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Recent Sales(September 2017 – February 2018)

# avg highest days onsold price price market

Detached

1½ Storey 7 1,044,429 1,359,000 55

2 Storey 23 1,942,261 3,300,000 28

Backsplit 2 942,500 1,010,000 14

Sidesplit 1 1,650,000 1,650,000 56

Bungalow 12 1,057,167 2,950,000 23

Semi- 2 1,008,500 1,299,000 30detached

Townhome 1 1,029,000 1,029,000 8

MineolaMarket Watch

The headlines look a bit scary - GTA real estate sales were down by34.9 per cent in February compared to last year. Detached home priceswere down by 17.2 per cent. Homes

spent an average of 25 days on the marketbefore they sold, compared to just 13 dayslast February.

Although these figures look starkdon’t be fooled into thinking the realestate sky is falling. This is an expectedcorrection from the unsustainable peakin the market we were experiencing lastyear. And, despite these declines theaverage price of all homes is still higherby 12 per cent, when compared toFebruary 2016.

In total, there were 13,362 activelistings this February compared to just 5,400 in 2017. Listing supply isbelow average in many popular neighbourhoods and multiple bids are stillhappening, particularly for lower-priced homes and some condos.

“Prospective home buyers are still coming to terms with thepsychological impact of the Fair Housing Plan and some have also had to

re-evaluate their plans due to the newOFSI-mandated mortgage stress testguidelines and generally higherborrowing costs,” says Tim Syrianos,president of the Toronto Real EstateBoard. TREB predicts that as we moveinto the spring and summer months,sales and prices will pick up relative tolast year.

The average price of a detachedhome in the City of Toronto in Februarywas $1,282,240, while it was$911,065 in the 905 regions. Theaverage city condo apartment sold for

$570,275, while the average in the 905 was $435,216. In the condomarket, February prices remained 10.7 per cent higher than last year inthe City of Toronto, and 7.6 per cent more in the 905 regions.

Sales and prices expected to pick upBeware of comparisons to last year

Units Sold

6,294 7,583 7,955 5,175

Average Home Prices - Februaryin the Greater Toronto Area

Source: TREB

2015

2016

2017

2018

$875,000

$825,000

$775,000

$725,000

$575,000

$675,000

$625,000

$525,000

$925,000