In the month of March 2018, sales in the GTA were down 39.5% and the number of homes listed was down 12.4% compared to March 2017.
In the freehold housing market, the general price trend year-to-date has been positive. From January 2018 to March 2018, prices are up in the majority of neighbourhoods. The Toronto freehold market remains particularly strong against the 905.
Condominiums across the GTA 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.
You would be wise to ignore media reports based solely on annual price trends. Annual price growth numbers understandably show a decline in prices compared to peak prices experienced in Q1 of 2017, which were driven by FOMO (the fear of missing out) and foreign and domestic speculation.
Year-to-date, the market is strong and we are now entering a peak time of the year for market activity. The Bank of Canada is scheduled to make its next interest rate announcement on April 18.
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 March 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.
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Multifamily Investment
Mixed Use
Fixer Uppers
Estate Sales
Bank Owned
Single Family Home Price Index
Brampton: +1.34% (1 Month), +2.59% (3 Month), +1.99% (6 Month), -3.86% (1 Year)
Mississauga: +1.49% (1 Month), +0.49% (3 Month), +0.58% (6 Month), -7.84% (1 Year)
Toronto: +0.95% (1 Month), +1.51% (3 Month), +1.03% (6 Month), -4.92% (1 Year)
Markham: -0.57% (1 Month), -2.16% (3 Month), -4.10% (6 Month), -13.35% (1 Year)
Richmond Hill: +0.38% (1 Month), -1.53% (3 Month), -6.50% (6 Month), -14.11% (1 Year)
Vaughan: +1.05% (1 Month), +0.38% (3 Month), -0.38% (6 Month), -9.88% (1 Year)
Condominium Apartment Home Price Index
Brampton: +3.21% (1 Month), +3.59% (3 Month), +5.12% (6 Month), +8.21% (1 Year)
Mississauga: +2.52% (1 Month), +4.42% (3 Month), +6.06% (6 Month), +11.14% (1 Year)
Toronto: +1.79% (1 Month), +4.73% (3 Month), +7.06% (6 Month), +15.94% (1 Year)
Markham: +1.00% (1 Month), +6.12% (3 Month), +5.12% (6 Month), +9.08% (1 Year)
Richmond Hill: +0.49% (1 Month), +4.87% (3 Month), +3.24% (6 Month), +9.87% (1 Year)
Vaughan: +1.50% (1 Month), +3.29% (3 Month), +3.82% (6 Month), +15.79% (1 Year)
*How to use these numbers: If on March 1, 2018 the price of a condo in Toronto was $500,000, it would be worth $504,750 on March 31, 2018 based on the home price index (HPI). That $500,000 condo in Toronto appreciated $4,750 in March or $153.23 per day.
Prepared by Michael De Luca, Real Estate Sales Representative at Private Service Realty (PSR), Brokerage
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