Weekly Market Report | MAY 1, 2018

• The average sale price continues to increase in the 416, now at $855k. It’s been rising steadily since the beginning of the year and this month in particular. Six weeks ago the average price was $750k. ⠀

• Condo prices are soaring to new all time highs. We are up over 15% compared to last year, with a continued negative variance of new properties coming to market. Average overall sale price hovers around $540k.⠀

• The provincial government has recently provided data on the number of foreign buyers in Toronto. It is clear that foreign buyers weren’t the driving force in the economy last year and even less a driving force now. They accounted for only 2.5% of all sales in the GTA.⠀

• What that means is the demand is a local domestic demand and our problem continues to be lack of supply. ⠀

• Toronto-Dominion Bank increased its posted rate by 45 basis points to 5.59%. CIBC and RBC following suit, raising their five-year fixed-rate mortgage rate by 15 points to 5.15% ⠀
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#torontorealestate #torontomarketreport #weeklymarketreport#ryleyrealestate #chestnutpark

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