Ten Things You Need to Know About Spring Real Estate Market in Toronto & New Tecumseth

By: Justin McClintock

Ten Things You Need to Know About Spring Real Estate Market in Toronto & New Tecumseth

Tags: Homes in Toronto, Homes in New Tecumseth, Homes in the GTA, Interest Rates, Real Estate Market update, Real Estate, Real Estate Agent, Top Producer, Tottenham, Beeton, Alliston, Orangeville, Dufferin County, Simcoe County, Bradford-West Gwillimbury,

 

 

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.
 

     
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.
     
 
 
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 Also saw that the Bank of Canada Maintained it’s overnight Interest rate at 1.75%
   
   
 
  1. 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.
 
  1. The overall Amount of home sales dropped from year to year about 10-15% still but as mentioned, homes are still selling
 
  1. 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 FORGET
 

 
 
 
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