Toronto Real Estate Market Update - January 2018
Thursday Feb 08th, 2018Share
In the month of January 2018, sales in the GTA were down 22% compared to January 2017 and the number of homes listed was up 17.4%. Price increases and decreases continue to be mixed across neighbourhoods and asset classes. Many areas and asset classes continue to show strength with the condominium market segment remaining the strongest. Market conditions in January 2017 should be seen as an outlier. Listing inventory in 2018 remains historically low and as demand picks up in the coming months, market conditions will become tighter yet again.
Toronto Real Estate Board (TREB) Market Watch Report
There remains plenty of pent-up demand waiting to enter the market among millennials, new immigrants, and foreign investors. Canada was recently ranked number three in the world for global wealth migration and this trend will continue in 2018. Hilliard Macbeth, a notable Canadian housing bear and author of "When the Bubble Bursts: Surviving the Canadian Real Estate Crash" recently commented that 2018 will be the year that rewards those buyers who have been patient. Smart buyers are now entering or preparing to enter the market. Remember, the best time to buy real estate is always five years ago.
Home sellers can still benefit from historically high prices. If you plan to sell your home this year, you should be preparing now ahead of the seasonal spring market uptick. Sellers have the advantage that no matter what the market conditions are, you stand to benefit when moving. If you sell high you buy high. If you sell low you buy low. Sellers should move based on motivation and needs.
Below is a market snapshot for single family and condominium apartment price growth by municipalityas of January 31, 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.
To request neighbourhood information or Home Price Index (HPI) price growth for any neighbourhood in the GTA click here.
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Single Family Home Price Index
Brampton: +0.51% (1 Month), -0.42% (3 Month), -2.67% (6 Month), +5.39% (1 Year)
Mississauga: -0.66% (1 Month), -0.45% (3 Month), -4.16% (6 Month), +0.62% (1 Year)
Toronto: -0.52% (1 Month), -0.60% (3 Month), -5.30% (6 Month), +1.09% (1 Year)
Markham: -1.11% (1 Month), -2.41% (3 Month), -8.18% (6 Month), -4.60% (1 Year)
Richmond Hill: -1.09% (1 Month), -5.14% (3 Month), -12.32% (6 Month), -6.30% (1 Year)
Vaughan: -0.92% (1 Month), -2.54% (3 Month), -6.81% (6 Month), -1.00% (1 Year)
Condominium Apartment Home Price Index
Brampton: -0.95% (1 Month), +0.88% (3 Month), -5.67% (6 Month), +14.37% (1 Year)
Mississauga: -0.88% (1 Month), +1.54% (3 Month), -0.93% (6 Month), +14.67% (1 Year)
Toronto: +0.46% (1 Month), +1.57% (3 Month), +2.39% (6 Month), +21.52% (1 Year)
Markham: +0.45% (1 Month), -0.10% (3 Month), -0.10% (6 Month), +17.57% (1 Year)
Richmond Hill: +1.25% (1 Month), +1.02% (3 Month), -2.76% (6 Month), +16.68% (1 Year)
Vaughan: -0.23% (1 Month), -0.55% (3 Month), 0.00% (6 Month), +20.62% (1 Year)
*How to use these numbers: If on January 1, 2018 the price of a condo in Toronto was $500,000, it would be worth $502,300 on January 31, 2018 based on the home price index (HPI). That $500,000 condo in Toronto
Prepared by Michael De Luca, Real Estate Sales Representative at Private Service Realty (PSR), Brokerage