Toronto Real Estate Market Update - April 2018
Tuesday May 08th, 2018
In the month of April 2018, sales in the GTA were down 32.1% and the number of homes listed was down 24.6% compared to April 2017.
In the freehold housing market, the general price trend year-to-date has been positive. The month of April was the first month since Q1 2017 that single family homes across the GTA saw a month-over-month price increase (see data below)! Two months ago we suggested that it was the time for smart buyers to act and that has proven true. Spring has sprung and it is still a great time to buy and sell assuming you have the proper motivation, can locate the right homes, and market your property effectively.
Condominiums across the GTA, and especially in Toronto, continue to show strength as buyers priced out of the freehold market settle for condos, millennials step up to purchase their first home, and downsizers seek smaller spaces close to amenities. A strong local economy, foreign investment, and immigration also continue to drive sales and price growth.
Interest rates continue to rise, which should continue to add stability to the housing market over the coming quarters.
Toronto Real Estate Board (TREB) Market Watch Report
Below is a market snapshot of single family and condominium apartment price growth by municipality as of April 30, 2018.
The figures cited in this note are an average. Please contact us for neighbourhood specific information so you can make an informed decision if you are thinking about making a move.
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Single Family Home Price Index
Toronto: +1.10% (1 Month), +3.16% (3 Month), +2.54% (6 Month), -8.16% (1 Year)
Mississauga: +1.14% (1 Month), +2.32% (3 Month), +1.85% (6 Month), -9.61% (1 Year)
Brampton: +0.41% (1 Month), +2.49% (3 Month), +2.06% (6 Month), -7.20% (1 Year)
Vaughan: 0.00% (1 Month), +1.32% (3 Month), -1.25% (6 Month), -13.87% (1 Year)
Richmond Hill: +1.55% (1 Month), +1.10% (3 Month), -4.10% (6 Month), -17.19% (1 Year)
Markham: +0.78% (1 Month), -0.28% (3 Month), -2.68% (6 Month), -16.29% (1 Year)
Condominium Apartment Home Price Index
Toronto: +1.80% (1 Month), +6.13% (3 Month), +7.79% (6 Month), +12.35% (1 Year)
Mississauga: +1.40% (1 Month), +6.82% (3 Month), +8.46% (6 Month), +6.25% (1 Year)
Brampton: -0.35% (1 Month), +4.22% (3 Month), +5.13% (6 Month), +4.03% (1 Year)
Vaughan: +0.13% (1 Month), +3.67% (3 Month), +3.09% (6 Month), +11.43% (1 Year)
Richmond Hill: -1.19% (1 Month), +2.34% (3 Month), +3.38% (6 Month), +4.05% (1 Year)
Markham: -1.14% (1 Month), +4.45% (3 Month), +4.34% (6 Month), +2.10% (1 Year)
*How to use these numbers: If on April 1, 2018 the price of a condo in Toronto was $500,000, it would be worth $509,000 on April 30, 2018 based on the home price index (HPI). That $500,000 condo in Toronto appreciated $9,000 in April or $300 per day.
Prepared by Michael De Luca, Real Estate Sales Representative at Private Service Realty (PSR), Brokerage
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