With so much negative talk in the media about a housing slowdown in many parts of the country it seems the Toronto market is as resilient as ever with positive stats in terms of price growth and number of sales in most Central/East/West neighbourhoods particularly those situated close to the subway.
Without a doubt, the frenzy we’ve seen in recent years has simmered, but bidding wars in the aforementioned areas are as common as ever.
Year over year stats as reported by the Toronto Real Estate Board (TREB) for October show the number of sales in the 416 inching up by just over 5.5% with prices up by about 6% to $869,870 from $819,124 (October 2017). Prices are definitely increasing but at a more stable and normal rate.
It’s not too long ago that we were all truly alarmed at the price appreciation and literal insanity of people clamouring to buy real estate here. While Toronto is unquestionably an expensive city to live in, according to Wealth Professional.ca and the Knight Frank Global Residential Cities Index, Toronto’s ranking as the most expensive city in terms of home appreciation dropped from Q2 2017’s #1 spot to #137 for Q2 of 2018. That’s one big step backwards which I see as a good thing.
While the same old story prevails regarding a shortage of listings, it’s important for me as a conscientious broker, to counsel my Sellers to price properly and reasonably in order to achieve a successful result. Buyers are still competing for competitively priced properties but are also taking advantage of the unique and not before seen opportunities on stagnating properties that are overpriced by uneducated Sellers. The best counsel I can offer right now to both Buyers and Sellers is to … BE REALISTIC!
Toronto and other Canadian cities continue to provide a world class quality of living at a relatively moderate cost. Our population is growing and Canadian companies are competing for top talent in a highly competitive global economy in order to prepare for the workforce of the future.