Well, 2018 is off to an interesting start.
The Official Toronto Real Estate Stats for January 2018:
- Overall, prices in the Greater Toronto Area are DOWN 4.1% year over year. But the story doesn’t end there.
- We have 2 distinct markets in Toronto (the 416):
- Condo prices are WAY UP. Number of listings are DOWN.
- Detached house prices are DOWN. Listings are UP.
- The number of sales overall is DOWN 22% in the GTA (in other words, there’s less demand).
- The number of listings overall is UP 17.4% in the GTA (in other words, there’s more supply).
- It’s taking an average of 32 DAYS to sell a home in the GTA; 28 days in Toronto.
What we’re seeing at Ground Zero:
- This is the busiest January the BREL team has ever seen. We’ve got eager Buyers, we’ve listed some great properties and we have lots of people looking to make a move in the next few months. We’ve sold over $20 million in real estate so far this year.🙌
- If you’re looking to buy a condo downtown, prepare for a bidding war. In January:
- Smaller, more affordable units in high-demand locations were on 🔥 🔥 🔥. We heard lots of stories about condos getting 10 or 15 offers.
- 66% of the condos sold in January priced under $500,000 sold ABOVE the asking price. The average condo sold for 103% of the asking price.
- Condos priced above $500,000 sold for an average of 100% of the asking price. 15% of those sold in January sold ABOVE the asking price.
- Some condo investors are seeing this as an opportunity to cash-in on a fabulous market (we can’t blame them)
- Great houses in great locations are still getting multiple offers and selling quickly, but this is a BUYING OPPORTUNITY. If you’ve been waiting to buy a house, the time is NOW. ⏰
- 39% of the homes sold in Central Toronto in January sold ABOVE the asking price.
- One house sold for $217,000 OVER the asking price (24% higher than listed), though most bidding wars for houses are far more reasonable. This year, $100K over asking is last year’s $300K over asking.
The people who are #WINNING right now, are selling a condo AND buying a house; it’s a rare opportunity to be on the good side of both markets.
Questions? Thinking of making a move? Don’t be afraid to get in touch!