The sales volume for the GTA Market was down 32.1% from April 2017, but this is does not come as a surprise. Last year was the best April on record for home sales in the GTA, comparatively we are now in a normal market. We will see this trend of decline in year over year sales until end of May 2018, as the GTA had the strongest four months of resale activity from Jan 2017 to April 2017.
Here are some key statistical facts for the month of April 2018.
- 7,792 sales reported through Toronto Real Estate Board’s MLS system (down 32.1% from April, 2017)
- Average selling price of all home types was down 12.4% year over year, but up by a staggering 9.3% in the last 4 months
- Only 2.33 months of standing inventory (slightly higher than March 2018)
Condo Apartments led the price gains last month, coming in at a 3.2% year over year increase. We have seen a slowdown in the year over year price growth of the condos over the past few months.
Since detached homes have seen the largest price drop year over year, another interesting number to look at is the change in average price of a detached home in the GTA from January, 2018 to April, 2018. The average price of a detached home is up by 6.11% in the first four months of the year.
Inventory levels are at 2.33 months of inventory, as compared to 2.20 months of inventory in March 2018. This is probably due to the fact that sellers have started to list their homes as the weather is getting better, causing a minuscule increase in inventory.
Homes are selling in an average of 20 days, which is the same as March 2018 and shorter than the 25 days recorded in February 2018.
We have also been dealing with multiple offers on properties across the GTA as motivated sellers are adjusting their price expectations to the current market, and the buyers have started to take advantage of the lower prices compared to last year.
Here are some additional year over year statistics based on area and type of home that will shed some more light on the overall market conditions.
Toronto Statistics - Year over Year Average price change
|Detached Home||- 14.2%|
|Semi Detached||- 7.4%|
|Condo Towns||+ 1.1%|
|Condo Apartment||+ 4.0%|
Mississauga Statistics – Year over Year Average Price change
|Detached Home||- 11.2%|
|Semi Detached||- 10.0%|
|Condo Towns||- 8.5%|
|Condo Apartment||+ 5.6%|
Brampton Statistics - Year over Year Average Price change
|Detached Home||- 8.7%|
|Semi Detached||- 7.1%|
|Condo Towns||- 11.9%|
|Condo Apartment||+ 0.8%|
Oakville Statistics - Year over Year Average Price change
|Detached Home||- 11.5%|
|Semi Detached||- 13.8%|
|Condo Towns||- 10.1%|
|Condo Apartment||+ 12.4%|
Milton Statistics - Year over Year Average Price change
|Detached Home||- 12.1%|
|Semi Detached||- 10.3%|
|Condo Towns||- 11.7%|
|Condo Apartment||- 6.0%|
If you are a Buyer, and you have a 5 Year Fixed Mortgage Rate guarantee from your mortgage lender, it might be a good time to buy your dream home before the prices start going up. Average price of a home in GTA is up by 9% since January 2018.
If you are looking to sell, the demand is still there. The key is to price effectively and strategically market the property, staging and presentation play a key role as well.