Toronto the GTA, Tottenham & New Tecumseth Real Estate Market Update!
Toronto & The GTA – What’s Going on?
The Toronto Real Estate Board reported the NUMBER of Sales for February 2019 was down by about 2.4%
This could easily be blamed on a higher than average snowfall in Toronto but is more than likely due to fallout from the Tougher Mortgage rules as well as the Federal Election Looming.
- Lower than normal Inventory has also contributed to a MODEST but continued Average Price growth in Toronto area of about 1.6% for all home types combined
- This Growth is Still being primarily Fueled by the rise and demand in Condo Sales.
- Vacancy rates in Toronto and surrounding areas are still hovering in and around 1% which is very low.
The Avg. 1 Bedroom Rental in Toronto is now - $2,145/Month
The Avg. 2 Bedroom Rental in Toronto is now – $2,810/month
The Number of Sales is still down in Toronto from the peak of 2016.
What’s Interesting, is that Home sales have a substantial impact on the Canadian economy. Based on an independent survey, it’s reported that each home sale resulted in approximately $68,000 of spinoff expenditures accruing to the Economy.
- This equates to a hit to the economy of Billions of dollars in revenue lost in Toronto alone.
- It’s thought that if this trend continues it could begin to affect the employment.
Just 1 Hour North of Toronto – We are focusing on the New Tecumseth area here, but the Trends are fairly similar for the surrounding areas and townships as well.
- We are still seeing a VERY STRONG Start to the Spring market in these areas with multiple offers already starting in many areas for in demand properties that are priced well and Marketed effectively.
We Also saw that the Bank of Canada Maintained it’s overnight Interest rate at 1.75%
- This should help support a continued Healthy Start to The Spring Market
- There is still talk that an interest rate cut may not be out of the question for 2019
- It will be interesting to see what unfolds with the New Election on the horizon and if the New Mortgage Stress Test will be revised.
- 4 Market Indicators for Tottenham & New Tecumseth.
- Average Home Prices in New Tecumseth are almost exactly even and within about $1000 of where they were last year. So no Real Significant Changes in terms of Price.
- The overall Amount of home sales dropped from year to year about 10-15% still but as mentioned, homes are still selling
- Detached 3- & 4-Bedroom homes are Still selling in and around the 30-60 day range on Average
- All Home types are selling in about 15-50 Days on the Market
- Selling for an average of 97 – 99% of the Asking Price
-Townhomes are Selling the fastest with an average of just 10 days on the market for the month of February.
- There was still about 3 months’ worth of supply on Average with lower inventory available for the smaller more affordable Townhome and Semi’s due to rising demand.
Projections Moving Forward?
This is still a great time finally Buy and Sell. With Interest rates currently holding at a historically modest rate. If you are looking to sell a smaller home and move up into a larger one. The Smaller ones are selling very quickly while there is lot’s of availability and increased affordability for the larger ones that, while they are still selling. Are not selling AS QUICKLY.
Overall the Market Appears to be quite Stable and Moving at a Healthy Rate.
- Don’t hesitate to contact us for a NO OBLIGATION Consultation, Whether Buying or Selling my Primary goal is to make sure you are setup for Success!
Free Tools & Resources for YOU!
Create your own Personal MLS Access Portal for all of the latest homes that are ACTUALLY for Sale at www.YourRealEstateFinder.ca
SOLD Data is HERE for You! Within your Portal on our Website you will soon be able to access the SOLD DATA for the properties and Neighborhoods you wish to keep an eye on.
If you found this useful at all, please feel free to comment or share & Don’t forget to follow along on my Business page at Justin McClintock – The Property Gallery Realty INC.
Thank you so much and hopefully you get some time to enjoy the Beautiful Fall weather before the Holidays!
Disclaimer: These numbers are based solely on the activity from the previous month in the Toronto Real Estate board. Individual properties and neighborhoods will of course vary in performance.
If you would like a more detailed breakdown or more SPECIFIC information about what’s going on in your Marketplace, I’m always happy to chat, give me a call at 519-217-2034 or connect with me personally on Facebook OR follow along on Instagram - @justinmcclintock.ca