Toronto Real Estate Market Update - March 2019
Thursday Apr 04th, 2019
With some flirtations in March, the Greater Toronto Area still awaits Spring weather and along with that, a seasonal uptick in market activity. Home sales in March 2019 were identical to March 2018 (an increase of 1 sale). However, the number of new listings was down by 5.1%, a likely recipe for modest price gains of 0.5% for all property classes on a year-over-year basis. As Spring finally arrives in the coming weeks and additional supply hits the market, we can expect continued modest price gains and balanced market conditions.
Certain asset classes and neighbourhoods continue to outperform while others do not. Buyers, sellers, and investors should seek the advice of a professional REALTOR®️ before making any decisions in the present market.
The Bank of Canada is scheduled to make its next interest rate announcement on April 24th. Given the economic data of recent months, many economists expect the Bank to hold the overnight rate at 1.75%.
Toronto Real Estate Board (TREB) Market Watch Report
Still Fresh: TREB's Market Year in Review & Outlook Report
A few things I am reading...
Why it's so hard to get housing into Toronto's 'yellowbelt' neighbourhoods - and how experts say it can be done (Toronto Star)
2019 Canadian Real Estate Market Outlook: 'Once-in-a-Generation' Moment for Canadian Commerical Real Estate (CBRE)
Turbulent Times for Trade (Bank of Canada)
Below is a market snapshot of single family detached and condominium apartment price growth by municipality as of March 31, 2019.
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.
If you want to know how prices are performing by asset class in your specific neighbourhood or any neighbourhood in the GTA you may be interested in, please click here.
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Single Family Detached Home Price Index
Toronto: +2.20% (1 Month), +2.08% (3 Month), +1.35% (6 Month), +1.79% (1 Year)
Mississauga: +2.08% (1 Month), +2.37% (3 Month), +3.04% (6 Month), +2.12% (1 Year)
Brampton: +1.77% (1 Month), +3.79% (3 Month), +3.14% (6 Month), +4.93% (1 Year)
Vaughan: +2.45% (1 Month), +0.85% (3 Month), -0.91% (6 Month), -3.52% (1 Year)
Richmond Hill: +1.67% (1 Month), -1.27% (3 Month), -3.24% (6 Month), -4.26% (1 Year)
Markham: +0.11% (1 Month), 0.00% (3 Month), -1.96% (6 Month), -2.14% (1 Year)
Condominium Apartment Home Price Index
Toronto: +0.97% (1 Month), +2.47% (3 Month), +3.49% (6 Month), +7.87% (1 Year)
Mississauga: +1.66% (1 Month), +4.29% (3 Month), +8.37% (6 Month), +11.26% (1 Year)
Brampton: +0.58% (1 Month), +3.48% (3 Month), +3.61% (6 Month), +6.93% (1 Year)
Vaughan: +1.99% (1 Month), +2.41% (3 Month), +2.22% (6 Month), +1.39% (1 Year)
Richmond Hill: +0.70% (1 Month), +1.64% (3 Month), +2.78% (6 Month), +1.50% (1 Year)
Markham: +2.45% (1 Month), +3.28% (3 Month), +0.60% (6 Month), +2.89% (1 Year)
*How to use these numbers: If on March 1, 2019 the value of a detached home in Toronto was $900,000, it would be worth $918,000 on March 31, 2019 based on the Toronto home price index (HPI). That $900,000 home appreciated $18,000 in March or $580.65 per day.
Prepared by Michael De Luca, Real Estate Sales Representative at Private Service Realty (PSR), Brokerage