Greater Toronto Realtors reported 5,025 residential sales through the Toronto MLS system in February 2019. The number of transactions in February represented a 2.4% decline compared to 5,148 transactions reported in February 2018.
For the region as a whole the semi-detached home type in the GTA experienced the largest sales increase in February at 1.8%.
The number of new listings reported in February 2019 was down by 6.2% compared to February 2018. The number of active listings reported in February 2019 was down by 0.6% compared to February 2018. Both statistics support tighter market conditions.
“The OFSI mortgage stress test has left some buyers on the sidelines who have struggled to qualify for the type of home they want to buy. The stress test should be reviewed and consideration should be given to bringing back 30 year amortization for federally insured mortgages. There is a federal budget and election on the horizon. It will be interesting to see what policy measures are announced to help with home ownership affordability,” said Gary Bhaura, TREB’s President.
The average price in February was up by 1.6% from the same time last year to $780,397. Semi-detached homes in the GTA led the way in terms of an average price increase at 9.9% compared to the same time last year.
“Homes sales reported through TREB’s MLS system have a substantial impact on the Canadian economy. A study conducted by Altus for TREB found that, on average, each home sale reported through TREB resulted in $68,000 in spin-off expenditures accruing to the economy. With sales substantially lower than the 2016 record peak over the last two years, we have experienced a hit to the economy in the billions of dollars, in the GTA alone. This hit has also translated into lower government revenues and, if sustained, could impact the employment picture as well,” said Jason Mercer, TREB’s Director of Market Analysis.
Sales of Toronto (416 area code) condominium apartments decreased by 6.7% in February 2019. The average selling price of a Toronto condo (416 area code) increased by 7.4% in February 2019 from the same time last year to $612,488.
Condominium apartments accounted for 30.6% of total GTA sales in February while detached homes accounted for 43.2% of the total sales.
Other notable statistics include the average days on the market for February at 25 days, unchanged from a year earlier. The sales-to-listings ratio for February 2019 was 37.8% which is still classified as a seller’s market. A ratio from 24%-28% is considered a balanced market.
Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property's market value range
Real estate is very neighbourhood specific, building specific and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.
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