Toronto Real Estate Market Conditions Spring 2018
Thursday May 03rd, 2018Share
Making sense of Toronto home prices in the ever-shifting real estate market in the spring of 2018.
Hi, I'm Rosalin Smith-Carr here at Johnson & Daniel in Toronto. Browsing the information about the current state of the Toronto real estate market is quite likely to give you a headache.
I find that too much information causes confusion, while too little tends to leave one frustrated. Here are some snippets of the current comments in the media.
This is what Fort Collins a real estate consultant had to say: The Toronto housing market shrank 39% in March 2018 compared to March of a year ago. Luxury home prices took a precipitous fall this winter so those who didn't sell last spring and fall may have been feeling sick all winter long.
This from Huffington Post Canada: Toronto new condos built dropped 66% when prices soar 40% in the weirdest correction ever.
Sales of new condos in Toronto were down 66.5% in March of 2018 compared to March 2017. So, what did prices do? They soared by 40% during the same period.
Part of the increase comes from the fact that larger condos are being sold today than a year ago. They've gone from around 800 to 900 square feet. The Canadian Real Estate Association chief economist Gregory Clamp says that recent changes to mortgage regulations are fueling demand for lower priced homes while shrinking the pool of qualified buyers for higher priced homes.
Given the limited supply the shift of demand into lower price segments is causing those sale
prices to climb.
What I see these days is an amazing inconsistency in our market. What I mean by that is it some houses remain unsold while others are receiving multiple offers and selling above the asking and those are nearby homes.
The best way for you to clear the fog is to work with a local expert who's in the trenches every day. This will ensure that you get what you want as you navigate your way through these very murky waters.
We will continue to share and highlight for you the ongoing changes in our Toronto market.
Thanks for watching this video.