The Storey Report - March 2019 - The Storey Team : Toronto Real Estate

The Storey Team : Toronto Real Estate

The Storey Report - March 2019

09 April 2019
Tom Storey

Tom Storey:
Welcome back to the Storey Report, this is the March edition. However, as always, we're looking over the numbers from the month before, so we're look at February's numbers for the Toronto real estate board. My name is Tom.

Cam Woolfrey:
I'm Cam. And we're gonna jump right into it with the number of sales that happened last month, which sat at 5,025. Now, this is down 2.4% year over year, which is a consistent theme that we're going to see throughout this year as inventory levels remain relatively low.

Tom Storey:
And if you look at all the properties that have sold all across the GTA for the month of February, your average sale price was $780,000. Year over year that's almost a two percent increase, just showing that inventory is still very low. We're still sitting basically in a seller's market for the entire GTA, and that's why we're starting to see prices move up again.

Cam Woolfrey:
Now, when we look at individual asset classes starting in average price points, detached homes are sitting just under 1.3 million, and semi-detached are sitting at $1,087,000. This is relatively consistent with what we've seen over the last couple of months, but it's worth noting that if you're wondering how much your place is worth, gone up or down over the last year, you have to look at it in terms of micro-markets. This means that there are certain areas that are in incredibly high demand for freehold properties. And their property values may have gone up, while other areas in less demand have gone down. So definitely need to get very specific when you're talking about freehold assets.

Tom Storey:
Now, if you look at the condo side of sales, your average condo in the 416 area code was $612,000. Again, it's all coming down to affordability. It's tougher to get mortgages, the rates are slightly higher than they used to be. This is what most people coming into the market can afford.

Tom Storey:
And the millennial generation is about to pass the boomers in terms of size. They're going to be the driving force in Canadian home ownership. And they're all coming into the market at once, and this is what they can afford. That's why there's just been so much demand and price growth on the condominium side of the market.

Tom Storey:
For townhouses, which is basically the next step up the property ladder, you're at $764,000. Again, seeing increases year over year.

Cam Woolfrey:
Now, something we wanna start doing is celebrating our clients a little bit more, so we'd like to bring notice to a couple of closings from a very busy start to the year. I'd like to congratulate Sam, Dan and Kim, and also Alberto and Florita on their recent purchases. Congratulations.

Tom Storey:
We would also like to congratulate Ryan and Jenna, Tim and Bente, Matt and Bri, Bruce, Gwen and Ashley, and Susan on their sales and purchases for the month of February 2019. We can't thank you enough. Thank you so much for watching this edition of the Storey Report.

Cam Woolfrey:
We'll talk to you soon.