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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!

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