Hello Lovely People!

How’s everyone doing today? It’s been a while since I put forward a market update and am committed to do one monthly starting now so here we go!  [infographic at the bottom or you can download and view a PDF version here]

Now we’ll have the February numbers in a couple weeks. But here’s a deep dive into the urban markets of Toronto for January compared year over year. Remember this is only for Toronto’s Urban Communities South of Eglinton East of Etobicoke West of Scarborough. These markets are generally performing similarly so the numbers here won’t be skewed by the underperforming suburban markets.

So How’s The Market, you ask? Read on

As we move into the latter third of Q1 2019 we’re seeing some serious momentum in our market across the board. Perhaps fuelled by the announcement of Netflix’s new production facility along Eastern Ave, the 50,000 new jobs that East Harbour will provide or even Sidewalk Lab’s announcement to expand their plans for our waterfront.
Whatever the case may be, it’s safe to say that our market is doing very well and will continue to do well as long as we keep producing high paying tech and finance jobs in the 416. Let’s not forget about immigration. With the majority of Canada bound immigrants landing in Toronto, it’s pretty easy to see why our market is so robust and resilient in the face of global economic turmoil.
Some stats to chew on: Sales volume is way down. Down nearly 31% in the West, flat in central and 19% in the East but prices overall are up. The Seller’s market is still alive and well in all of Toronto’s urban communities. The drop in sales volume and increased prices confirm that we’re still experiencing a strong Seller’s market in most urban communities with Buyers clamouring over each other to get a piece of the Toronto Real Estate pie.

Detached

It’s not all rosy though as Detached homes dipped 12.7% from East to West on average but that’s because Buyers are pickier than ever. Quality freehold product that’s presented well is still performing very well especially in the $1.5 to $2.5mm range. It’s the lower quality, less finished product that is dragging down the urban average.

Semi Detached

Semis in the East and West urban communities managed to inch up 10 and 12% respectively while some lower end sales in the Central Toronto’s urban communities dragged down the average and showed virtually no gain year over year.

Townhouses & Condos

As expected folks have been getting priced out of the freehold market and they’ve been flocking to Townhouses and Condos resulting in huge gains across the board with a massive 72.89% gain in Townhouse prices East to West. Condos and Lofts realized a modest gain of 6.14%.
Going forward we should see a lot more Buyer activity spike condo prices as many would-be sellers are essentially stuck in their space not being able to afford to move-up to feed condo supply. We should see some more freehold listings as we approach the traditionally active Spring market. 
That’s it for now! We’ll talk next month. Make sure you’re signed up for the World’s Greatest Real Estate Newsletter so you don’t ever miss these updates and access to Toronto’s most in-demand developments and house listings before they even hit the market. That’ how you really win in this market!

TELL US WHAT YOU THINK