Not too many surprises in the real estate market as 2018 winds down. 6,251 homes sold, down from last year’s record number, as buyers were pushed to buy earlier than planned due to the new mortgage regulations that were going into effect in the new year. The average selling price was up by 3.5% year-over-year to $788,345.
I believe we have gone back to a more traditional market, without the frenzy we have experienced the last few years. I have to smile as I say that, as some areas and price ranges (Leslieville and condominium apartments under $800,000) are still experiencing those conditions. However, other areas are experiencing more stable market conditions. The luxury market (homes over $2,000,000) are selling, but there is a lot of competition for buyers in that sector and sellers have to have their homes aggressively marketed in order to sell. You can’t just wait for the buyers to come around!
Some great opportunities exist in this market. Due to the mortgage changes, condominium apartments and semidetached homes in general, have gone up faster than town-homes or detached homes, so the “trade up” to a better better/bigger property is not as much as usual.
December and January are generally the fewest sales of the year, around 5,000 homes sold in each month, as fewer buyers are in the market due to the Holidays. A GREAT time to buy due to less competition!
If you are considering buying an investment property, (rental vacancies are at an all-time low), or thinking of trading up, give me a call and let me put my expertise to work for you.
The Perri Team // Keller Williams Referred Realty Inc., Brokerage (416) 445-8855