In social situations I am often asked "How's the market?" Whoever is asking the question is most interested in knowing what the market is like in their neighbourhood. Quoting statistics that are culled from the entire Greater Toronto Area is meaningless to someone living mid-town.
Since the late spring of 2012, the Toronto real estate market as a บ้านมือสอง whole has shown there to be negative monthly variances in the number of sales between 2011 and the corresponding month in 2012. During the latter half of 2012, monthly sale numbers were down an average of 10.5% per month over the corresponding month in 2011. Ironically, most average sale prices continued to rise but the increases were smaller than in the corresponding months of 2011.
In spite of negative numbers, the market for a detached house in the 416 area code portion of Toronto is still very strong. The number of sales has declined 18% from the previous year and the average price for such properties has decreased by 4%. One reason for the lower average sale price is a decrease in the number of homes for sale priced at over $1,000,000. This must be weighed against the average time on the market it took all properties to sell, which is a healthy 30 days. Detached properties located in the 905 area code have seen an 11% decrease in sales and a 3% increase in average price. An increase in the number of available listings has Buyers taking more time to make their purchases. However, they may still find themselves in competition for exceptionally desirable properties.
Semi-detached houses show a similar statistical picture. Sales of properties in the 416 area declined by 13%, while prices rose by 4%. 905 semi-detached sales went down by 9%, while the average price rose 6%. Townhouse sales in area code 416 shrunk by 28%, while rising 5% in price. Area code 905 townhouse sales decreased by 6%, while prices increased by 1%.
The Toronto condominium market has seen the most drastic change. The increased number of new projects that have entered the marketplace have slowed sales by 25% in 416 and 26% in 905. This summer's tightening of the mortgage rules has affected first time buyers, who form a large proportion of the condo market. Condo prices have declined by 4% downtown, while increasing by 3% in the suburbs.
To sum up, while tougher lending rules and an increase of available properties has cooled the market, we are very far from the catastrophic slide predicted by the media. The individual circumstances of Buyers and Sellers also play a big part in how the market moves. Toronto's market as a whole appears to be moving toward balance.
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