— We take our content seriously. This article was written by a real person at BREL.
Note that the Trust in Real Estate Services Act came into effect December 1, 2023. We are currently updating our content to reflect changes to how REALTORS represent clients and changes to required disclosure, bidding war practices and paperwork.
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!
