09 Mar 2019
How’s the market? Urban Toronto Edition: February 2019
Hello Toronto!
It’s that time of the month again, folks. The sales dust has settled and February 2019 numbers are in. Please keep in mind that all my research focusses on the urban communities of Toronto.
How’s the market, you ask? Let me tell you.
Despite what you might be hearing out there our urban communities are still posting big price gains across the board. Remember when you’re watching the news or reading the paper those stats you’re reading aren’t as drilled down as mine are. They’re usually using big GTA or Canada-wide data. Which is great to understand overall sentiment but means very little to the person that wants to understand how their Leslieville condo or Roncesvalles detached might perform on the market today. Make sense?
Quick Market Recap
Overall sales volume is way down again in the West and East Urban Communities (see graphic below for details or download PDF here). Central Communities in our Downtown Core still managed to post both total sales volume gains as well as price gains virtually across the board.
This speaks to the strength of real estate in Toronto’s core despite prices being at all time highs. Toronto is creating thousands high paying jobs annually and is becoming the talk-of-the-world! Our Urban Communities surrounding the Core (think Leslieville, Roncy etc…) are also performing very well for Sellers.
There really isn’t a property type in our urban communities that is struggling. Townhouses and Condos especially in the lower price points are flying on offer night, so are fully renovated semi detached homes (although there’s a massive appetite for land value homes needing a ton of work).
We’ve also never seen so much demand for high quality detached homes with a price-tag north of $1.8mm. We should start to see $3mm become the norm for fully renovated BIG urban homes within the next 24mths.
Couple things to remember if you’re a buyer in this market
- Competition when making offers isn’t a bad thing. We don’t let emotion get in the way of smart buying decisions.
- “Sold Over Asking” is a meaningless term so stop focussing on listing price
That’s it for now. If you’d like a deeper dive into the market for your specific street or property type please reach out and I’ll customize one for you.
Thank you so much for your attention! Hopefully you found this content useful. If so, make sure you’re subscribed to the industry’s “least spammy newsletter!” to be kept in the loop. We’ve got some great resources for Buyers and Sellers here too, so check that out and keep in touch, will ya?
Don’t forget, you can always call, text (416-434-1511) or email (ara@property.ca) if you have any comments or questions. Also, feel free to comment below!
