park.

The total of 2017 GTA Toronto Real Estate Board MLS sales was 92,394 units. This total is 18.3% down from the all time record high set in 2016 for 113,040 sales. For some added perspective, in 2007, the unit sales volume was 93,193, in 2014 it was 92,782.

** Important News Regarding Interest Rates** The Canadian economy added 78,600 new jobs in December and the expectation was for only 1,000 new jobs.  The Canadian unemployment is now at 5.7%, which is a 41 year low. It is a very strong possiblity that interest rates will go up in the near future when the central bank makes rate announcements on January 17th and March 7th respectively. If you are buying in the near future, you should talk to your lender and get a pre-aproval now that locks the current rate in, usually 120 days. If your mortgage renewal is soon you might want to ask your lender and or mortgage professional if there is a way to take advantage of the current rates. BNN News Story Here

Happy New Year! Best wishes for 2018.

Average Price December 1-31 2017
Average Price December 1-31 2016
City (416)
$834,138
$740,633
G.T.A. (905)
$815,635
$723,672

Average GTA Prices 1994 to 2017

1994
$208,921
2006
$351,941
1995
$203,028
2007
$376,236
1996
$198,150
2008
$379,347
1997
$211,307
2009
$395,460
1998
$216,815
2010
$431,276
1999
$228,372
2011
$465,014
2000
$243,255
2012
$497,130
2001
$251,508
2013
$522,958
2002
$275,231
2014
$566,624
2003
$293,067
2015
$622,120
2004
$315,231
2016
$729,835
2005
$335,907
2017
$822,681
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