Toronto Market Snapshot April 2018May 7, 2018 | Real Estate Stats
Depending on your perspective, the stats below either make you worried or relieved. Worried if you own real estate, but relieved if you’ve been trying to enter the real estate market but have been pushed out due to fierce competition or rising prices.
Of course, the statistics in these market snapshots are really just that – snapshots. It’s a window into market movement from month-to-month, with a bit of insight into a year-over-year perspective. It doesn’t encompass everything you need to know. Every neighbourhood has its own market vibe, every condo building its own individual market dynamics, and within different price brackets, its own unique characteristics too. Plus, as has always been the case, the best way to look at real estate is from a long-term hold position. Real estate isn’t like the stock market – it’s not something you flip around with – but rather, these are homes where people live and a longer-term approach is always best, and will over time always insulate you from monthly variations in price. So with that whole preamble out of the way, let’s take a look at how the condo market performed over the last few weeks, taken with a grain of salt, of course!
The April 2018 Real Estate Market Stats
The stats only tell some of the story. Although there are some minus signs on the month-over-month percentages, do note that the year-over-year prices are still up 3.8% from last year. That’s not just me playing the real estate cheerleader, but actually a realistic interpretation of what I’m seeing and feeling “in the real estate trenches” right now. The months of February and March this year were really intense, where the price jumps and activity were wild. Coming off of that high would no doubt drop the prices slightly, but I take that to be a healthy thing, since continuous staggering growth isn’t good either. After all, who wants to create a real estate bubble?
Toronto Market Snapshot Summary
I think the best way to interpret the most recent Toronto condo stats is that it’s still an active and oftentimes challenging market (ahem, first-time buyers!), but it’s not as difficult to be a buyer right now as it was back in February and March. There are slightly more listings on the market, creating slightly more choice, and with none of the buyers holding on to the old mortgage rule qualifications that in some cases held over into early 2018, everyone is now playing on an even financing playing field.
What Are My Next Steps?
Are you a buyer? Email or ring us up to discuss what the market vibe is like for whatever it is that you’re specifically in the market for. We can let you know what to expect depending on your focus on neighbourhood, condo building & price point, so that you’re well armed to go into the process with all of the nuances understood.
Are you a seller? Slapping a listing up on MLS without thinking may still get the condo sold quickly in this market, but it’s not going to put the most amount of money in your pocket. Taking a bit of time to prepare, clean, stage, photograph and properly market your condo will put thousands more (if not tens of thousands) more dollars into your pocket. This is what we love to do!
If you’re a landlord or tenant, contact us too! We work downtown and get that the vast majority of activity (especially in the Bay/Yonge Condo Corridor) is in rental activity. We understand how to get this figured out for you with years of experience under our belts.