08 Mar Market Update February 2018
**City of Toronto Real Estate Market Update**
In the month of February, we continued to see a decline (31%) in overall sales activity year over year (YoY) in the city of Toronto. All home types experienced double digit declines in sales volume in the second month of the year. Although we saw a buildup of listing inventory (66% increase) across all home types on a YoY basis, we are still at historic low inventory levels across most neighbourhoods in the city of Toronto.
Shifting to a month over month (MoM) view, we have begun to see a reversal from the previous 4 month trend of declining inventory, as active listings displayed an uptick MoM across all home segments. We have also begun to see a decline for all home types (MoM) in average number of days a listing is active, likely the result of an increase in active buyers in the market, especially post-holiday/vacation season. As we enter the spring market, new listing inventory should begin to pick up – hopefully some relief for the many buyers who are eager to purchase.
Although prices declined YoY in the detached and semi-detached home segments (19% and 9%, respectively), I am still seeing strong demand, and often bidding wars, for these home types in certain neighbourhoods around Toronto. In February, prices for row/townhouses and condos continued to rise on a YoY basis (7% and 11%, respectively). Condos are still the hottest segment of the market, displaying double digit (11%) YoY price growth. I expect this price appreciation trend to continue for the foreseeable future, as approvals and completions for new condo construction has slowed and demand for condo suites is very strong.
I can report that the Toronto Central, East and West markets, are still seeing tremendous turnouts at weekend open houses and offer nights are still attracting multiple bids for the right properties in certain Toronto neighbourhoods. I recently represented clients who participated in an offer night for a condo that attracted 14 offers!
If you’re looking to sell and want to know what your home is worth, or you are a buyer looking to find a home in a neighbourhood of interest, just call, text or email me at any time.
Keeping You Better Informed To Make Smart DecisionsTM