What's Going on in the Toronto Real Estate Market?
Sunday Jan 07th, 2018Share
Using data from the Toronto Real Estate Board, I want to clue you in on what’s happening in the Greater Toronto market.
Diving into today’s topic, I want to share with you what’s taking place here in the Greater Toronto Area using some really interesting supporting data from the Toronto Real Estate Board. As we know, the market really isn’t what it was eight or nine months ago.
In case you haven’t heard yet, in the early portion of 2018, the government is planning to implement a stress test. Every buyer that would be born from a federally regulated lender would have to qualify for a mortgage at a rate that’s higher than the rate they’d actually be paying, which would naturally undercut their maximum mortgage amount. Here are some statistics we’ve pulled from the market:
- The average home is selling in 23 days, which is one day less than it was in September and seven days longer than it was 12 months ago.
- The average-priced home is selling at $780,000, which is up by 1% since September and by 2% since a year ago.
- Detached homes are selling at an average of $1,008,000. This is 1% less than September and 2.5% less than this time a year ago. Semi-detached homes are selling at an average $764,000, which is a 2% increase from September and a 6% increase from October.
- Condominiums have experienced the most appreciation: they’re currently selling for $523,000. There hasn’t been an increase since September, although year-to-date, they’ve actually increased by 22%.
I hope this information is helpful to you. If you have any questions about the market, feel free to reach out to me. I look forward to hearing from you!
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