23 Apr Weekly Market Report | APRIL 23, 2018
- In just 5 weeks, we’ve had a huge boost in the average sale price in the 416. It has reached $850k, only $100k off from the $950k that we peaked at last year. ⠀
- Things should regularize. Interest rates will go up again, but we still face a huge lack of supply. It will take time for buyers to come back around and have faith in the market. Some of the earlier price drops we saw in late 2017 and early 2018 are partly due to media coaxing and the psychology of buyers, not necessarily buying power.
- Condo market update: The numbers of sales are down 30%, but prices are up 10%, with the average sale price at $533k at the end of the first quarter. Main thing driving this is again lack of supply- there is a negative variance of new properties coming to market (-12%).
- The most expensive Toronto district is currently C01, with the average sale price at $1,128,000
- Rental market is stronger than ever. Vacancy rate is the lowest it’s ever been at 0.7% (for every 1,000 properties, only 7 are available for rent!)
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