07 Jan Market Update December 2017
**City of Toronto Real Estate Market Update**
In the month of December, we continued to see a decline in overall sales activity year over year (YoY) in Toronto. When examining sales activity by home type, we did see healthy growth in the semi-detached and attached row/townhouse segments (up 25% and 6%, respectively). On the inventory side, we experienced a buildup of listings across all home types. The growth in listing inventory was driven by an increase in new listings and longer sales cycles (average # of days on the market).
Although, inventory has continued to expand on a YoY basis, we are still seeing a normalization in pricing with an overall gain of 4% YoY. Home prices in the detached and attached row/townhouse segments displayed moderate price declines on a YoY basis (down 3% and 4% respectively). Semi-detached houses and condominium suites displayed strong double-digit YoY price growth in the month of December (12% and 14% respectively). The sales and price growth in these two categories is likely tied to an influx of first-time buyers entering the market before the January 1st mortgage qualification changes take effect. As we have now entered the new year, we will likely see a continuation of this trend towards condos, row/townhouse and semi-detached homes, as many buyers will qualify for less of a mortgage than they did in 2017. It will be interesting to see the effects of the new mortgage rules, as the data are made available over the next few months.
If you would like more information on your neighbourhood, or a neighbourhood of interest, feel free to call, text or email me at any time.
Happy New Year! Wishing everyone a wonderful 2018.