As of today, there are just over 16,000 active listings in the GTA. The average selling price for all home types combined was $732,292 – up by 3% compared to August 2016. This growth was driven by the semi-detached, townhouse and condo apartment market segments that continued to experience high single-digit or double digit year-over-year average price increases. If current conditions are sustained over the coming months, we would expect to see year-over-year price growth normalize slightly above the rate of inflation. However, if some buyers move from the sidelines back into the marketplace, as TREB consumer research suggests may happen, an acceleration in price growth could result if listings remain at current levels,” said Jason Mercer, TREB’s Director of Market Analysis. However, we only had 5000 sales reported in July of 2017, down almost 40% from July a year ago indicating that a lot of buyers are waiting on the sidelines for prices to drop further. The average home price in the GTA currently sits at $746,218, down from a record high of $919,449 in April. Although the housing market has dipped significantly in the last few months we are still ahead of the same time last year as the average sales price for a home in the GTA in July of 2016 was $710,471.
Low-Rise - (semi-detached, detached, towns) (semi-detached, detached, towns) The market for low rise properties has cooled and the average prices have continued to drop from July to August from 1% to 10% depending on the area. The GTA has seen a drop of 3% ($999,456 in July to $968,494 in August) for the average price of a detached home from July to August while the average price of a semi has gone up by 3% (from $704,500 in July to$715,167 in August). Most other areas of the city have seen moderate dips in the average price for low-rise properties. However, near the end of August inventory decreased slightly while demand increased and if that trend continues into September the market may be a little more balanced and the month to month decreases in the average price might be coming to an end.
Condos - GTA condos have had a fairly strong August as inventory remains low while demand is still strong due to their affordability. The average sales price for a GTA condo has gone up by 1.1% from July to August(from $501,750 in July to $507,841 in August).
Pro Tip - A very common question I get is should I buy or sell first? In a seller's market a lot of people choose to buy first (although you should make sure that you are able to cover two mortgages in the case that the housing market suddenly shifts as it did in the GTA earlier this year) In a buyer's market or a balanced market, it's recommended to sell first because inventory levels are usually higher and it takes longer to sell while it's easier to buy properties because you don't have to compete for every property.
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TORONTO Report; BRAMPTON Report; BURLINGTON Report; MILTON Report; VAUGHAN Report; MISSISSAUGA Report; OAKVILLE Report; MARKHAM Report