Life and the City | Toronto Real Estate Team

March 2018 GTA Market Update

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Last month in March, we saw a considerable year-over-year shift in both sales numbers and inventory. Numerous factors including the new mortgage stress test requirements, a modest increase in mortgage rates and lower sales of higher-priced luxury homes across the GTA influenced these results. 

Keep in mind that the stats below are based on markets across the GTA, which include regions surrounding Toronto and not exclusively the Toronto core. 

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Here is a summary of significant real estate milestones and notable stats for March 2018:  

  • Lowest number of sales for the month of March since 2009 (7,228 sales)

  • The ratio of sales-to-listings moved up to 45.3% in March – we're now into moderate seller's market territory

  • The average sale price for all property types across the GTA came in at $784,558, a decrease of 14.3% when compared to March of 2017 – partially because of more lower-priced condos and fewer luxury home sales

  • Detached home sales, which generally represent the highest priced homes in most neighbourhoods, declined much more than other home types. In addition, the share of high-end detached homes selling for over $2 million in March 2018 was half of what was reported in March 2017, further impacting the overall GTA average selling price.

  • GTA-wide sales last month were down 40% from one year ago

  • The GTA real estate market overall averaged the days-on-market at 20 – a more normal level for this time of year

  • Again, it’s becoming clear that first-time buyer aspirations are now shifting to a condominium lifestyle – CONDO sales took a ‘highest ever for March’ 37.2% of the total market

  • Downtown condo listing numbers were up in C01 (6%) and down in C08 (-10%) from last year at this time

  • The downtown condo days-on-market average was 16-17 days – slightly faster than the overall market

  • The ratio of sales-to-listings for condos downtown ranged between 98% in C01 to 124.5% in C08 indicating an extremely strong seller’s market, well ahead of most of the GTA

  • The average sale price for downtown condominium suites is up by roughly $60,000 to $80,000 from March 2017

  • Building on this higher demand due to better affordability, condo appreciation in the two main downtown markets averaged 13% year-over-year

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Watch this video to find out sales stats for specific areas across Toronto and the GTA:

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Questions about the market, or want to know the current market value of your home, or what properties have been selling for recently in your neighbourhood? 

Get in touch with us! We're here to help!