Real Estate Market Report as of Sep, 2017
The market has been decreasing Since April 2017 after the Ontario government introduced several measures to cool the hot real estate market.
As per stats below, we had a robust market up 26% in the first 4 months of this year and in the next 4 months of the year the market has lost all the gains of this year.
The average selling price is essentially where it was at the end of Dec 2016.
On a positive note the active listings for sale has decreased over the last few months to less than 16000 active listings in the GTA, which is sign of balanced market.
Most Home Owners have are still setting on average increase of 30% over the last two years even with the recent dip in house prices.
|2017 Average Monthly Price|
|2016 Average Monthly Price|
The Bank of Canada has increased mortgage lending rates twice with in the last two months and they are anticipated to increase more in 2018. We are recommending for buyers to purchase as they can take advantage of savings of $ 75,000 to $ 150,000 from the previous high prices in Mar & April as well lock in current lower mortgage rates.
For buyers & investors this is the best time to invest in real estate, if you interested in purchasing a property feel free to contact me and we can discuss your requirements.
For Sellers it may beneficial to sell sooner than later as prices could decline further in the short term.
If you would like to chat about the real estate market or are thinking of buying, selling or investing, give me a call.
by Paul Gill, CFP
416 300 7285