Although there has been a lot of news around the decline in the volume of trades and the increase in active listings, inventory(homes on the market) is still considered low with just over 2 months of supply across the GTA. This has kept pricing competitive as we are finding ourselves in multiple bids on different types of homes. The market is busy and prices are rebounding as they have climbed 2% on average from February 2018. The detached home market is impacted mostly by the decreases in prices whereas the condo market continues to thrive. For condo owners, this presents a good opportunity to upgrade to a freehold home and maximize your returns.
In current review of year over year statistics, we are comparing two starkly different periods of time: last year, when we had less than a month of inventory and historically record breaking prices versus this year with inventory levels ranging between two and three months with a relatively stable growth. It makes sense that we haven’t seen prices climb back to last year’s peak in the first quarter. Going forward, in the second half of the year, we expect to see the annual rate of price growth improve compared to the first quarter of 2018.
Explore the detailed market stats for Toronto, Mississauga and Brampton below. For more information on today's market in your neighbourhood, give me a call at (416) 889 3247, I'd be happy to discuss how the market is affecting you and the best strategies for your real estate needs.
Looking to buy or sell? Here are some useful links to help with your search:
- Current listings: Toronto, Mississauga, Brampton, Oakville, Vaughan.
- Maximize your selling potential by reviewing my Informed Seller's Guide.
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