Toronto Real Estate Market Report February 2018
The Toronto real estate market in February continued to see a decline in the average selling price year over year. It should be noted that the negative variances were due to the fact that the first quarter of 2017 saw a record breaking price appreciation that was not sustainable.
When looking at the broad TREB (Toronto Real Estate Board) statistics it should be noted that the average sales price varies greatly in terms of location and also type of home. The largest average sales price decline we have seen has been detached homes and geographically the largest average sales price decline has been in the 905 area codes.
One very important point to note is that the central Toronto condo market remains exceptionally robust with the rise in average price surpassing $645,195 vs $577,809 in 2017 an increase of 11.6%. Condominiums are the most affordable type of home and millennial are embracing more modest housing as an alternative to a long commute.
Chris Kapches’ full market commentary is found in this link: February 2018 Toronto Real Estate Report
March marks the beginning of the spring market so it will be very interesting to see the March Toronto real estate statistics as historically the spring market is the most robust market.