REAL ESTATE MARKET UPDATE AUGUST 2017 - TORONTO - GTA
Another good month for the Toronto Real Estate Board, as TREB members sold 5,921 homes in July. The average sale price now stands at $857 823, up 17% over year-end 2016 of $729,827. There are 18,751 active listings on the market and with an anticipated sale of 5,500 homes in August, there are 4 listings, (homes listed for sale) for the average buyer to choose from. These are averages, with some areas having only two listings available per sale, others having 6 or more homes for sale. A balanced market is described as 4-6 listings available per sale, a seller's market is described as less than 4 listings per sale and a buyer's market is described as 6 + listings per sale.
Are you wondering why I said another good month, when the statistics talk about the market being down 40% year-over-year? That's the challenge with some statistics, they don't give you the wider picture. If Michael Jordan scored 60 points in a game (which he did 5 times in his career) and then the next game only scored 30 points, the headlines would read Michael Jordan’s scoring down 50% ! Not really reflective of what happened or the quality of the game that he had ~ we must remember it's a statistic and that the Toronto Real Estate Market in 2016 was a record year.
With 2016 being the most active year ever in the history of TREB, and March 2017 where average prices increased by 30%, we have to take the comparison statistics with a grain of salt, as they do not reflect the reality of the current more normal real estate market.
The economy, interest rates ( slight change here ), high immigration, high demand, lack of inventory, remain favourable for both sellers and buyers. The government housing policies, while making some buyers delay their decision, will have no long-term impact on the Toronto real estate prices as we've seen in Vancouver. In fact, on average, in July homes sold at 98% of asking price with an average time on the market of 21 days. Good properties marketed well, are still selling quickly.
The wait-and-see attitude of some buyers and the normal slower summer market has created an opportunity for those who missed the market earlier this year to buy.
If you're thinking of purchasing or know of someone who is considering buying or selling, please give me a call ~ I'll be happy to help.
As always, thank you friends and family for your referrals ~ they are so appreciated.
Have a great August!
Your Friend in Real Estate,
Suzana ( Sue ) Davies , Sales Representative Remax Realtron
Connect with me!