Toronto Real Estate | Why is it cooling? | Credit Cycle
October 12, 2018
Big Brother Canada and Michael "Mikey" Jakobczak
March 20, 2018
Toronto Real Estate | Rental Market is on Fire
October 15, 2018
Toronto Market December Statistics and 2017 Review
January 16, 2018
December number's came in low and lower then what we thought they would have. With news of the "stress test" coming into play in January 2018 we would have thought more sales. As this will be bringing buying power down for most buyer's who are looking to stretch their money into the market for the first time or just in general. Month's of inventory still remains low. Still in favour of sellers. With Average price dropping 3,54% it brings us just over 0.7% from a year-over-year basis. Days on market also jumped up to 27 days, which is still not bad for all the negative press Toronto gets in the news. Which shows good strength on the market itself.
Sales dropped over 20,000 from 2016. This is blamed on the government poking its head into the market. After dropping a 15% tax on foreign buyers they did some market research and found that the impact foreigners have on the market is less then 5%. This definitely had a big impact on sales. How much we will never be able to pin point. But from my experience in the market I do see draw back from my buyers and sellers when these regulations come into play.
A further breakdown of year percentage change of property type it's no big surprise here. As Condo's trended and carried the market for most of 2017 we see a 14.4% jump in price. great job for all my condo buyers out there. Usually we don't see this great return so I'm glad this number is where we are at. All other property types were pretty much flat besides detached which had the biggest drop of 2.5% This is no surprise as the market jumped up 30% in the beginning due to low supply detached homes were quickly the target of low sales throughout the rest of the year.
I expect to see the same trend for 2018 as price points for detached still remain high and more and more buyers will start to look for cheaper ways into the market.