Market

Toronto Real Estate Market Overview: March 2024

March 2024 in the Greater Toronto Area showcased a real estate market adapting to higher interest rates, with a surge in new listings hinting at homeowner optimism for the spring market. Despite a slight decrease in sales compared to the previous year, the average home price edged upwards. Market analysts expect this trend to continue, predicting price growth acceleration as market conditions tighten and lower borrowing costs spur increased demand. The emphasis remains on the need for innovative housing solutions to meet the rising demand and improve affordability.

Economic Indicators and Impact on Real Estate

The beginning of 2024 has been marked by intriguing economic indicators. A slight dip in real GDP growth in Q3 2023 and an unemployment rate holding steady at 6.7% in December reflect a complex economic landscape. Nonetheless, a notable 3.0% employment growth in the same period indicates a robust job market in Toronto, bolstering the real estate sector.

Sales and Listings Dynamics

By the end of the first quarter, sales increased by 11.2% from the previous year, with new listings rising by 18.3%. TRREB President Jennifer Pearce observed a gradual market improvement, attributing it to buyers adapting to higher interest rates and sellers’ optimism for spring. She anticipates further sales growth and tighter market conditions, leading to increased selling prices, especially if borrowing costs decrease.

Market Segments Performance

The MLS® Home Price Index (HPI) Composite benchmark rose by 0.3% annually, with the average selling price increasing by 1.3% to $1,121,615. Seasonally adjusted, the HPI Composite grew by 0.2% month-over-month, and the average selling price saw a 0.7% rise from February.

Looking Ahead

Experts forecast an optimistic outlook for Toronto’s real estate, anticipating a boost in sales as the Bank of Canada potentially lowers interest rates in the latter half of 2024. However, challenges such as the need for policy adjustments and the pressure on housing supply persist.

Toronto Homes - All Property Types

Toronto Condos - Historical charts

Toronto Detached Houses - Historical Charts

A knowledgeable Toronto REALTOR® knows the market in and out!

We have been analyzing and processing the raw data from the Toronto’s real estate market on a monthly basis and you can read our thorough housing market stats on here. Our real estate market analysis has been useful for both Toronto real estate agents, as well as Toronto home buyers and sellers.

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ARCHIVED TORONTO REAL ESTATE MARKET REPORTS

January 2024

Toronto Real Estate Market Overview: January 2024

As we step into 2024, the Toronto Real Estate Board (TRREB) has released its January market statistics, showing a robust start to the year with significant sales activity. Despite economic challenges, the Toronto housing market demonstrates resilience and adaptability.

Economic Indicators and Impact on Real Estate

The beginning of 2024 has been marked by intriguing economic indicators. A slight dip in real GDP growth in Q3 2023 and an unemployment rate holding steady at 6.7% in December reflect a complex economic landscape. Nonetheless, a notable 3.0% employment growth in the same period indicates a robust job market in Toronto, bolstering the real estate sector.

Sales and Listings Dynamics

January 2024 witnessed a remarkable increase in home sales, surpassing January 2023 figures by over one-third. This surge is attributed to a combination of lower borrowing costs and a strong demand for housing. The number of new listings also grew, albeit at a slower pace, pointing towards a tightening market with potential price escalations on the horizon.

Price Trends and Predictions

The average selling price in January 2024 slightly decreased by 1% year-over-year, settling at $1,026,703. Despite this marginal drop, market analysts predict a resurgence in price growth driven by decreased borrowing costs and sustained demand.

Market Segments Performance

The document breaks down the performance by housing type, highlighting the varied dynamics across detached, semi-detached, townhouses, and condo apartments. Each segment reveals unique trends in sales activity and price changes, underscoring the diverse nature of Toronto’s real estate market.

Looking Ahead

Experts forecast an optimistic outlook for Toronto’s real estate, anticipating a boost in sales as the Bank of Canada potentially lowers interest rates in the latter half of 2024. However, challenges such as the need for policy adjustments and the pressure on housing supply persist.

2023 Archive

August 2023

Is Toronto Real Estate Finding A Floor?

Average Toronto home prices moved up again to $1,082,496 in August 2023 from $1.038M in January 2023! This is 4.29% higher than what it was in January. In August 2023, the number of sales was 5,294, and the active listings stood at 15,497. The months of inventory for August 2023 was calculated to be 2.93.

This was my prediction that I wrote last year: “my models show that the average Toronto home price could not fall much under $1M. First of all this is not financial advice, I have to put the disclaimer here, but let’s see how the market is performing.” And it came true!

See the below prediction from Archives:

From Archives:

In March 2022 I did the below predictions, and as you can see it’s going that direction. However, there is an important thing that you need to pay attention to. Not all of the real estate market in Toronto is the same. I’ll explain why down below the predictions. 

  1. In the Best case scenario it could retrace to $1.17M. *Exactly as June Avg Home price.
  2. In the Worst case scenario it could retrace to $1.06M. * Exactly as July Avg Home Price.
  3. In no case prices could fall well below $1M.
  4. Prices could bounce back UP in less than 1-2 yrs.

First of all, this is not financial advice. Toronto real estate market numbers in general are different from the micro markets. For example, if Brampton semi-detached home prices drop by 30% in a crash and Central Toronto semi-detached home prices drop only 5%, the average will not represent either area. The average will tell us it is down but doesn’t tell you what is happening in any micro market. That’s why when I analyze the market, I do analyze the micro markets separately. 

Toronto real estate market - August 2023

Those who paid attention to my signals could make the best move. Only the best Toronto real estate agents who are active in their markets and have extensive experience in real estate, could see the change before it shows in the monthly stats. The rest are relying on lagging indicators!

Toronto Real Estate Market Overview:

In August 2023, the Toronto real estate market witnessed a dip in home sales compared to the same month in the previous year. This decline can be attributed to increased borrowing costs, economic uncertainties, and a limited supply of listings. However, the average selling price for properties remained relatively stable. Notably, on a month-to-month basis, there was a slight decrease in both sales and average prices.

Key Statistics from Toronto Real Estate Agents

  • Sales in August 2023: 5,294 (a 5.2% decrease from August 2022)
  • New listings in August 2023: An increase of 16.2% year-over-year
  • Average selling price in August 2023: $1,082,496 (a marginal increase from the previous year)

Toronto Condo Apartments:

It is no secret that Toronto condos are catching up with detached houses! In the Toronto condo market, the year-over-year number of Condo Apt sales increased by 7.6%.

The average price of a condo apartment in the GTA (All TRREB Areas) is $705,572, and the total number of sales in Condo apartments in the GTA has been 1,609.

The average price of a Condo Apt in the city of Toronto (416 area code) is $724,549, which has seen a YoY% change of 6.5%!

Number of Condo Apt sales in the city of Toronto (416 area code) is 1,088 and the number of active listings is 3,733. Therefore, the months of inventory for Condo Apts in the city of Toronto (416 area) is calculated as:

Months of Inventory = Active Listings / Number of Sales

Months of Inventory = 3,733 / 1,088 = 3.43 

So, the months of inventory for Condo Apts in the city of Toronto (416 area) is 3.43, which falls into the buyers market zone.

As you already know, approximately a MoI under 2.5 is considered a seller’s Market, between 2-3 is a balanced market, and above 3 MoI starts to be a buyers market.

Downtown Toronto Condo Market:

The average price of a Condo in Downtown Toronto C01 is $791,435. The number of Condo Apartment sales in Downtown Toronto C01 is 251, and the number of active listings is 1,010. Therefore, the months of inventory for Condo Apartments in Downtown Toronto C01 is calculated as:

Months of Inventory = Active Listings / Number of Sales

Months of Inventory = 1,010 / 251 = 4.02 (rounded to two decimal places).

So, the months of inventory for Condo Apartments in Downtown Toronto C01 is 4.02 which falls under a buyers market. So if you’re a buyer out there looking for deals, you might want to take a look at the downtown Toronto Condo apartments.

Just so you know a good condo in a good location always has a demand, it’s only the mediocre or average cookie cutters that are having a problem selling!

Toronto’s Detached House Prices and Sales are up again month over month!

The average detached home price in Toronto has seen an increase, reaching $1,416,366 from a previous $1.34M.

When it comes to the city of Toronto, the detached house market remains robust compared to the suburbs. The average price of a detached house in the City of Toronto, represented by the 416 area code, stands at $1,635,145. Interestingly, Toronto’s average detached house price is very close to where it was last year this time! 

The Month of Inventory (MoI) for detached houses in the City of Toronto is approximately 2.24 months, indicating a balanced market leaning towards a seller’s market. With 1,011 active listings and 451 houses sold in the past month, the detached housing market in Toronto appears to be stronger than other sectors.

Toronto proper, and especially central Toronto are in High demand compared to the suburbs when it comes to detached houses. The suburbs got much more correction in the detached house market. 

Basically at this point it’s the Suburbs detached market that has had a huge correction and is looking to be bouncing back up gradually!

Semi-detached House Prices are starting to move up:

The average price of a Townhouse in Toronto has been $935,800, and the average price of a semi-detached house in Toronto has been $1,067,980. Townhouses have seen a positive YoY change of 3.9%, indicating a slight increase year over year. On the other hand, Semi-Detached houses have experienced a significant YoY increase of 6.9%. As you can see, Semis and townhouses were amongst the most popular asset types in Toronto. They’re freehold, and they’re the most affordable type of freehold homes in Toronto.

Important Comments and Predictions for Toronto home sellers:

If you are a seller, even though the comps from a few months ago are not very reliable, the market has been changing in the past few months, but looking to find a floor. So if you want to sell, make sure 1. Hire a professional Agent 2. Set your expectations Right 3. Choose the right marketing strategy 4. Find the optimum price based on the supply and demand in your area 5. Market the property based on your target buyers.

Remember, a good house in a good neighborhood will always have its demand, it’s the average houses in average neighborhoods, or suburbs that will get hit the hardest.

Important Comments and Predictions for Toronto home buyers:

If you are a buyer, now is a good time to start looking for deals in the market, but I don’t think the window of opportunity will last for a long time! As I have been calling the tops and the bottoms (view all the calls in my archives, Twitter, and my Youtube channel) I can tell you that, if you see a property that you really like, don’t be afraid to pull the trigger. Because a similar house may not come to the market again or before your mortgage pre-approval expires. However, since the market is transitioning and I’ve been telling my buyers from a few months back, you’d have more room to negotiate a deal in the near future. 

Conclusion:

Always remember, “time in the market OVER timing the market”. You already know that I have predicted tops and the bottoms several times and yet I believe timing the market is not for everybody. Feel free to go through our Toronto real estate market archives down below. I still believe in the long term, over 5 to 10 years, the real estate market’s general trend in the city of Toronto looks bullish.

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May 2023

Toronto Real Estate Prices Were Rising, But won't in the summer!

Average Toronto home prices moved up again to $1.196M from $1.038M in January 2023! This is 15% higher than what it was in January!! actual Toronto home prices were bouncing between $1.05M to $1.1M between July till Feb. It’s the second month that we saw prices going above $1.1M !

This was my prediction that I wrote last year: “my models show that the average Toronto home price could not fall much under $1M. First of all this is not financial advice, I have to put the disclaimer here, but let’s see how the market is performing.” And it came true! See the below prediction from Archives:

From Archives:

In March I did the below predictions, and as you can see it’s going that direction. However, there is an important thing that you need to pay attention to. Not all of the real estate market in Toronto is the same. I’ll explain why down below the predictions. 

  1. In the Best case scenario it could retrace to $1.17M. *Exactly as June Avg Home price.
  2. In the Worst case scenario it could retrace to $1.06M. * Exactly as July Avg Home Price.
  3. In no case prices could fall well below $1M.
  4. Prices could bounce back UP in less than 1-2 yrs.

First of all, this is not financial advice. Toronto real estate market numbers in general are different from the micro markets. For example, if Brampton semi-detached home prices drop by 30% in a crash and Central Toronto semi-detached home prices drop only 5%, the average will not represent either area. The average will tell us it is down but doesn’t tell you what is happening in any micro market. That’s why when I analyze the market, I do analyze the micro markets separately. 

Toronto real estate market May 2023

Year over Year: down 1.2%, but Year to Date: UP 15%!

Year over Year prices going down is old news now, but prices moving up month over month is not a surprise for those who have been following my social media. I believe during the summer we’re not gonna see the high or accelerated gains that we saw in the past few months in the spring market.

The indicators that are being used in most of the reports are lagging indicators, but since I have the boots on the ground, I see the market moves on a day to day basis! 

In order to get a good feel of the market you need to take into account the daily activities, number of showings, offers, etc! 

One more thing that you need to pay attention to (you can view it in the chart above) is the month of inventory and sales to active listings ratio. Months of inventory in the Greater Toronto Area has fallen below 1.3 MoI. Active listings in Toronto were 11,868 and the number of sales in the past month have been 9,012 sales. That’s a seller’s market with 1.3 Month of Inventory!

Those who paid attention to my signals could make the best move. Only the best Toronto real estate agents who are active in their markets and have extensive experience in real estate, could see the change before it shows in the monthly stats. The rest are relying on lagging indicators!

Toronto Condo prices were down year over year but 3% up month over month!

It is no secret that Toronto condos are moving behind the detached houses! In the Toronto condo market, the year over year number of sales dropped but month over month sales are up! Prices are shooting up at the same time!

Average price of a condo in the city of Toronto (416 area code) is at $784,914, which has been down 1.1% YoY but up 3% MoM! Both Toronto condo sales and prices went up year to date in 2023! GTA Average Condo price was $748,483! And the Month of Inventory in the condo sector was 1.6 MoI, which is a sellers market zone! Downtown Toronto condos are in a balanced market, with 2.1MoI, which is a good opportunity for condo buyers!

Downtown Toronto Condo Market:

The average price of a Condo in Downtown Toronto C01 is $799,854, which is flattened month over month. Months of inventory in Downtown Toronto is shrinking, right now it stands at 2.1 MOI which is a Balanced market. In C01, 376 Condos were sold in the past month while the active inventory is at 787! 

Based on the recent activities in the downtown Toronto condo market, I think this window of opportunity will not last very long!

Just so you know a good condo in a good location always has a demand, it’s only the mediocre or average cookie cutters that are having a problem selling!

Toronto’s Detached House Prices and Sales are up again month over month!

Average Detached home prices shot up to $1.556 from around $1.34M. Just so you know it’s still down 3% year over year but up year to date and month over month. That’s why the annual YoY comparison is not always useful. Especially in a transitioning environment!

The average detached house price in the city of Toronto so far is holding stronger than the suburbs. The average price of a detached house in the City of Toronto (416 area) has been $1.91M, which rose from $1.486M a few months before. Interestingly, Toronto’s average detached house price is exactly the same as last year’s price this time! Like as if nothing happened in the past 12 months!! 

The Month of Inventory in detached houses also has been 1.2 MoI which is a seller’s market. In the past month there were 1,286 active listings in the city of Toronto, whereas 970 houses were sold. It shows the detached market is stronger than any other market in Toronto at the moment.

Toronto proper, and especially central Toronto are in High demand compared to the suburbs when it comes to detached houses. The suburbs got much more correction in the detached house market. 

Basically at this point it’s the Suburbs detached market that has had a huge correction and is looking to be bouncing back up gradually!

Semi-detached House Prices are starting to move up:

The average price of a Townhouse in Toronto has been $1,003,152 and the average price of a semi-detached house in Toronto has been $1,198,185! Townhouses were UP month over month AND UP 2.5% year over year. Semi-Detached houses were UP month over month, but still down 0.5% year over year! But both Townhouses and Semi-Detached prices look to be flattening month over month!

Important Comments and Predictions for Toronto home sellers:

First of all, for more information you can contact your agent or contact us if you don’t have an agent. If you are a seller, even though the comps from a few months ago are not very reliable, the market seems to be slowly moving upward. So if you want to sell, make sure 1. Hire a professional Agent 2. Set your expectations Right 3. Choose the right marketing strategy 4. Find the optimum price based on the supply and demand in your area 5. Market the property based on your target buyers.

Remember, a good house in a good neighborhood will always have its demand, it’s the average houses in average neighborhoods, or suburbs that will get hit the hardest.

Important Comments and Predictions for Toronto home buyers:

If you are a buyer, now is a good time to start looking for deals in the market, but I don’t think the window of opportunity will last for a long time! As I have been calling the tops and the bottoms (view all the calls in my archives, Twitter, and my Youtube channel) I can tell you that, if you see a property that you really like, don’t be afraid to pull the trigger. Because a similar house may not come to the market again or before your mortgage pre-approval expires. However, since the market is transitioning and I’ve been telling my buyers from a few months back, you’d have more room to negotiate a deal in the near future. 

Conclusion:

Always remember, “time in the market OVER timing the market”. You already know that I have predicted tops and the bottoms several times and yet I believe timing the market is not for everybody. Feel free to go through our Toronto real estate market archives down below. I still believe in the long term, over 5 to 10 years, the real estate market’s general trend in the city of Toronto looks bullish.

April 2023

Toronto Real Estate Market: Prices Keep Rising!

Average Toronto home prices moved up again to $1.153M from $1.038M in January 2023! This is 11% higher than what it was in January!! actual Toronto home prices were bouncing between $1.05M to $1.1M between July till Feb. It’s the first month that we saw prices going above $1.1M !

This was my prediction that I wrote last year: “my models show that the average Toronto home price could not fall much under $1M. First of all this is not financial advice, I have to put the disclaimer here, but let’s see how the market is performing.” And it came true! See the below prediction from Archives:

From Archives:

In March I did the below predictions, and as you can see it’s going that direction. However, there is an important thing that you need to pay attention to. Not all of the real estate market in Toronto is the same. I’ll explain why down below the predictions. 

  1. In the Best case scenario it could retrace to $1.17M. *Exactly as June Avg Home price.
  2. In the Worst case scenario it could retrace to $1.06M. * Exactly as July Avg Home Price.
  3. In no case prices could fall well below $1M.
  4. Prices could bounce back UP in less than 1-2 yrs.

First of all, this is not financial advice. Toronto real estate market numbers in general are different from the micro markets. For example, if Brampton semi-detached home prices drop by 30% in a crash and Central Toronto semi-detached home prices drop only 5%, the average will not represent either area. The average will tell us it is down but doesn’t tell you what is happening in any micro market. That’s why when I analyze the market, I do analyze the micro markets separately. 

Toronto Real Estate Market March 2023

Year over Year: down 7.8%, but Year to Date: UP 11%!

Year over Year prices going down is old news now, but prices moving up month over month is not a surprise for those who have been following my social media. For the next two months you’d see the negative percentages when the media compares the prices Year over Year! But month over month activity will be upward when we go through the spring market!

The indicators that are being used in most of the reports are lagging indicators, but since I have the boots on the ground, I see the market moves on a day to day basis! 

In order to get a good feel of the market you need to take into account the daily activities, number of showings, offers, etc! 

One more thing that you need to pay attention to (you can view it in the chart above) is the month of inventory and sales to active listings ratio. Months of inventory in the Greater Toronto Area has fallen below 1.4 MoI. Active listings in Toronto were 10,373 and the number of sales in the past month have been 7,531 sales. That’s a seller’s market with 1.4 Month of Inventory!

Those who paid attention to my signals could make the best move. Only the best Toronto real estate agents who are active in their markets and have extensive experience in real estate, could see the change before it shows in the monthly stats. The rest are relying on lagging indicators!

Toronto Condo prices were down year over year but up 3% month over month!

It is no secret that Toronto condos are moving behind the detached houses! In the Toronto condo market, the year over year number of sales dropped but month over month sales are up! Prices are shooting up at the same time!

Average price of a condo in the city of Toronto (416 area code) is at $751,916, which has been down 8% YoY but up MoM! Both Toronto condo sales and prices went up year to date in 2023! GTA Average Condo price was $724,117! And the Month of Inventory in the condo sector was 1.8 MoI, which is moving under the balanced Market band and getting into the sellers market zone!

Downtown Toronto Condo Market:

The average price of a Condo in Downtown Toronto C01 is $803,000, that is 3.5% up month over month. Months of inventory in Downtown Toronto is shrinking, right now it stands at 2 MOI which is a Balanced market. In C01, 335 Condos were sold in the past month while the active inventory is at 674! 

Based on the recent activities in the downtown Toronto condo market, I think this window of opportunity will not last very long!

Just so you know a good condo in a good location always has a demand, it’s only the mediocre or average cookie cutters that are having a problem selling!

Toronto’s Detached House Prices and Sales are up again month over month!

Average Detached home prices shot up to $1.489 from around $1.34M. Just so you know it’s still down year over year but up year to date and month over month. That’s why the annual YoY comparison is not always useful. Especially in a transitioning environment!

The average detached house price in the city of Toronto so far is holding stronger than the suburbs. The average price of a detached house in the City of Toronto (416 area) has been $1.787M, which rose from $1.486M a few months before. 

The Month of Inventory in detached houses also has been 1.3 MoI which is a seller’s market. In the past month there were 1,112 active listings in the city of Toronto, whereas 767 houses were sold. It shows the detached market is stronger than any other market in Toronto at the moment.

Toronto proper, and especially central Toronto are in High demand compared to the suburbs when it comes to detached houses. The suburbs got much more correction in the detached house market. 

Basically at this point it’s the Suburbs detached market that has had a huge correction and is looking to be bouncing back up gradually!

Semi-detached House Prices are starting to move up:

The average price of a Townhouse in Toronto has been $967,229 and the average price of a semi-detached house in Toronto has been $1,135,342! Townhouses were UP month over month but still down 3.2% year over year. Semi-Detached houses were UP month over month, but still down 9.8% year over year! But both Townhouses and Semi-Detached prices look to be flattening month over month!

Important Comments and Predictions for Toronto home sellers:

First of all, for more information you can contact your agent or contact us if you don’t have an agent. If you are a seller, even though the comps from a few months ago are not very reliable, the market seems to be slowly moving upward. So if you want to sell, make sure 1. Hire a professional Agent 2. Set your expectations Right 3. Choose the right marketing strategy 4. Find the optimum price based on the supply and demand in your area 5. Market the property based on your target buyers.

Remember, a good house in a good neighborhood will always have its demand, it’s the average houses in average neighborhoods, or suburbs that will get hit the hardest.

Important Comments and Predictions for Toronto home buyers:

If you are a buyer, now is a good time to start looking for deals in the market, but I don’t think the window of opportunity will last for a long time! As I have been calling the tops and the bottoms (view all the calls in my archives, Twitter, and my Youtube channel) I can tell you that, if you see a property that you really like, don’t be afraid to pull the trigger. Because a similar house may not come to the market again or before your mortgage pre-approval expires. However, since the market is transitioning and I’ve been telling my buyers from a few months back, you’d have more room to negotiate a deal in the near future.

Conclusion:

Always remember, “time in the market OVER timing the market”. You already know that I have predicted tops and the bottoms several times and yet I believe timing the market is not for everybody. Feel free to go through our Toronto real estate market archives down below. I still believe in the long term, over 5 to 10 years, the real estate market’s general trend in the city of Toronto looks bullish.

March 2023

Toronto Real Estate Market: House Prices Closed Higher this month!

Average Toronto home prices moved up again to $1,108,606 from $1,098,000! This is 6.7% higher than what it was in January! That’s 6.7% increase year to date from $1,038,000! actual Toronto home prices were bouncing between $1.05M to $1.1M since July where we saw a bottom might be forming. It’s the first month that we saw prices going above $1.1M !

From a few months back: my models show that the average Toronto home price could not fall much under $1M. First of all this is not financial advice, I have to put the disclaimer here, but let’s see how the market is performing.

From Archives:

In March I did the below predictions, and as you can see it’s going that direction. However, there is an important thing that you need to pay attention to. Not all of the real estate market in Toronto is the same. I’ll explain why down below the predictions.

  1. In the Best case scenario it could retrace to $1.17M. *Exactly as June Avg Home price.
  2. In the Worst case scenario it could retrace to $1.06M. * Exactly as July Avg Home Price.
  3. In no case prices could fall well below $1M.
  4. Prices could bounce back UP in less than 1-2 yrs.

First of all, this is not financial advice. Toronto real estate market numbers in general are different from the micro markets. For example, if Brampton semi-detached home prices drop by 30% in a crash and Central Toronto semi-detached home prices drop only 5%, the average will not represent either area. The average will tell us it is down but doesn’t tell you what is happening in any micro market. That’s why when I analyze the market, I do analyze the micro markets separately.

Toronto Real Estate Market march 2023

Year over Year: down 14.6%, but Year to date: UP 6.7%!

Year over Year prices going down is old news now, but prices moving up month over month is not a surprise for those who have been following my social media. For the next three months you’d see the negative percentages when the media compares the prices Year over Year! But month over month activity will be upward when we go to the spring market!

The indicators that are being used in most of the reports are lagging indicators, but since I have the boots on the ground, I see the market moves on a day to day basis! 

In order to get a good feel of the market you need to take into account the daily activities, number of showings, offers, etc! 

One more thing that you need to pay attention to (you can view it in the chart above) is the month of inventory and sales to active listings ratio. Month of inventory in the Greater Toronto Area has fallen below 2. Active listings in Toronto were 10,120 and the number of sales in the past month has been 6,896 sales. That’s generally a seller’s market with 1.46 Month of Inventory!

Those who paid attention to my signals could make the best move. Only the best Toronto real estate agents who are active in their markets and have lots of experience in real estate, could see the change before it shows in the monthly stats. The rest are relying on lagging indicators!

Toronto Condo prices were down year over year but up month over month!

It is no secret that Toronto condos are moving behind the detached houses! In the Toronto condo market, the year over year number of sales dropped by -32.5% compared to last year with 2,121 sales in March 2023. 

Average price of a condo in the city of Toronto (416 area code) is at $732,944, which has been down 11.9% YoY! Both Toronto condo sales and prices went up year to date in 2023! GTA Average Condo price was $703,566! And the Month of Inventory in the condo sector was 1.85 MoI, which is moving under the balanced Market band and getting into the sellers market!

Downtown Toronto Condo Market:

The average price of a Condo in Downtown Toronto C01 is $777,729. Months of inventory in Downtown Toronto is shrinking, going down to 2 MOI which is a Balanced market. In C01, 339 Condos were sold in the past month while the active inventory is at 677! Just so you know 2 to 3 MoI in Toronto can be considered a balanced market. 

Based on the recent activities in the downtown Toronto condo market, I think this window of opportunity will not last very long!

Just so you know a good condo in a good location always has a demand, it’s only the mediocre or average cookie cutters that are having a problem selling!

Toronto’s Detached House Prices are Down 11.8% Year over Year but up month over month!

Average Detached home prices shot up to $1.468 from around $1.34M. Just so you know it’s still down year over year but up year to date. That’s why the annual YoY comparison is not always useful. Especially in a transitioning environment!

The average detached house price in the city of Toronto so far is holding stronger than the suburbs. The average price of a detached house in the City of Toronto (416 area) has been $1.708M, which rose from $1.486M a couple months before. 

The Month of Inventory in detached houses also has been 1.45 MoI which is a seller’s market. In the past month there were 1,001 active listings in the city of Toronto, whereas 667 houses were sold. It shows the detached market is stronger than any other market in Toronto at the moment.

Toronto proper, and especially central Toronto are in High demand compared to the suburbs when it comes to detached houses. The suburbs got much more correction in the detached house market. 

Basically at this point it’s the Suburbs detached market that has had a huge correction and is looking to be bouncing back up gradually!

Semi-detached House Prices are starting to move up:

The average price of a Townhouse in Toronto has been $935,626 and the average price of a semi-detached house in Toronto has been $1,087,924! Townhouses were UP month over month but still down 14% year over year. Semi-Detached houses were UP month over month, but still down 17.4% year over year! But both Townhouses and Semi-Detached prices look to be flattening month over month!

Important Comments and Predictions for Toronto home sellers:

First of all, for more information you can contact your agent or contact us if you don’t have an agent. If you are a seller, even though the comps from a few months ago are not very reliable, the market seems to be slowly moving upward. So if you want to sell, make sure 1. Hire a professional Agent 2. Set your expectations Right 3. Choose the right marketing strategy 4. Find the optimum price based on the supply and demand in your area 5. Market the property based on your target buyers.

Remember, a good house in a good neighborhood will always have its demand, it’s the average houses in average neighborhoods, or suburbs that will get hit the hardest.

Important Comments and Predictions for Toronto home buyers:

If you are a buyer, now is a good time to start looking for deals in the market, but I don’t think the window of opportunity will last for a long time! As I have been calling the tops and the bottoms (view all the calls in my archives, Twitter, and my Youtube channel) I can tell you that, if you see a property that you really like, don’t be afraid to pull the trigger. Because a similar house may not come to the market again or before your mortgage pre-approval expires. However, since the market is transitioning and I’ve been telling my buyers from a few months back, you’d have more room to negotiate a deal in the near future. 

Conclusion:

Always remember, “time in the market OVER timing the market”. You already know that I have predicted tops and the bottoms several times and yet I believe timing the market is not for everybody. Feel free to go through our Toronto real estate market archives down below. I still believe in the long term, over 5 to 10 years, the real estate market’s general trend in the city of Toronto looks bullish.

February 2023

Toronto Real Estate Market: Prices Rebounding? 

Average Toronto real estate prices moved up to $1,095,615 from $1,038,000 but it’s 17.9% down if you compare the prices with last year at the same time! Other than January that prices went to $1,038,000, the actual Toronto home prices were bouncing between $1.05M to $1.1M! You can view my predictions in my archives or my Youtube and Twitter. So far all my crash predictions exactly hit and we’ll see how the market will behave subject to the future BoC rate policies!

From a few months back: my models show that the average Toronto home price could not fall much under $1M. First of all this is not financial advice, I have to put the disclaimer here, but let’s see how the market is performing.

From Archives:

In March I did the below predictions, and as you can see it’s going that direction. However, there is an important thing that you need to pay attention to. Not all of the real estate market in Toronto is the same. I’ll explain why down below the predictions.

  1. In the Best case scenario it could retrace to $1.17M. *Exactly as June Avg Home price.
  2. In the Worst case scenario it could retrace to $1.06M. * Exactly as July Avg Home Price.
  3. In no case prices could fall well below $1M.
  4. Prices could bounce back UP in less than 1-2 yrs.

First of all, this is not financial advice. Toronto real estate market numbers in general are different from the micro markets. For example, if Brampton semi-detached home prices drop by 30% in a crash and Central Toronto semi-detached home prices drop only 5%, the average will not represent either area. The average will tell us it is down but doesn’t tell you what is happening in any micro market. That’s why when I analyze the market, I do analyze the micro markets separately.

Year over Year: Toronto home Prices are down 17.9%, Sales Down 47%!

Year over Year prices going down is old news now, but prices moving up month over month is not a surprise for those who have been following my social media. For the next four months you’d see the negative percentages when the media compares the prices Year over Year! But month over month activity will be upward when we go to the spring market!

The indicators that are being used in most of the reports are lagging indicators! 

In order to get a good feel of the market you need to take into account the daily activities, number of showings, offers, etc! 

One more thing that you need to pay attention to (you can view it in the chart above) is the month of inventory and sales to active listings ratio. Month of inventory in the Greater Toronto Area has been 2 MoI, as you may remember between 2-3 MoI is a balanced market. Active listings in Toronto were 9,643 and the number of sales in the past month has been 4,783 sales.

2.0 Month of Inventory means most properties sell around asking price and few may sell above asking (If they have one or two wow factors). It depends on many factors, marketing strategies, demand in the area, location, condition, etc, etc.

Those who paid attention to my signals could make the best move. Only the best Toronto real estate agents who are active in their markets and have lots of experience in real estate, could see the change before it shows in the monthly stats. The rest are relying on lagging indicators!

Toronto Condo prices were down year over year but up month over month!

It is no secret that Toronto condos are moving behind the detached houses! In the Toronto condo market, the year over year number of sales dropped by -47.3% compared to last year with only 1455 sales in February 2023. 

Average price of a condo in the city of Toronto (416 area code) is at $728,271 , which has been down 11.4% YoY! Both Toronto condo sales and prices went up if compared Month over Month! 

Downtown Toronto Condo Market:

The average price of a Condo in Downtown Toronto C01 is $800,694. Months of inventory in Downtown Toronto is shrinking, going down to 3 MOI which is still a buyer’s market, but getting closer to a balanced market. In C01, 218 Condos sold in the past month while the active inventory is at 671! Just so you know 2 to 3 MoI in Toronto can be considered a balanced market. Above 3 is getting in the buyer’s market zone. In the past couple of months I mentioned that this is a good time to start hunting for good deals in downtown Toronto. Please remember that I don’t say that with a predatory meaning. What I mean is that if you were looking for an opportunity to get into the downtown market and find a deal, this is a good time to look for deals!

Based on the recent activities in the downtown Toronto condo market, I think this window of opportunity will not last very long!

Just so you know a good condo in a good location always has a demand, it’s only the mediocre or average cookie cutters that are having a problem selling!

Toronto’s Detached House Prices are Down 11.8% Year over Year but up month over month!

Average Detached home prices shot up to $1.435 from around $1.34M. Just so you know it’s still down 11.8% year over year. That’s why the annual YoY comparison is not always useful. Especially in a transitioning environment!

The average detached house price in the city of Toronto so far is holding stronger than the suburbs. The average price of a detached house in the City of Toronto (416 area) has been $1.712M, which rose from $1.486M a month before. 

The Month of Inventory in detached houses also has been 2 MoI which is a balanced Market leaning to a seller’s market. In the past month there were 920 active listings in the city of Toronto, whereas only 482 houses were sold. It shows the detached market is stronger than any other market in Toronto at the moment.

Toronto proper, and especially central Toronto are in higher demand compared to the suburbs when it comes to detached houses. The suburbs got much more correction in the detached house market. 

Basically at this point it’s the Suburbs detached market that has a huge correction and is dragging the detached prices in Toronto down in the reported numbers.

Semi-detached House Prices are down drastically:

The average price of a Townhouse in Toronto has been $934,834 and the average price of a semi-detached house in Toronto has been $1,069,266! Townhouses were UP month over month but still down 16% year over year. Semi-Detached houses were UP month over month, but still down 21.4% year over year! But both Townhouses and Semi-Detached prices look to be flattening month over month!

Important Comments and Predictions for Toronto home sellers:

First of all, for more information you can contact your agent or contact us if you don’t have an agent. If you are a seller, even though the comps from a few months ago are not very reliable, the market seems to be slowly moving upward. So if you want to sell, make sure 1. Hire a professional Agent 2. Set your expectations Right 3. Choose the right marketing strategy 4. Find the optimum price based on the supply and demand in your area 5. Market the property based on your target buyers.

Remember, a good house in a good neighborhood will always have its demand, it’s the average houses in average neighborhoods, or suburbs that will get hit the hardest.

Important Comments and Predictions for Toronto home buyers:

If you are a buyer, now is a good time to start looking for deals in the market, but I don’t think the window of opportunity will last for a long time! As I have been calling the tops and the bottoms (view all the calls in my archives, Twitter, and my Youtube channel) I can tell you that, if you see a property that you really like, don’t be afraid to pull the trigger. Because a similar house may not come to the market again or before your mortgage pre-approval expires. However, since the market is transitioning and I’ve been telling my buyers from a few months back, you’d have more room to negotiate a deal in the near future. 

Conclusion:

Always remember, “time in the market OVER timing the market”. You already know that I have predicted tops and the bottoms several times and yet I believe timing the market is not for everybody. Feel free to go through our Toronto real estate market archives down below. I still believe in the long term, over 5 to 10 years, the real estate market’s general trend in the city of Toronto looks bullish.

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January 2023

Toronto Real Estate Market: Prices down 16% Year over Year! 

Even though the General Trend since July seems to be steady, year over year Toronto real estate sales dropped by -44% and the year over year price dropped 16%! Average Toronto home prices closed at $1,038,668! If you’ve been watching my Youtube videos you know already that I’ve been talking about the prices will be bouncing between $1,050,000 to $1,100,000 for a while! You can view my predictions in my archives or my Youtube and Twitter. So far all my crash predictions exactly hit!

From a few months back: my models also tell me that the average Toronto home price could not fall much under $1M. First of all this is not financial advice, I have to put the disclaimer here, but let’s see how the market is performing.

From Archives:

In March I did the below predictions, and as you can see it’s going that direction. However, there is an important thing that you need to pay attention to. Not all of the real estate market in Toronto is the same. I’ll explain why down below the predictions.

  1. In the Best case scenario it could retrace to $1.17M. *Exactly as June Avg Home price.
  2. In the Worst case scenario it could retrace to $1.06M. * Exactly as July Avg Home Price.
  3. In no case prices could fall well below $1M.
  4. Prices could bounce back UP in less than 1-2 yrs.

First of all, this is not financial advice. Toronto real estate market numbers in general are different from the micro markets. For example, if Brampton semi-detached home prices drop by 30% in a crash and Central Toronto semi-detached home prices drop only 5%, the average will not represent either area. The average will tell us it is down but doesn’t tell you what is happening in any micro market. That’s why when I analyze the market, I do analyze the micro markets separately.

Toronto Real estate market Jan 2023

Toronto home Prices are down 16%, Sales Down 44%

Prices going down is old news now, if you have been following my content you have been among the few of “in the know“ people. For the next 5 months you’d see the negative percentages when the media compares the prices Year over Year! 

The indicators that are being used in most of the reports are lagging indicators! 

I check the actual data and compare it with the day to day activities that I get on my listings as a Toronto Real Estate Agent! That’s one of the secret sauces that I use to be on top of the market and sense any market movements before everybody else!

One more thing that you need to pay attention to (you can view it in the chart above) is the month of inventory and sales to active listings ratio. Month of inventory in the Greater Toronto Area has been 3 MoI, and it’s been stabilizing at around 2.5 to 3 MoI, which is almost a balanced market. Active listings in Toronto were 9,299 and the number of sales in the past month has been 3,100 sales.

3.0 Month of Inventory means more properties sell under asking and few may sell above asking (If they have one or two wow factors). It depends on many factors, marketing strategies, demand in the area, location, condition, etc, etc.

Those who paid attention to my signals could make the best move. Only the best Toronto real estate agents who are active in their markets and have lots of experience in real estate, could see the change before it shows in the monthly stats. The rest are relying on lagging indicators!

Toronto Condo Sales dropped by -52.7% YoY Prices down 8.1% YoY!

Following last month’s trend and from what I see on my listings I can tell you that the condo apartments seem to be moving slower behind the detached houses! In the Toronto condo market the number of sales have dropped by -52.7% compared to last year with only 950 sales in January 2023. 

Average price of a condo in the city of Toronto (416 area code) is at $711,171 , which has been down 6.4% YoY! 

Downtown Toronto Condo Market:

The average price of a Condo in Downtown Toronto C01 is $790,991 . Month of inventory in Downtown Toronto is at around 4.3 MOI which is a buyer’s market. In C01, 146 Condos sold in the past month while the active inventory is at 646! Just so you know 2 to 3 MoI in Toronto can be considered a balanced market. Above 3 is getting in the buyer’s market zone. That means most condos will go under the asking price. This is a good time to start hunting for good deals in downtown Toronto. Please remember that I don’t say that with a predatory meaning. What I mean is that if you were looking for an opportunity to get into the downtown market and find a deal, this is a good time to look for deals!

Just so you know a good condo in a good location, always has a demand, the downtrends mostly hurt the mediocre or average cookie cutters!

Toronto’s Detached House Prices are DOWN 23% Year over Year but seems to be flattening!

Average Detached home prices leveling off at around $1.34M. Just so you know it’s still down 25% from $1.79M in March. That’s why the annual YoY comparison is not always useful. Especially in a transitioning environment!

The average detached house price in the city of Toronto so far is holding stronger than the suburbs. The average price of a detached house in the City of Toronto (416 area) has been $1.486M. 

The Month of Inventory in detached houses also has been 2.5 MoI which is a balanced Market. In the past month there were 312 active listings in the city of Toronto, whereas only 122 were houses sold. It shows the detached market is stronger than any other market at the same time.

Toronto proper, and especially central Toronto are in higher demand compared to the suburbs when it comes to detached houses. The suburbs got much more correction in the detached house market. 

Basically at this point it’s the Suburbs detached market that has a huge correction and is dragging the detached prices in Toronto down in the reported numbers.

Semi-detached House Prices are down drastically:

The average price of a Townhouse in Toronto has been $887,610 and the average price of a semi-detached house in Toronto has been $1,019,668! Townhouses were down 18% year over year and Semi-Detached houses were down 22.3% year over year! But both Townhouses and Semi-Detached prices look to be flattening month over month!

Important Comments and Predictions for Toronto home sellers:

I’ll keep this short, for more information you can contact your agent or contact us if you don’t have an agent. If you are a seller, you have to realize that the old comps from March or February will not work anymore. So if you want to sell, make sure 1. Hire a professional Agent 2. Set your expectations Right 3. Choose the right marketing strategy 4. Find the optimum price based on the supply and demand in your area 5. Market the property based on your target buyers.

Remember, a good house in a good neighborhood will always have its demand, it’s the average houses in average neighborhoods, or suburbs that will get hit the hardest.

Important Comments and Predictions for Toronto home buyers:

If you are a buyer, now is a good time to start looking for deals in the market! As I have been calling the tops and the bottoms (view all the calls in my archives, Twitter, and my Youtube channel) I can tell you that, if you see a property that you really like, don’t be afraid to pull the trigger. Because a similar house may not come to the market again or until you have a valid mortgage pre-approval or a locked in interest rate. However, since the market is transitioning and I’ve been telling my buyers from a few months back, you’d have more room to negotiate a deal in the near future. 

Conclusion:

Always remember, time in the market OVER timing the market. You already know that I have predicted tops and the bottoms several times and yet I believe timing the market is not for everybody. Feel free to go through our Toronto real estate market archives down below. I still believe in the long term, over 5-10 years time, the real estate market in the city of Toronto is bullish and moving up.

2022 Archive

December 2022

Toronto Real Estate Market: Prices down 9.2% Year over Year!

Toronto real estate sales dropped by -48% and the year over year price dropped -9.2%! Average Toronto home prices closed at $1,051,216! If you’ve been watching my Youtube videos you know already that I’ve been talking about the prices will be bouncing between $1,050,000 to $1,100,000 for a while! You can view my predictions in my archives or my Youtube and Twitter. So far all my crash predictions exactly hit! 

From a few months back: my models also tell me that the average Toronto home price could not fall much under $1M. First of all this is not financial advice, I have to put the disclaimer here, but let’s see how the market is performing.

From Archives:

In March I did the below predictions, and as you can see it’s going that direction. However, there is an important thing that you need to pay attention to. Not all of the real estate market in Toronto is the same. I’ll explain why down below the predictions. 

  1. In the Best case scenario it could retrace to $1.17M. *Exactly as June Avg Home price.
  2. In the Worst case scenario it could retrace to $1.06M. * Exactly as July Avg Home Price.
  3. In no case prices could fall well below $1M.
  4. Prices could bounce back UP in less than 1-2 yrs.

First of all, this is not financial advice. Toronto real estate market numbers in general are different from the micro markets. For example, if Brampton semi-detached home prices drop by 30% in a crash and Central Toronto semi-detached home prices drop only 5%, the average will not represent either area. The average will tell us it is down but doesn’t tell you what is happening in any micro market. That’s why when I analyze the market, I do analyze the micro markets separately. 

Toronto Real estate market December 2022

Toronto home Prices are down -9.2%, Sales Down 48.2%

Prices going down is old news now, if you have been following my content you have been among the few of “in the know“ people. For the next 6 – 7 months you’d see the negative percentages when the media compares the prices Year over Year! 

The indicators that are being used in most of the reports are lagging indicators! 

I check the actual data and compare it with the day to day activities that I get on my listings as a Toronto Real Estate Agent! That’s one of the secret sauces that I use to be on top of the market and sense any market movements before everybody else!

One more thing that you need to pay attention to (you can view it in the chart above) is the month of inventory and sales to active listings ratio. Month of inventory in the Greater Toronto Area has been 2.8 MoI, and it’s been stabilizing at around 2.5 to 3 MoI, which is almost a balanced market. Active listings in Toronto were 6,013 and the number of sales in the past month has been 3,117 sales.

2.8 Month of Inventory means more properties sell under asking and few may sell above asking (If they have one or two wow factors). It depends on many factors, marketing strategies, demand in the area, location, condition, etc, etc.

Those who paid attention to my signals could make the best move. Only the best Toronto real estate agents who are active in their markets and have lots of experience in real estate, could see the change before it shows in the monthly stats. The rest are relying on lagging indicators!

Toronto Condo Sales dropped by -53% YoY Prices down 1% YoY!

Following last month’s trend and from what I see on my listings I can tell you that the condo apartments seem to be moving slower behind the detached houses! In the Toronto condo market the number of sales have dropped by -53% compared to last year with only 966 sales in Dec 2022. 

Average price of a condo in Toronto is at $705,659 , which has been down 0.9% YoY! 

Downtown Toronto Condo Market:

The average price of a Condo in Downtown Toronto C01 is $771,787 . Month of inventory in Downtown Toronto is at around 4.2 MOI which is a buyer’s market. In C01, 145 Condos sold in the past month while the active inventory is at 620! Just so you know 2 to 3 MoI in Toronto can be considered a balanced market. Above 3 is getting in the buyer’s market zone. That means most condos will go under the asking price. This is a good time to start hunting for good deals in downtown Toronto. Please remember that I don’t say that with a predatory meaning. What I mean is that if you were looking for an opportunity to get into the downtown market and find a deal, this is a good time to look for deals!

Just so you know a good condo in a good location, always has a demand, the downtrends mostly hurt the mediocre or average cookie cutters!

Toronto’s Detached House Prices are DOWN 13.4% Year over Year but seems to be flattening!

Average Detached home prices leveling off at around $1.38M. Just so you know it’s still down 24% from $1.79M in March. That’s why the annual YoY comparison is not always useful. Especially in a transitioning environment!

The average detached house price in the city of Toronto so far is holding stronger than the suburbs. The average price of a detached house in the City of Toronto (416 area) has been $1.627M. 

The Month of Inventory in detached houses also has been 2.75 MoI which is a balanced Market

Toronto proper, and especially central Toronto are in higher demand compared to the suburbs when it comes to detached houses. The suburbs got much more correction in the detached house market. 

Basically at this point it’s the Suburbs detached market that has a huge correction and is dragging the detached prices in Toronto down in the reported numbers.

Semi-detached House Prices are down drastically:

The average price of a Townhouse in Toronto has been $864,567 and the average price of a semi-detached house in Toronto has been $1,009,479! Townhouses were down 13.1% year over year and Semi-Detached houses were down 14.4% year over year! But both Townhouses and Semi-Detached prices look to be flattening month over month!

Important Comments and Predictions for Toronto home sellers:

I’ll keep this short, for more information you can contact your agent or contact us if you don’t have an agent. If you are a seller, you have to realize that the old comps from March or February will not work anymore. So if you want to sell, make sure 1. Hire a professional Agent 2. Set your expectations Right 3. Choose the right marketing strategy 4. Find the optimum price based on the supply and demand in your area 5. Market the property based on your target buyers.

Remember, a good house in a good neighborhood will always have its demand, it’s the average houses in average neighborhoods, or suburbs that will get hit the hardest.

Important Comments and Predictions for Toronto home buyers:

If you are a buyer, now is a good time to start looking for deals in the market! As I have been calling the tops and the bottoms (view all the calls in my archives, Twitter, and my Youtube channel) I can tell you that, if you see a property that you really like, don’t be afraid to pull the trigger. Because a similar house may not come to the market again or until you have a valid mortgage pre-approval or a locked in interest rate. However, since the market is transitioning and I’ve been telling my buyers from a few months back, you’d have more room to negotiate a deal in the near future.

Conclusion:

Always remember, time in the market OVER timing the market. You already know that I have predicted tops and the bottoms several times and yet I believe timing the market is not for everybody. Feel free to go through our Toronto real estate market archives down below. I still believe in the long term, over 5-10 years time, the real estate market in the city of Toronto is bullish and moving up.

November 2022

Prices down Year over Year but flattening Month over Month! Nov 2022!

Toronto real estate sales dropped by -49% and the year over year price dropped -7.2%! Average Toronto home prices closed at $1,079,395! Prices seem to be leveling off. After calling the Top in January and the bottom predictions from March, I’m often asked where the bottom is. You can view my predictions in my archives or my Youtube and Twitter. So far all my crash predictions exactly hit!

From a few months back: my models also tell me that the average Toronto home price could not fall much under $1M. First of all this is not financial advice, I have to put the disclaimer here, but let’s see how the market is performing.

From Archives:

In March I did the below predictions, and as you can see it’s going that direction. However, there is an important thing that you need to pay attention to. Not all of the real estate market in Toronto is the same. I’ll explain why down below the predictions.

  1. In the Best case scenario it could retrace to $1.17M. *Exactly as June Avg Home price.
  2. In the Worst case scenario it could retrace to $1.06M. * Exactly as July Avg Home Price.
  3. In no case prices could fall well below $1M.
  4. Prices could bounce back UP in less than 1-2 yrs.

First of all, this is not financial advice. Toronto real estate market numbers in general are different from the micro markets. For example, if Brampton semi-detached home prices drop by 30% in a crash and Central Toronto semi-detached home prices drop only 5%, the average will not represent either area. The average will tell us it is down but doesn’t tell you what is happening in any micro market. That’s why when I analyze the market, I do analyze the micro markets separately.

Toronto Real estate market november 2022

Toronto home Prices are down -7.2% Year over Year, but flattening month over month:

Prices going down is old news now, if you have been following my content you have been among the few of “in the know“ people. For the next 6 – 7 months you’d see the negative percentages when the media compares the prices Year over Year! They are using lagging indicators! I check the actual data and compare it with the day to day activities that I get on my listings as a Toronto Real Estate Agent! That’s one of the secret sauces that I use to be on top of the market and sense any market movements before everybody else!

One more thing that you need to pay attention to (you can view it in the chart above) is the month of inventory and sales to active listings ratio. Month of inventory in the Greater Toronto Area has been 2.6 MoI, and it’s been stabilizing at around 2.5 to 3 MoI, which is almost a balanced market. Active listings in Toronto were 11,910 and the number of sales in the past month has been 4,544 sales.

2.6 Month of Inventory means some properties sell over asking and some properties sell below. It depends on many factors, marketing strategies, demand in the area, location, condition, etc, etc.

Those who paid attention to my signals could make the best move. Only the best Toronto real estate agents who are active in their markets and have lots of experience in real estate, could see the change before it shows in the monthly stats. The rest are relying on lagging indicators!

Toronto Condo Sales dropped by -54.9% YoY Prices down 1% YoY!

Following last month’s trend and from what I see on my listings I can tell you that the condo apartments seem to be moving slower behind the detached houses! In the Toronto condo market the number of sales have dropped by -54% compared to last year with only 1,289 sales in November 2022. 

Average price of a condo in Toronto is at $708,636 , which has been down 0.9% YoY! 

Downtown Toronto Condo Market:

The average price of a Condo in Downtown Toronto C01 is $796,888 . Month of inventory in Downtown Toronto is at around 3.6 MOI which is a buyer’s market. Just so you know 2 to 3 MoI in Toronto can be considered a balanced market. Above 3 is getting in the buyer’s market zone. That means most condos will go under the asking price. This is a good time to start hunting for good deals in downtown Toronto. Please remember that I don’t say that with a predatory meaning. What I mean is that if you were looking for an opportunity to get into the downtown market and find a deal, this is a good time to look for deals!

Just so you know a good condo in a good location, always has a demand, the downtrends mostly hurt the mediocre or average cookie cutters!

Toronto’s Detached Houses Prices are DOWN -11.3% Year over Year:

Average Detached home prices bounced off $1.39M. Just so you know it’s still down 24% from $1.79M in March. That’s why the annual YoY comparison is not always useful. Especially in a transitioning environment!

The average detached house price in the city of Toronto so far is holding stronger than the suburbs. The average price of a detached house in the City of Toronto (416 area) has been $1.560M. 

The Month of Inventory in detached houses also has been 2.3 MoI which is a balanced Market

Toronto proper, and especially central Toronto are in higher demand compared to the suburbs when it comes to detached houses. The suburbs got much more correction in the detached house market. 

Basically at this point it’s the Suburbs detached market that has a huge correction and is dragging the detached prices in Toronto down in the reported numbers.

Semi-detached House Prices are down YoY and down month over month:

The average price of a Townhouse in Toronto has been $900,314 and the average price of a semi-detached house in Toronto has been $1,039,200! Townhouses were down -4% year over year and Semi-Detached houses were down -6.3% year over year! But both Townhouses and Semi-Detached prices were UP month over month!

Important Comments and Predictions for Toronto home sellers:

I’ll keep this short, for more information you can contact your agent or contact us if you don’t have an agent. If you are a seller, you have to realize that the old comps from March or February will not work anymore. So if you want to sell, make sure 1. Hire a professional Agent 2. Set your expectations Right 3. Choose the right marketing strategy 4. Find the optimum price based on the supply and demand in your area 5. Market the property based on your target buyers.

Remember, a good house in a good neighborhood will always have its demand, it’s the average houses in average neighborhoods, or suburbs that will get hit the hardest.

Important Comments and Predictions for Toronto home buyers:

If you are a buyer, now is a good time to start looking for deals in the market! As I have been calling the tops and the bottoms (view all the calls in my archives, Twitter, and my Youtube channel) I can tell you that, if you see a property that you really like, don’t be afraid to pull the trigger. Because a similar house may not come to the market again or until you have a valid mortgage pre-approval or a locked in interest rate. However, since the market is transitioning and I’ve been telling my buyers from a few months back, you’d have more room to negotiate a deal in the near future. 

Conclusion:

Always remember, time in the market OVER timing the market. You already know that I have predicted tops and the bottoms several times and yet I believe timing the market is not for everybody. Feel free to go through our Toronto real estate market archives down below. I still believe in the long term, over 5-10 years time, the real estate market in the city of Toronto is bullish and moving up.

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October 2022

Is this Good or Bad News for Toronto Real Estate? Oct 2022!

This is the time to Patiently look for deals in the market!

Toronto real estate sales dropped by -49%! Average Toronto home prices climbed slightly to $1,089,428! Prices seem to be leveling off. After calling the Top in January and the bottom predictions from March, I’m often asked where the bottom is. You can view my predictions in my archives or my Youtube and Twitter. So far all my cresh predictions exactly hit! 

Another prediction All my models also tell me that the average Toronto home price could not fall much under $1M. First of all this is not financial advice, I have to put the disclaimer here, but let’s see how the market is performing.

From Archives:

In March I did the below predictions, and as you can see it’s going that direction. However, there is an important thing that you need to pay attention to. Not all of the real estate market in Toronto is the same. I’ll explain why down below the predictions. 

  1. In the Best case scenario it could retrace to $1.17M. *Exactly as June Avg Home price.
  2. In the Worst case scenario it could retrace to $1.06M. * Exactly as July Avg Home Price.
  3. In no case prices could fall well below $1M.
  4. Prices could bounce back UP in less than 1-2 yrs.

First of all, this is not financial advice. Toronto real estate market numbers in general are different from the micro markets. For example, if Brampton semi-detached home prices drop by 30% in a crash and Central Toronto semi-detached home prices drop only 5%, the average will not represent either area. The average will tell us it is down but doesn’t tell you what is happening in any micro market. That’s why when I analyze the market, I do analyze the micro markets separately. 

Toronto home Prices are down -5.7% Year over Year, but slightly UP Month over Month:

Last month we asked if  I’ll get to that more in my Youtube videos or twitter. Prices going down is old news now, if you have been following my content you have been among the few of “in the know“ people. For the next few months you’d see the negative percentages when the media compares the prices Year over Year! They are using lagging indicators! I check the actual data and compare it with the day to day activities that I get on my listings as a Toronto Real Estate Agent! That’s one of the secret sauces that I use to be on top of the market and sense any market movements before everybody else!

One more thing that you need to pay attention to (you can view it in the chart above) is the month of inventory and sales to active listings ratio. Month of inventory in the Greater Toronto Area has been 2.6 MoI, and it’s been stabilizing at around 2.5 to 3 MoI, which is almost a balanced market. Which means some properties sell over asking and some properties sell below. It depends on many factors, marketing strategies, demand in the area, location, condition, etc, etc.

Those who paid attention to my signals could make the best move. Only the best Toronto real estate agents who are active in their markets and have lots of experience in real estate, could see the change before it shows in the monthly stats. The rest are relying on lagging indicators!

Toronto Condo Market is behind the Detached Market! Sales dropped by -53% YoY!

Following the last month’s trend and from what I see on my listings I can tell you that the condo apartments seem to be moving a bit slower behind the detached houses! In the Toronto condo market the number of sales have dropped by -53% compared to last year. 

The Average Condo prices in Toronto last month were $730K, which moved down slightly to $716K. Average price of a condo in Toronto is at $716,515 , which has been 1.8% up YoY! And also 1.9% down month over month. 

As you may remember, in downturns the cheapest products in the market usually get hit the least. Condos are amongst the most affordable options out there. So if you are a move up buyer (selling your condo and buying a house) this might be the time to look at your options!

Downtown Toronto Condo Market:

The average price of a Condo in Downtown Toronto C01 is $845,773 . Month of inventory in Downtown Toronto is at around 4.46 MOI which is a buyer’s market. Just so you know 2 to 3 MoI in Toronto can be considered a balanced market. Above 3 is getting in the buyer’s market zone. That means most condos will go under the asking price. This is a good time to start hunting for good deals in downtown Toronto. Please remember that I don’t say that with a predatory meaning. What I mean is that if you were looking for an opportunity to get into the downtown market and find a deal, this is a good time to look for deals!

Just so you know a good condo in a good location, always has a demand, the downtrends mostly hurt the mediocre or average cookie cutters!

Toronto’s Detached Houses Prices are DOWN -11.0% Year over Year:

Average Detached home prices bounced off $1.372M. Just so you know it’s still down 24% from $1.79M in March. That’s why the annual YoY comparison is not always useful. Especially in a transitioning environment!

The average detached house price in the city of Toronto so far is holding stronger than the suburbs. The average price of a detached house in the City of Toronto (416 area) has been $1.609M. 

The Month of Inventory in detached houses also has been 2.57 MoI which is a balanced Market

Toronto proper, and especially central Toronto are in higher demand compared to the suburbs when it comes to detached houses. The suburbs got much more correction in the detached house market. 

Basically at this point it’s the Suburbs detached market that has a huge correction and is dragging the detached prices in Toronto down in the reported numbers.

Semi-detached House Prices are down YoY but prices are UP compared to the past month:

The affordability of the Townhouses and Semi-Detached houses are the main factors driving the demand in these two sections of Toronto real estate market. 

The average price of a Townhouse in Toronto has been $1,003,359 and the average price of a semi-detached house in Toronto has been $1,219,812! Townhouses were down -4% year over year and Semi-Detached houses were down -6.3% year over year! But both Townhouses and Semi-Detached prices were UP month over month!

Important Comments and Predictions for Toronto home sellers:

I’ll keep this short, for more information you can contact your agent or contact us if you don’t have an agent. If you are a seller, you have to realize that the old comps from March or February will not work anymore. So if you want to sell, make sure 1. Hire a professional Agent 2. Set your expectations Right 3. Choose the right marketing strategy 4. Find the optimum price based on the supply and demand in your area 5. Market the property based on the target audience.

Remember, a good house in a good neighborhood will always have its demand, it’s the average houses in average neighborhoods, or suburbs that will get hit the hardest.

Important Comments and Predictions for Toronto home buyers:

If you are a buyer, now is a good time to start looking for deals in the market! As I have been calling the tops and the bottoms (view all the calls in my archives, Twitter, and my Youtube channel) I can tell you that, if you see a property that you really like, don’t be afraid to pull the trigger. Because a similar house may not come to the market again or until you have a valid mortgage pre-approval or a locked in interest rate. However, since the market is transitioning and I’ve been telling my buyers from a few months back, you’d have more room to negotiate a deal in the near future. 

Conclusion:

Always remember, time in the market OVER timing the market. You already know that I have predicted tops and the bottoms several times and yet I believe timing the market is not for everybody. Feel free to go through our Toronto real estate market archives down below. I still believe in the long term, over 5-10 years time, the real estate market in the city of Toronto is bullish and moving up.

September 2022

Are Prices Flattening? Is it the Bottom for Toronto real estate? Sep 2022!

Average Toronto home prices climbed slightly to $1,086,762! No need to mention that I was the first real estate agent in Toronto who predicted the Top in January and February 2022, and ALL my crash targets hit as predicted. You can view my predictions in my archives or my Youtube and Twitter. I made that prediction in the beginning of 2022, when all other agents were screaming for prices to go up and up! But my predictions and targets were hitting exactly as predicted one after another!

Another prediction All my models also tell me that the average Toronto home price could not fall much under $1M. First of all this is not financial advice, I have to put the disclaimer here, but let’s see how the market is going to perform in the next 6 months.

From Archives:

In March I did the below predictions, and as you can see it’s going that direction. However, there is an important thing that you need to pay attention to. Not all of the real estate market in Toronto is the same. I’ll explain why down below the predictions.

  1. In the Best case scenario it could retrace to $1.17M. *Exactly as June Avg Home price.
  2. In the Worst case scenario it could retrace to $1.06M. * Exactly as July Avg Home Price.
  3. In no case prices could fall well below $1M.
  4. Prices could bounce back UP in less than 1-2 yrs.

First of all, this is not financial advice. Toronto real estate market numbers in general are different from the micro markets. For example, if Brampton semi-detached home prices drop by 30% in a crash and Central Toronto semi-detached home prices drop only 5%, the average will not represent either area. The average will tell us it is down but doesn’t tell you what is happening in any micro market. That’s why when I analyze the market, I do analyze the micro markets separately.

September 2022 Toronto Real Estate Market

Toronto home Prices are down 4.3% Year over Year, but UP Month over Month:

Main question is, are we forming a bottom? I’ll get to that more in my Youtube videos or twitter. Prices going down is old news now, if you have been following my content you have been among the few of “in the know“ people. For the next few months you’d see the negative percentages when the media compares the prices month over month! They are using lagging indicators! I check the actual data and compare it with the day to day activities that I get on my listings! That’s one of the secret sauces that I use to be on top of the market and sense any market movements before everybody else. 

So please don’t pay too much attention to the headlines when they compare the numbers “ Year Over Year “! At least for the next 6 months!

One more thing that you need to pay attention to (you can view it in the chart above) is the month of inventory and sales to active listings ratio. Month of inventory in the Greater Toronto Area has been 2.68 MoI, and it’s been stabilizing at around 2.5 to 3 MoI, which is almost a balanced market. Which means some properties sell over asking and some properties sell below. It depends on many factors, marketing strategies, demand in the area, location, condition, etc, etc.

Just a reminder about what I said in March, when the average Toronto home price was at $1,334,544 : “  I can tell you for a while, Toronto is NOT gonna see this average home price! Mark my words! “

Those who paid attention to my signals could make the best move. Only the best Toronto real estate agents who are active in their markets and have lots of experience in real estate, could see the change before it shows in the monthly stats.

Toronto Condo Market is moving slower than the Metached Market!

From what I see on my listings I can tell you that the condo apartments seem to be moving a bit slower behind the detached houses! The only sector that I see is hot in the condo market is under $600K condos! 

The Average Condo prices in Toronto last month were $711K, which moved up slightly to $730K. Average price of a condo in Toronto is at $730,818 , which has been 3.2% up YoY! And also 2.8% UP month over month. 

As you may remember, in downturns the cheapest products in the market usually get hit the least. Condos are amongst the most affordable options out there. So if you are a move up buyer (selling your condo and buying a house) this might be the time to look at your options!

Make sure you follow me on Youtube and Twitter to get thorough insight about Toronto real estate market.

Downtown Toronto Condo Market:

The average price of a Condo in Downtown Toronto is $829,305 . Month of inventory in Downtown Toronto is at around 3.3 MOI which is a slight buyer’s market. Just so you know 2 to 3 MoI in Toronto can be considered a balanced market. Above 3 is getting in the buyer’s market zone. That means some condos will go under asking and some above asking price but mostly go around OR under the asking price. 

Just so you know a good condo in a good location, always has a demand, the downtrends mostly hurt the mediocre or average cookie cutters!

Toronto’s Detached Houses Prices are DOWN -10.2% Year over Year:

Average Detached home prices bounced off $1.369M. Just so you know it’s still down 24% from $1.79M in March. That’s why the annual YoY comparison is not always useful. Especially in a transitioning environment, while the media mostly use those numbers!

The average detached house price in the city of Toronto so far is holding stronger than the suburbs. The average price of a detached house in the City of Toronto has been $1.571M. 

The Month of Inventory in detached houses also has been 2.66 MoI which is balanced/buyers Market. 

Toronto and especially central Toronto is in higher demand compared to the suburbs, the corrections in the detached sector were much lower than the suburbs. 

Basically at this point it’s the Suburbs detached market that has a huge correction and is dragging the detached prices in Toronto down in the reported numbers.

Semi-detached House Prices are down YoY but prices are UP compared to the past month:

The affordability of the Townhouses and Semi-Detached properties made the buyers choose these types of properties over a detached house in Toronto. 

The average price of a Townhouse in Toronto has been $901,592 and the average price of a semi-detached house in Toronto has been $1,043,120! Townhouses were down -1% year over year and Semi-Detached houses were down -6.5% year over year! But both Townhouses and Semi-Detached prices were UP month over month!

Important Comments and Predictions for Toronto home sellers:

I’ll keep this short, for more information you can contact your agent or contact us if you don’t have an agent. If you are a seller, you have to realize that the old comps from March or February will not work anymore.

Remember, a good house in a good neighborhood will always have its demand, it’s the average houses in average neighborhoods, or suburbs that will get hit the hardest.

Important Comments and Predictions for Toronto home buyers:

As I have been calling the tops and the bottoms (view all the calls in my archives, Twitter, and my Youtube channel) I can tell you that, if you see a property that you really like, don’t be afraid to pull the trigger. Because a similar house may not come to the market again when you already have your valid mortgage pre-approval or your interest rate locked in. However, since the market is transitioning and I’ve been telling my buyers from a few months back, you’d have more room to negotiate a deal in the near future. 

Conclusion:

Always remember, time in the market OVER timing the market. You already know that I have predicted tops and the bottoms several times if you’ve been following my content since February. Feel free to go through our Toronto real estate market archives down below. I still believe in the long term ( over 5-10 years time) the real estate market in the city of Toronto is bullish and moving up.

August 2022

Is the BOTTOM in? Toronto Housing Crash Targets Hit EXACTLY as Predicted! Sep 2022!

Average Toronto home price bounces at $1,079,500! No need to mention that I was the first real estate agent in Toronto who predicted the Top in January and February 2022, and ALL my crash targets hit as predicted. You can see the proof in my archives or my Youtube and Twitter. Remember that I made that prediction in March 2022, when all other agents were screaming for prices to go up and up! But my predictions and targets were hitting exactly as predicted one after another!

You can see my previous predictions in my archive. My predictions were Average Toronto home prices to retrace in the worst case scenario to $1.06M. Now the TRREB published the prices and guess what? Average Toronto home price bounces at $1.07M ! Remember that I made that prediction using my models and experience in March!

Another prediction All my models also tell me that the average Toronto home price could not fall much under $1M. First of all this is not financial advice, I have to put the disclaimer here, but let’s see how the market is performing in the next 6 months.

From Archives:

In March I did the below predictions, and as you can see it’s going that direction. However, there is an important thing that you need to pay attention to. Not all of the real estate market in Toronto is the same. I’ll explain why down below the predictions.

  1. In the Best case scenario it could retrace to $1.17M. *Exactly as June Avg Home price.
  2. In the Worst case scenario it could retrace to $1.06M. * Exactly as July Avg Home Price.
  3. In no case prices could fall well below $1M.
  4. Prices could bounce back UP in less than 1-2 yrs.

First of all, this is not financial advice. Toronto real estate market numbers in general are different from the micro markets. For example, if Brampton semi-detached home prices drop by 30% in a crash and Central Toronto semi-detached home prices drop only 5%, the average will not represent either area. The average will tell us it is down but doesn’t tell you what is happening in any micro market. That’s why when I analyze the market, I do analyze the micro markets separately.

August 2022 Toronto real estate market

Toronto home Prices are up 1.2% Year over Year, but down 19% since February:

We talked about it just now that the prices are compared with a year ago. Whereas comparing August with February we see a 19% decline in the past 6 months. Average home price in Toronto in August was $1,079,500 !

Just a reminder about what I said in March, when the average Toronto home price was at $1,334,544 : “  I can tell you for a while, Toronto is NOT gonna see this average home price! Mark my words! “

Those who paid attention to my signals could make the best move. Only the best Toronto real estate agents who are active in their markets and have lots of experience in real estate, could see the change before it shows in the monthly stats.

How are Toronto condos performing in this market?

The Condo prices in Toronto seem to be bouncing back around $711K. Average price of a condo in Toronto is at $711,321 , which has been 3.6% up YoY! But it is down almost 10% when you compare it with the average Toronto condo price in February. 

As you may remember, in downturns the cheapest products in the market usually get hit the least. Condos are amongst the most affordable options out there. On top of that the price gap between Detached homes and Condo apartments had become so big that it needed a correction. So with that being said, I think the least correction will be in the condo market. 

Downtown Toronto Condo Market:

Just to keep you updated about the Downtown Toronto condo market, the average price of a Condo in Downtown is $788,485 . Month of inventory in Downtown Toronto is at around 3.0 MOI which is coming back towards a balanced market. Just so you know 2 to 3 MoI in Toronto can be considered a balanced market. That means some condos will go under asking and some above asking price but mostly go around the asking price.

Toronto’s Detached Houses Prices are DOWN -3.1% Year over Year, (bounced at Month over Month):

Average Detached home prices bounced off $1.379M. Just so you know it’s still down 24% from $1.79M in March. That’s why the annual YoY comparison is not always useful. Especially in a transitioning environment, while the media mostly use those numbers!

The average detached house price in the city of Toronto so far is holding stronger than the suburbs. The average price of a detached house in the City of Toronto has been $1.519M. The Month of Inventory in detached houses also has been 2.6 MoI which is balanced/buyers Market. 

I expect the detached prices in the city of Toronto to get a little bit more correction. But because Toronto and especially central Toronto is in higher demand compared to the suburbs, the correction will be much lower than the suburbs. 

Basically at this point it’s the Suburbs detached market that has a huge correction and is dragging the detached prices in Toronto down in the reported numbers.

Semi-detached House Prices are down YoY but Townhouse prices are UP YoY:

The affordability of the Townhouses and Semi-Detached properties made the buyers choose these types of properties over a detached house in Toronto. 

The average price of a Townhouse in Toronto has been $900,307 and the average price of a semi-detached house in Toronto has been $998,490! Townhouses were up 2.9% year over year and Semi-Detached houses were down -3.4% year over year!

Important Comments and Predictions for Toronto home sellers:

I’ll keep this short, for more information you can contact your agent or contact us if you don’t have an agent. If you are a seller, you have to realize that the old comps from March or February will not work anymore. Since the market is transitioning, you need to adjust your expectations as well. 

Remember, a good house in a good neighborhood will always have its demand, it’s the average houses in average neighborhoods, or suburbs that will get hit the hardest.

Important Comments and Predictions for Toronto home buyers:

As I have been calling the tops and the bottoms ( proof in my archives, Twitter, and my Youtube channel) I can tell you that, if you see a property that you really like, don’t be afraid to pull the trigger. Because a similar house may not come to the market again when you already have your valid mortgage pre-approval or your interest rate locked in. However, since the market is transitioning and I’ve been telling my buyers from a few months back, you’d have more room to negotiate a deal in the near future. 

Conclusion:

Always remember, time in the market OVER timing the market. You already know that I have predicted tops and the bottoms several times if you’ve been following my content since February. Feel free to go through our Toronto real estate market archives down below. I still believe in the long term ( over 5-10 years time) the real estate market in the city of Toronto is bullish and moving up.

July 2022

As predicted, Next Toronto Housing Crash Target Hit EXACTLY as Predicted!

As the first real estate agent in Toronto who predicted the Top in January and February 2022, my next crash target just hit. As you can see from my archives, my next crash target was $1.06M. Remember that I did that prediction in March 2022, when all other agents were screaming for prices to go up and up! But my predictions and targets were hitting exactly as predicted one after another!

You can see my previous predictions in my archive. My predictions were Average Toronto home prices to retrace in the worse case scenario to $1.16M. Now the TRREB published the prices and guess what? Average Toronto home price retraced to $1.07M ! Remember that I made that prediction by using my models and experience in March!

Another prediction All my models also tell me that the average Toronto home price could not fall much under $1M. First of all this is not financial advice, I have to put the disclaimer here, but let’s see how the market is performing.

From Archives:

In March I did the below predictions, and as I can see it’s going that direction. However, there is an important thing that you need to pay attention to. Not all of the real estate market in Toronto is the same. I’ll explain why down below the predictions.

  1. In the Best case scenario it could retrace to $1.17M. *Exactly as June Avg Home price.
  2. In the Worst case scenario it could retrace to $1.06M. * Exactly as July Avg Home Price.
  3. In no case prices could fall well below $1M.
  4. Prices could bounce back UP in less than 1-2 yrs.

First of all, this is not financial advice. Toronto real estate market numbers in general are different from the micro markets. For example, if Brampton semi-detached home prices drop by 30% in a crash and Central Toronto semi-detached home prices drop only 5%, the average will not represent either area. The average will tell us it is down but doesn’t tell you what is happening in any micro market. That’s why when I analyze the market, I do analyze the micro markets separately.

2022 07 July, Toronto Real Estate Market

Toronto home Prices are up 1.2% Year over Year, but down 19% since February:

We talked about it just now that the prices are compared with a year ago. Whereas comparing July with February we see a 19% decline in the past 5 months. Average home price in Toronto in July was $1,074,754 !

Just a reminder about what I said FOUR month ago when the average Toronto home price was at $1,334,544 : “  I can tell you for a while, Toronto is NOT gonna see this average home price! Mark my words! “

Those who paid attention to my signals could make the best move. Only the best Toronto real estate agents who are active in their markets and have lots of experience in real estate, could see the change before it shows in the monthly stats.

Is the Toronto Condo Market STILL Performing better?

Average price of a condo in Toronto is at $719,273 , which has been 6.9% up YoY! But it is down 10% when you compare it with the average Toronto condo price in February. 

As you may remember, in downturns the cheapest products in the market usually get hit the least. Condos are amongst the most affordable options out there. On top of that the price gap between Detached homes and Condo apartments had become so big that it needed a correction. So with that being said, I think the least correction will be in the condo market. 

Make sure you follow me on Youtube and Twitter to get thorough insight about TOronto real estate market.

Downtown Toronto Condo Market:

Just to keep you updated about the Downtown Toronto condo market, the average price of a Condo in Downtown is $808,025 . Month of inventory in Downtown Toronto is at around 3.7 MOI which is a Buyer’s market. That means some condos will go under asking and some around the asking price and only a VERY FEW will go above asking. That means really good deals can be found in this market for buyers.

Toronto’s Detached Houses Prices are UP 3.5%, but down Month over Month :

Average Detached home prices fell down to $1.362M, from $1.79M in March, that’s -24% correction in prices. That’s why the annual YoY comparison is not always useful. Especially in a transitioning environment, while news outlets mostly use those!

The average detached house price in the city of Toronto so far is holding stronger than the suburbs. The average price of a detached house in the City of Toronto has been $1.515M. The Month of Inventory in detached houses also has been 3.2 MoI which is balanced/buyers Market. 

I expect the detached prices in the city of Toronto to get a little bit more correction. But because Toronto and especially central Toronto is in higher demand compared to the suburbs, the correction will be much lower than the suburbs. 

Basically at this point it’s the Suburbs detached market that has a huge correction and is dragging the detached prices in Toronto down in the reported numbers.

Semi-detached House Prices and Townhomes are Up YoY but down Month over Month:

The affordability of the Townhouses and Semi-Detached properties made the buyers choose these types of properties over a detached house in Toronto. 

The average price of a Townhouse in Toronto has been $903,899 and the average price of a semi-detached house in Toronto has been $1,077,750! 

Important Comments and Predictions for Toronto home sellers:

I’ll keep this short, for more information you can contact your agent or contact us if you don’t have an agent. If you are a seller, you have to realize that the old comps from March or February will not work anymore. Since the market is transitioning, you need to adjust your expectations as well. 

Remember, a good house in a good neighborhood will always have its demand, it’s the average houses in average neighborhoods, or suburbs that will get hit the hardest.

Important Comments and Predictions for Toronto home buyers:

As I have been calling the tops and the bottoms (proof in my archives and my Youtube channel) I can tell you that, if you see a property that you really like, don’t be afraid to pull the trigger. Because a similar house may not come to the market again. However, since the market is transitioning and I’ve been telling my buyers from a few months back, you’d have more room to negotiate a deal in the near future. 

Conclusion:

Always remember, time in the market OVER timing the market. You already know that I have predicted tops and the bottoms several times if you’ve been following my content since February. Feel free to go through our Toronto real estate market archives down below. I still believe in the long term ( over 5-10 years time) the real estate market in the city of Toronto is bullish and moving up.

June 2022

As predicted, First Target Hit! Toronto home price down to $1.146M

As the first real estate agent in Toronto who predicted the Top in January and February 2022, I had predicted the below levels for the prices to drop in Toronto. The first target just hit, with June Toronto home prices dropping to $1.146M. You can see my previous predictions in my archive. My predictions were Average Toronto home prices to retrace in the best case scenario to $1.16M and in the worst case scenario to $1.06M.

Another prediction All my models also tell me that the average Toronto home price could not fall under $1M. First of all this is not financial advice, I have to put the disclaimer here, but let’s see how the market is performing.

In March I did the below predictions, and as I can see it’s going that direction. However, there is an important thing that you need to pay attention to. Not all of the real estate market in Toronto is the same. I’ll explain why down below the predictions.

  1. In the Best case scenario it could retrace to $1.17M.
  2. In the Worst case scenario it could retrace to $1.06M.
  3. In no case prices could fall below $1M.
  4. Prices could bounce back UP in less than 1-2 yrs.

First of all, this is not financial advice. Toronto real estate market numbers in general are different from the micro markets. For example, if Brampton semi-detached home prices drop by 30% in a crash and Central Toronto semi-detached home prices drop only 5%, the average will not represent either area.

The average will tell us it is down but doesn’t tell you what is happening in any micro market. That’s why when I analyze the market, I do analyze the micro markets separately.

June 2022 Toronto Real Estate Market

The issue is that they are comparing the numbers with a year ago. Imagine when we go to February next year, what would the gap be?

Toronto home Prices are up 5.3% Year over Year, but down Month over Month:

We talked about it just now that the prices are compared with a year ago. Whereas comparing June with February we see a 14% decline in the past 4 months. Average home price in Toronto in June was $1,146,254 which is 5.3% up year over year.

Just a reminder about what I said three month ago when the average Toronto home price was at $1,334,544 : “  I can tell you for a while, Toronto is NOT gonna see this average home price! Mark my words! “

Those who paid attention to my signals could make the best move. Only the best Toronto real estate agents who are active in their markets and have lots of experience in real estate, could see the change before it shows in the monthly stats.

Toronto Condo Market Performing better compared to other housing types :

Average price of a condo in Toronto is at $747,267 , which has been 9.3% up YoY! But it is slightly down when you compare it with the average Toronto condo price last month.

As you may remember, in downturns the cheapest products in the market usually get hit the least. Condos are amongst the most affordable options out there. On top of that the price gap between Detached homes and Condo apartments had become so big that it needed a correction. So with that being said, I think the least correction will be in the condo market.

Downtown Toronto Condo Market:

Just to keep you updated about the Downtown Toronto condo market, the average price of a Condo in Downtown is $790,007 . Month of inventory in Downtown Toronto is at around 3MOI which is balanced/Buyer’s market. That means some condos will go under asking and some around the asking price and only a few will go above asking. That means deals can be found in this market.

Let’s take a look at the Downtown Toronto condo prices since December:

June 2022 Toronto Real Estate Market
Toronto’s Detached Houses Prices are UP 3.5%, but down Month over Month :

Average Detached home prices fell down to $1.454M, from $1.79 in March, that’s -18% correction in prices. That’s why the annual YoY comparison is not always useful. Especially in a transitioning environment.

The average detached house price in Toronto so far is holding strong. The average price of a detached house in the City of Toronto has been $1.737M. The Month of Inventory in detached houses also has been 2.2 MoI. 

This is getting closer to a balanced market. So I expect the detached prices in the city of Toronto to get a little bit of a correction. But because Toronto and especially central Toronot is in higher demand compared to the suburbs, the correction will be much lower than the suburbs. 

Basically at this point it’s the Suburbs detached market that has a huge correction and is dragging the detached prices in Toronto down in the reported numbers.

Toronto’s Detached Houses Prices are UP 3.5%, but down Month over Month :

Average Detached home prices fell down to $1.454M, from $1.79 in March, that’s -18% correction in prices. That’s why the annual YoY comparison is not always useful. Especially in a transitioning environment.

The average detached house price in Toronto so far is holding strong. The average price of a detached house in the City of Toronto has been $1.737M. The Month of Inventory in detached houses also has been 2.2 MoI. 

This is getting closer to a balanced market. So I expect the detached prices in the city of Toronto to get a little bit of a correction. But because Toronto and especially central Toronot is in higher demand compared to the suburbs, the correction will be much lower than the suburbs. 

Basically at this point it’s the Suburbs detached market that has a huge correction and is dragging the detached prices in Toronto down in the reported numbers.

Semi-detached House Prices and Townhomes are Up YoY but down Month over Month:

The affordability of the Townhouses and Semi-Detached properties made the buyers choose these types of properties over a detached house in Toronto. 

The average price of a Townhouse in Toronto has been $933,056 and the average price of a semi-detached house in Toronto has been $1,124,723! 

Important Comments and Predictions for Toronto home sellers:

I’ll keep this short, for more information you can contact your agent or contact us if you don’t have an agent. If you are a seller, you have to realize that the old comps from March or February will not work anymore. Since the market is transitioning, you need to adjust your expectations as well. 

Remember, the good house in a good neighborhood will always have its demand, it’s the average houses in average neighborhoods, or suburbs that will get hit the hardest.

Important Comments and Predictions for Toronto home buyers:

As I have been suggesting from a few months ago, buyers should not FOMO in. But if you see a property that you really like, don’t be afraid to pull the trigger. Because a similar house may not come to the market again. However, since the market is transitioning and I’ve been telling my buyers from a few months back, you’d have more room to negotiate a deal. 

Conclusion:

Always remember, time in the market over timing the market. I predicted a market slowdown if you’ve been following my content since February. Feel free to go through our Toronto real estate market archives down below. But still I believe in the long term ( 5-10 years ) the Toronto market is bullish and moving up.

Stay happy!

May 2022

As predicted, Sales are 38.8% down and Average Toronto home price down to $1.212M

Speaking of the Toronto real estate market, as you already know I was the first Toronto real estate agent who called the Top in February. I’m not gonna go through it all here again but you can see the previous posts in the Toronto real estate market archives down below this article.

Another prediction I had was that the Average Toronto home prices retrace in the best case scenario to $1.16 M and in the worst case scenario to $1.06M. All my models also tell me that the average Toronto home price could not fall under $1M. First of all this is not financial advice, I have to put the disclaimer here, but let’s see how the market is performing.

Average Toronto home price is down to $1,212,806 from $1,334,544 at the end of February. But when the outlets get the Data from the TRREB, it shows a 9.4% increase year over year. Whereas in reality prices were down from February numbers. You can see the price movements in Toronto home price charts down below.

The issue is that they are comparing the numbers with a year ago. Imagine when we go to February next year, what would the gap be.

Toronto home Prices are up 9.4% Year over Year, but down Month over Month:

We talked about it just now in the previous section. That;s because the prices are compared with a year ago. Whereas comparing May with February we see a 9.8% decline in the past 3 months.

Just a reminder about what I said three month ago when the average Toronto home price was at $1,334,544 : “  I can tell you for a while, Toronto is NOT gonna see this average home price! Mark my words!“

Those who paid attention to my signals could make the best move. Only the best Toronto real estate agents who are active in their markets and also have a deep knowledge of real estate could see the change before it shows in the monthly stats.

What continues to happen to the Toronto real estate market in the near future:

In March I did the below predictions, and as I can see it’s going that direction. However, there is an important thing that you need to pay attention to. Not all of the real estate market in Toronto is the same. I’ll explain why down below the predictions.

  1. In the Best case scenario it could retrace to $1.17M.
  2. In the Worst case scenario it could retrace to $1.06M.
  3. In no case prices could fall below $1M.
  4. Prices could bounce back UP in less than 1-2 yrs.

First of all, this is not financial advice. Toronto real estate market numbers in general are different from the micro markets. For example, if Brampton semi-detached home prices drop by 30% in a crash and Central Toronto semi-detached home prices drop only 5%, the average will not represent either area. The average will tell us it is down but doesn’t tell you what is happening in any micro market. That’s why when I analyze the market, I do analyze the micro markets separately.

toronto real estate market may 2022

Toronto Condo Market Performing better compared to other housing types :

Average price of a condo in Toronto is at $770,894, which has been 12.9% up YoY! But it is slightly down when you compare it with the average Toronto condo price last month. 

As you may remember, in downturns the cheapest products in the market usually get hit the least. Condos are amongst the most affordable options out there. On top of that the price gap between Detached homes and Condo apartments had become so big that it needed a correction. So with that being said, I think the least correction will be in the condo market. And for some high demand areas the price of entry level condos may stay flat, as they are in demand regardless of the market conditions.

Downtown Toronto Condo Market:

Just to keep you updated about the Downtown Toronto condo market, the average price of a Condo in Downtown is $839,596. Active inventory in downtown Toronto is 899 and the number of sales is 300. So that takes it to 3 month of inventory. That’s a balanced market and that means some condos will go under asking and some around the asking price and only a few will go above asking. That means deals can be found in this market.

Toronto’s Detached Houses Prices are UP 9.5%, but down Month over Month :

Average Detached home prices fell down to $1.55M, from $1.79 in March, that’s -13% correction in prices. That’s why the annual YoY comparison is not always useful. Especially in a transitioning environment.

The average detached house price in Toronto so far is holding strong. The average price of a detached house in the City of Toronto has been $1.91M. The Month of Inventory in detached houses also has been 2.2 MoI. 

This is getting closer to a balanced market. So I expect the detached prices in the city of Toronto to get a little bit of a correction. But because Toronto and especially central Toornot is in higher demand compared to the suburbs, the correction will be much lower than the suburbs. 

Basically at this point it’s the Suburbs detached market that has a huge correction is is dragging the detached prices in Toronto down in the reported numbers.

Semi-detached House Prices and Townhomes are Up YoY but down Month over Month:

The affordability of the Townhouses and Semi-Detached properties made the buyers choose these types of properties over a detached house in Toronto. 

The average price of a Townhouse in Toronto has been $977,194 and the average price of a semi-detached house in Toronto has been $1,204,893! 

Important Comments and Predictions for Toronto home sellers:

I’ll keep this short, for more information you can contact your agent or contact us if you don’t have an agent. If you are a seller, you have to realize that the old comps from March or February will not work anymore. Since the market is transitioning, you need to adjust your expectations as well. Read the part above that I wrote about the correction please. 

Remember, the good house in a good neighborhood will always have its demand, it’s the average houses in average neighborhoods, or suburbs that will get hit the hardest.

Important Comments and Predictions for Toronto home buyers:

As I have been suggesting from a few months ago, buyers should not FOMO in. But if you see a property that you really like, don’t be afraid to pull the trigger. Because a similar house may not come to the market again. However, since the market is transitioning and I’ve been telling my buyers from a few months back, you’d have more room to negotiate a deal. 

Conclusion:

Always remember, time in the market over timing the market. I predicted a market slowdown if you’ve been following my content since February. Feel free to go through our Toronto real estate market archives down below. But still I believe in the long term ( 5-10 years ) the Toronto market is bullish and moving up.

Stay happy! 

April 2022

As predicted in Jan and Feb, Sales are 41% down. Is the crash unfolding now?!

As you remember from my previous articles and videos you already know that I was the first Toronto real estate agent who predicted the market Top. I predicted the Top when other agents on Social Media were posting housesigma screenshots of houses selling way over asking! My clients who were planning to make a move sold the Top based on my recommendation and now in the market to buy the correction! You can see my calls in my videos and blogs and social media posts.

This is not to brag but those who paid attention, could sell the Top! I’ll put a part of it here for you from two months ago:

“I’m opening this article with this, don’t fall for the February numbers. I’ve been mentioning this to my followers since January, that we’re in a local Top in Toronto. So those smart sellers who paid attention to this, used that opportunity to sell! And smart buyers didn’t FOMO into the market and panic buy! Read the below from last month’s market update ( you can see it in the archives below the page as well ). The BoC increasing the overnight lending #rate came with a few weeks of delay. In my opinion the market has started to correct itself, with or without increase in the interest rates! “

And this one again from February:

That being said, I think the market will slow down in a few months, but I don’t see any major downtrend unless something drastic happens to the economy. So I don’t expect a “CRASH”, I expect a soft landing to start sometime after March 2022. Based on my analysis the Suburbs will be affected the most, and central Toronto will be affected the least. If you wanna know what areas can be most affected, you can reach out to me.“ 

You can follow my twitter and Youtube accounts for the most recent Toronto market news!

Toronto home Prices are up 15% Year over Year, but down Month over Month:

The average Toronto home price was at $1,254,436, which is still up 15% compared to April 2021. Last month when the average home price in Toronto was $1,299,894 so you can see the downtrend in the month to month analysis. ( Look at the chart above )

Just a reminder about what I said two month ago when the average Toronto home price was at $1,334,544 : “  I can tell you for a while, Toronto is NOT gonna see this average home price! Mark my words! “

Those who paid attention to my signals could make the best move. Only the best Toronto real estate agents who are active in their markets and also have a deep knowledge of real estate could see the change before it shows in the monthly stats.

What might happen to the Toronto real estate market in the near future: ( Crash or Soft Landing? )

Really for this part I’ll just leave my comments from the last two month. Sorry when I predict the future moves in my market, I can use them over and over LOL!

As mentioned above, I see that more inventory coming to the market in February and March, and that will help to slow down the craziness in the market. The interest rate hikes might also affect the market, not by a lot though. If you look at the fixed rates, you’d see that the big banks have already increased their 5 year fixed rates, so we’re only talking about variable rates. All that being said, I don’t see a crash coming but I do see a correction coming in the next few months. Especially for the suburbs of Toronto and GTA!

Based on what I see, the correction will take the Toronto home prices back to the below levels:

  1. In the Best case scenario it could retrace to $1.17M.
  2. In the Worst case scenario it could retrace to $1.06M.
  3. In no case prices could fall below $1M.
  4. Prices could bounce back UP in less than 1-2 yrs.

First of all, this is not financial advice and only for educational purposes. I have to write this here because I can only give advice to my own clients! Then please pay attention to the chart below calculating these numbers:

toronto real estate market 2022

Toronto Condo Market (Prices up 14.1% Year over Year) :

Average price of a condo in Toronto is at $789,869, which has been 14.1% up YoY! But it is slightly down when you compare it with the average Toronto condo price last month. Last month the average price was $808,566. Even in a downtrend, the condo sector, especially in central Toronto, looks stronger than the detached houses. One of the main reasons is the gap between two asset classes. The price gap between the two sectors has made condos the most affordable properties in Toronto. The affordability attracts many first time home buyers to this sector.

Downtown Toronto Condo Market:

Average condo price in downtown Toronto is at $854,771, with 370 sales and 658 active listings. That brings the Month of Inventory to 1.78 MoI. That is getting closer to a balanced market.

Toronto’s Detached Houses Prices are UP 17.5%, but down Month over Month :

Average Detached house price in Toronto is at $1,628,343, last month it was at $1,697,203. As you can see the month over month trend is negative, but the year over year price is positive. That’s why the annual YoY comparison is not always useful. Especially in a transitioning environment.

FYI the Average Detached Home Price in the City of Toronto is $1,947,975

Month of inventory is a good indicator that shows the OVERALL supply/demand situation in each area. Toronto detached homes inventory level is at 1.7 MoI.

Semi-detached House Prices and Townhomes are Up YoY but down Month over Month:

The affordability of the Townhouses and Semi-Detached properties made the buyers choose these types of properties over a detached house in Toronto. 

The average price of a Townhouse in Toronto has been $1,019,350 and the average price of a semi-detached house in Toronto has been $1,259,243! 

Important Comments and Predictions for Toronto home sellers:

I’ll keep this short, for more information you can contact your agent or contact us if you don’t have an agent. If you are a seller, you have to realize that the old comps from March or February may not work anymore. Since the market is transitioning, you need to adjust your expectations as well. Read the part above that I wrote about the correction please. Remember, the good house in a good neighborhood will always have demand, it’s the average houses in average neighborhoods, or suburbs that will get hit the most.

Important Comments and Predictions for Toronto home buyers:

As I have been suggesting from a few months ago, buyers should not FOMO in. But if you see a property that you really like, don’t be afraid to pull the trigger. Because a similar house may not come to the market again. However, since the market is transitioning and I’ve been telling my buyers from a few months back, you’d have more room to negotiate a deal. 

Conclusion:

Always remember, time in the market over timing the market. I predicted a market slowdown if you’ve been following my content since February. Feel free to go through our Toronto real estate market archives down below. But still I believe in the long term ( 5-10 years ) the Toronto market is bullish and moving up.

March 2022

DON’T FALL FOR IT: Average Toronto Home was up 18.5% ! Is the crash unfolding now?!

I was the first Toronto real estate agent who predicted the market Top when other agents on Social Media were posting housesigma screenshots of houses selling over asking! My clients who were planning to make a move sold the Top based on my consultations and now in the market to buy the correction!

If you don’t remember my predictions in February and March, please go and read them. That’s how the Toronto real estate market is unfolding. Those who paid attention to my content could sell the Top! I’ll put it here for you from last month:

 “I’m opening this article with this, don’t fall for the February numbers. I’ve been mentioning this to my followers since January, that we’re in a local Top in Toronto. So those smart sellers who paid attention to this, used that opportunity to sell! And smart buyers didn’t FOMO into the market and panic buy! Read the below from last month’s market update ( you can see it in the archives below the page as well ). The BoC increasing the overnight lending #rate came with a few weeks of delay. In my opinion the market has started to correct itself, with or without increase in the interest rates! “

And this one again from February:

I’d start with this: I believe we are at or around a current “ Local Top “ in the Toronto real estate market. All the charts and data, and day to day activities in the market tells me that the growth rate that we see right now is not sustainable. For example, you might have seen on your friends news feed or on Twitter, that a house which was sold $1.2 at the end of 2020, just got sold for $2M.

…..

That being said, I think the market will slow down in a few months, but I don’t see any major downtrend unless something drastic happens to the economy. So I don’t expect a “CRASH”, I expect a soft landing to start sometime after March 2022. Based on my analysis the Suburbs will be affected the most, and central Toronto will be affected the least. If you wanna know what areas can be most affected, you can reach out to me. “ 

I was the first Toronto real estate agent who predicted the market Top when other agents on Social Media were posting housesigma screenshots of houses selling over asking! My clients sold the Top now in the market to buy the correction!

You also can view my past analysis and predictions about the Toronto housing market down below this page.

Toronto home Prices are up 18.5% Year over Year, but down Month over Month:

Last month when the average home price in Toronto was $1.334 M I told everyone that Toronto will not see that price for a while. In this month, the average home price in Toronto was $1,299,894. 

Flash back to last month: “  I can tell you for a while, Toronto is NOT gonna see this average home price! Mark my words! “

The sellers who were paying attention to my signals could use the opportunity in January and February to sell their homes. I’m not bragging but only the best Toronto real estate agents who are very active in their markets could see the change before it shows in the monthly stats.

“ (It still doesn’t show in the stats, March Stats will uncover the story)! Based on my years of experience working in the Toronto real estate market, I can tell you the market can change in a matter of only 2 weeks! For the real estate market, a two weeks time period is fast. “ 

What might happen to the Toronto real estate market in the near future: ( Crash or Soft Landing? )

Really for this part I’ll just leave my comments from the last two month. SOrry when I predict the future moves in my market, I can use them over and over LOL!

As mentioned above, I see that more inventory coming to the market in February and March, and that will help to slow down the craziness in the market. The interest rate hikes might also affect the market, not by a lot though. If you look at the fixed rates, you’d see that the big banks have already increased their 5 year fixed rates, so we’re only talking about variable rates. All that being said, I don’t see a crash coming but I do see a correction coming in the next few months. Especially for the suburbs of Toronto and GTA!

With all that being said I don’t see any huge change in the direction of the Toronto real estate market. Even the interest rate increase by the Bank of Canada came late ( in my opinion ). There might be a few further interest rate increases but I doubt it goes more than 1.25 by the same time next year!

Toronto Condo Market (Prices up 19.6% YoY) :

Average price of a condo in Toronto has been $808,566, which has been 19.6% up YoY! Condo sector, especially in central Toronto, has been going relatively strong.  

If you want more insights like that about Toronto’s real estate market make sure to follow me on Social media or sign up to my newsletter down this page!

Toronto Condo Market (Prices up 24.6% YoY) :

Condo market in Toronto is a sellers market, but if you are a seller don’t expect extraordinary gain in the next coming months. In my opinion the condo market is strong, but the detached and semi detached market slowdown will also affect the condo market down the road. Condos are very hot right now because the price gap between a Detached and a Condo apartment in Toronto ( average ) is around $1M! 

Downtown Toronto Condo Market:

Downtown Toronto Month of inventory is 1 MoI! Average DOWNTOWN Toronto condo price is at $891,539.

Toronto’s Detached Houses Prices are UP 20.9% :

Toronto REALTORsⓇ sold 4,884 detached houses through TRREB this month. The average price of a Detached house in Toronto’s $1,697,203. 

FYI the Average Detached Home Price in the City of Toronto is $1,920,018

Month of inventory is a good indicator that shows the OVERALL supply/demand situation in each area. MOI has been 1.1 for detached homes in Toronto. 

Semi-detached House Prices Up 26% and Townhomes are Up 25% YoY:

In the past several months, those Detached home buyers who got priced out of the Detached market, flooded the Semi-Detached market. And those who got priced out of the Semi-Detached houses, flooded the Townhouse market. That caused a massive price hike in both housing types. But that trend will be changing in the next few months.

The average price of a Townhouse in Toronto has been $1,087,733 and the average price of a semi-detached house in Toronto has been $1,317,048! For more detailed info about these property classes and their respective markets, you can contact us!

Important Comments and Predictions for Toronto home sellers:

If you are a seller, I can tell you the market has started to change, so you need to set your expectations before hitting the market! You may not see abnormal gains for a while ( I predict the market will be slow for 6 month to a year or maybe more, but not forever)!

Each micro market in Toronto could have a different pattern though. For more information you can talk to your real estate agent or if you don’t have any, feel free to contact us.

Important Comments and Predictions for Toronto home buyers:

If you are a buyer, I can tell I see more inventory coming to the market in April. So don’t panic and FOMO. Any time you find a property that you like, you might want to put in an offer. 

Always remember, real estate is not like stock trading, real estate is a long term game! When you buy real estate, have a goal of holding onto it for 5 to 10 years! Don’t fall for quick money or quick flips that you see on Tiktok influencers videos, they might not happen, buy to hold! Or consult an actual professional about your investment goals!

Conclusion:

Inflation, and lack of inventory, are the two major reasons that are pushing the prices in the Toronto housing market. However I anticipated a market slowdown if you’ve been following my content since February. Feel free to go through our Toronto real estate market archives down below.

If you get any value from this article please share it with your friends and subscribe to my channels on social media:

February 2022

DON’T FALL FOR IT: Average Toronto Home was up at an all time high 27.7% . When Crash?!

I’m opening this article with this, don’t fall for the February numbers. I’ve been mentioning this to my followers since January, that we’re in a local Top in Toronto. So those smart sellers who paid attention to this, used that opportunity to sell! And smart buyers didn’t FOMO into the market and panic buy! Read the below from last month’s market update ( you can see it in the archives below the page as well ). The BoC increasing the overnight lending #rate came with a few weeks of delay. In my opinion the market has started to correct itself, with or without increase in the interest rates!

I’d start with this: I believe we are at or around a current “ Local Top “ in the Toronto real estate market. All the charts and data, and day to day activities in the market tells me that the growth rate that we see right now is not sustainable. For example, you might have seen on your friends news feed or on Twitter, that a house which was sold $1.2 at the end of 2020, just got sold for $2M.

This makes me uncomfortable, I constantly go through the charts and data tables that I have since 1996. I’ve published the main charts in this article in an interconnected way so you can see the numbers under one another. As stated above, “in my opinion we are at a local top”. So if you are a seller looking to sell, list your property as early as you can!

That doesn’t mean that we’re gonna see a correction tomorrow, no, not at all. But in the past few weeks many sellers contacted me to put their properties on the market. That means in the months of February and March, more supply will come to the Toronto housing market. That will cause more competition and will break the demand. For example if you’re seeing 20 offers on a detached, you might see 3 or 4 offers. 

That being said, I think the market will slow down in a few months, but I don’t see any major downtrend unless something drastic happens to the economy. So I don’t expect a “CRASH”, I expect a soft landing to start sometime after March 2022. Based on my analysis the Suburbs will be affected the most, and central Toronto will be affected the least. If you wanna know what areas can be most affected, you can reach out to me.

You also can view my past analysis and predictions about the Toronto housing market down below this page.

Toronto home Prices are up 27.7% YoY Prices are at all time high:

I can tell you for a while, Toronto is NOT gonna see this average home price! Mark my words! 

Average Toronto home price hit the All Time High in theFebruary of 2022, $1,334,544 . I am writing this article ( March 3rd 2022 ) I see more and more inventory coming to the market every day. The sellers who were paying attention to my signals could use the opportunity in January and February to sell their homes. I’m not bragging but only the best Toronto real estate agents who are very active in their markets could see the change before it shows in the monthly stats. (It still doesn’t show in the stats, March Stats will uncover the story)! Based on my experience of years trading in the Toronto real estate market, I can tell you the market can change in a matter of only 2 weeks! For the real estate market, a two weeks time period is fast.

What might happen to the Toronto real estate market in the near future: ( Crash or Soft Landing? )

Really for this part I’ll just leave my comments from last month:

As mentioned above, I see that more inventory coming to the market in February and March, and that will help to slow down the craziness in the market. The interest rate hikes might also affect the market, not by a lot though. If you look at the fixed rates, you’d see that the big banks have already increased their 5 year fixed rates, so we’re only talking about variable rates. All that being said, I don’t see a crash coming but I do see a correction coming in the next few months. Especially for the suburbs of Toronto and GTA!

With all that being said I don’t see any huge change in the direction of the Toronto real estate market. Even the interest rate increase by the Bank of Canada came late ( in my opinion ). There might be a few further interest rate increases but I doubt it goes more than 1.25 by the same time next year!

Toronto Condo Market (Prices up 24.6% YoY) :

Condo market in Toronto is a sellers market, but if you are a seller don’t expect extraordinary gain in the next coming months. In my opinion the condo market is strong, but the detached and semi detached market slowdown will also affect the condo market down the road. Condos are very hot right now because the price gap between a Detached and a Condo apartment in Toronto ( average ) is around $1M! 

If you want more insights like that about Toronto’s real estate market make sure to follow me on Social media or sign up to my newsletter down this page!

Downtown Toronto Condo Market:

Downtown Toronto Month of inventory is 0.85 MoI! Average DOWNTOWN Toronto condo price is at $894,973.

I highly recommend contacting a knowledgeable downtown Toronto REALTOR if you are looking to make a move here!

Toronto’s Detached Houses Prices are UP 31% :

Toronto REALTORsⓇ sold 2,239 detached houses through TRREB this month. The average price of a Detached house in Toronto’s $1,797,203. 

FYI the Average Detached Home Price in the City of Toronto is $2,073,989!

Month of inventory is a good indicator that shows the OVERALL supply/demand situation in each area. MOI has been 0.8 for detached homes in Toronto. 

Semi-detached House Prices Up 29.6% and Townhomes are Up 30.05% YoY:

In the past few months, those Detached home buyers who got priced out of the Detached market, flooded the Semi-Detached market. And those who got priced out of the Semi-Detached houses, flooded the Townhouse market. That caused a massive price hike in both housing types. 

The average price of a Townhouse in Toronto has been $1,121,641 and the average price of a semi-detached house in Toronto has been $1,358,415! For more detailed info about these property classes and their respective markets, you can contact us!

Important Comments and Predictions for Toronto home sellers:

If you are a seller, I can tell you the market is changing, so you need to set your expectations before hitting the market! You may not see the abnormal gains for a while!

Each micro market in Toronto could have a different pattern though. For more information you can talk to your real estate agent or if you don’t have any, feel free to contact us.

Important Comments and Predictions for Toronto home buyers:

If you are a buyer, I can tell I see more inventory coming to the market in March. So don’t panic and FOMO. Any time you find a property that you like, you might want to put in an offer. 

Always remember, real estate is not stock trading, real estate is a long term game! When you buy real estate, have a goal of holding onto it for 5 to 10 years! Don’t fall for quick money or quick flips, they might not happen, buy to hold!

Getting consultation or help from a Top Toronto real estate agent would help you to overcome many of those obstacles easier.

Conclusion:

Inflation, and lack of inventory, are the two major reasons that are pushing the prices in the Toronto housing market. However I anticipate a market slowdown in the next few months.

If you get any value from this article please share it with your friends and subscribe to my channels on social media:

January 2022

The Toronto real estate market is hurting by the lack of inventory! LOWEST MONTH EVER!

The story of Toronto’s real estate market can be summarized in this line” Excessive demand and shortage of supply “ ! In Jan 26, 2022, despite what most analysts expected, the BoC  didn’t raise the overnight lending rates! On the other hand, the shortage of inventory didn’t help the buyers either! We’ll go through what’s going on in Toronto’s market and whether we should expect a crash or not?!

I’d start with this: I believe we are at or around a current “ Local Top “ in the Toronto real estate market. All the charts and data, and day to day activities in the market tells me that the growth rate that we see right now is not sustainable. For example, you might have seen on your friends news feed or on Twitter, that a house which was sold $1.2 at the end of 2020, just got sold for $2M. 

This makes me uncomfortable, I constantly go through the charts and data tables that I have since 1996. I’ve published the main charts in this article in an interconnected way so you can see the numbers under one another. As stated above, “in my opinion we are at a local top”. So if you are a seller looking to sell, list your property as early as you can!

That doesn’t mean that we’re gonna see a correction tomorrow, no, not at all. But in the past few weeks many sellers contacted me to put their properties on the market. That means in the months of February and March, more supply will come to the Toronto housing market. That will cause more competition and will break the demand. For example if you’re seeing 20 offers on a detached, you might see 3 or 4 offers. 

That being said, I think the market will slow down in a few months, but I don’t see any major downtrend unless something drastic happens to the economy. So I don’t expect a “CRASH”, I expect a soft landing to start sometime after March 2022. Based on my analysis the Suburbs will be affected the most, and central Toronto will be affected the least. If you wanna know what areas can be most affected, you can reach out to me.

You can view my past analysis and predictions about the Toronto housing market down below this page.

Toronto home Prices are up 28.6% YoY and listings Down by -44%%:

Average Toronto home price hit the All Time High in the first month of 2022, $1,242,793 .As we reviewed, the lack of inventory is what hurts the Toronto real estate market. I’ve covered that in our thorough market reports below and you can go through it in our archives. Now you see that the lack of inventory is real and the supply shock is not a myth here in Toronto real estate! New buyers in January added to the demand that moved to January from December ( Buyers who couldn;t secure a place in December )! That pushed the MoI to 0.73 Month of Inventory. This is a tight seller’s market indicator in the real estate market in general!

What might happen to the Toronto real estate market in the near future: ( Crash or Soft Landing? )

As mentioned above, I see that more inventory coming to the market in February and March, and that will help to slow down the craziness in the market. The interest rate hikes might also affect the market, not by a lot though. If you look at the fixed rates, you’d see that the big banks have already increased their 5 year fixed rates, so we’re only talking about variable rates. All that being said, I don’t see a crash coming but I do see a correction coming in the next few months. Especially for the suburbs of Toronto and GTA!

If you are looking to invest or buy a property in Toronto you might want to know when’s the best time to buy a home in Toronto. 

With all that being said I don’t see any huge change in the direction of the Toronto real estate market. Unless something major changes in the Canadian economy or any major changes in rules or regulations around the real estate market! So I STRONGLY recommend that you set a strategy with your Toronto real estate agent, if you are planning to buy or sell any time soon!

Toronto Condo Market (Prices up 24.5% YoY) :

The inventory in the Toronto condo market is 0.73 MoI at the moment which is a sellers market! 

If you want more insights like that about Toronto’s real estate market make sure to follow me on Social media or sign up to my newsletter down this page!

Downtown Toronto Condo Market:

Downtown Toronto Month of inventory is 0.8 MoI! Average DOWNTOWN Toronto condo price is at $815,328.

I highly recommend contacting a knowledgeable downtown Toronto REALTOR if you are looking to make a move here.

Toronto’s Detached Houses Prices are UP 28.3% :

Toronto REALTORsⓇ sold 2,239 detached houses through TRREB this month. The average price of a Detached house in Toronto’s $1,741,318. 

FYI the Average Detached Home Price in the City of Toronto is $1,886,413!

Month of inventory is a good indicator that shows the OVERALL supply/demand situation in each area. MOI has been 0.76 for detached homes in Toronto.

Semi-detached House Prices Up 31.5% and Townhomes are Up 34.8% YoY:

In the past few months, those Detached home buyers who got priced out of the Detached market, flooded the Semi-Detached market. And those who got priced out of the Semi-Detached houses, flooded the Townhouse market. That caused a massive price hike in both housing types. 

The average price of a Townhouse in Toronto has been $1,083,801 and the average price of a semi-detached house in Toronto has been $1,312,273! For more detailed info about these property classes and their respective markets, you can contact us!

Important Comments and Predictions for Toronto home sellers:

If you are a seller, you may want to talk to your Toronto real estate agent regarding selling as early as possible. The market may slow down or see a correction in the next few months!

Each micro market in Toronto could have a different pattern though. For more information you can talk to your real estate agent or if you don’t have any, feel free to contact us.

Important Comments and Predictions for Toronto home buyers:

If you are a buyer, I can tell I see more inventory coming to the market in February and March. But that doesn’t mean you should put a pause on your search. Any time you find a property that you like, you might want to put in an offer. 

Always remember, real estate is not stock trading, real estate is a long game! When you buy real estate, have a goal of holding onto it for 5 to 10 years! Don’t fall for quick money or quick flips, they might not happen, buy to hold!

Conclusion:

Inflation, and lack of inventory, are the two major reasons that are pushing the prices in the Toronto housing market. However I anticipate a market slowdown in the next few months.

2021 Archive

December 2021

The Toronto real estate market is hurting by the lack of inventory! LOWEST MONTH EVER!

Sales down 15.7% and listings down 59%, Toronto home prices are up 24.2%! 

I’m publishing this article as soon as the Toronto real estate market numbers come out, but for some reason I see the TV headlines are kinda not telling the whole story. Even though they, through TRREB, get the numbers a few hours earlier, they still can’t make a pretty accurate headline out of it. 

The headline that I saw this morning was this: “  Toronto Home Sales Slumped in December as listings Plunged 59% “ . This headline and headlines like this might make the end users think the market is down, so they get out of the market, and they lose the chance of winning a property. ( Yeah you read it right, winning a property in this market is a right term )

I’ll give you 3 numbers here and you tell me what’s the outcome. Please comment below:

  1. Sales down 15.7%
  2. Active Listings ( Inventory ) is down
  3. Prices are up 24.2% ( Average home price in Toronto is $1,157,489 )

Please let me know what do you think is the probable outcome of the above? When you have your inventory cut by almost 60% compared to last year, a 15% drop in sales means nothing. Toronto’s real estate market is hurting by the lack of inventory! Don’t let the headlines tell you otherwise!

Toronto home Sales down YoY and active listings plunged by 59%:

As we reviewed, the lack of inventory is what hurts the Toronto real estate market the most. I’ve covered that in our thorough market reports below and you can go through it in our archives. Now you see that the lack of inventory is real and the supply shock is not a myth here in Toronto real estate! December was the lowest month in Toronto in terms of active listings available for sale, EVER!

What might happen to the Toronto real estate market in the near future: ( Brace for Impact )

This past month we recorded the LOWEST level of inventory not only in December, but EVER in Toronto! Can you imagine what will happen to the market in the next couple of months? 

We see that across the board, both in the rental market and in the sales!

The stronger the Toronto rental market, the more investors will come to the real estate market! Thus the investors also will be added to the buyers pool more than before. 

If you are looking to invest or buy a property in Toronto you might want to know when’s the best time to buy a home in Toronto. 

With all that being said I don’t see any huge change in the direction of the Toronto real estate market. Unless something major changes in the Canadian economy or any major changes in rules or regulations around the real estate market! So I STRONGLY recommend that you set a strategy with your Toronto real estate agent, if you are planning to buy or sell any time soon!

Average Toronto Home Prices’ Annual Trend!

The housing inventory level in Toronto is currently at 0.53 MoI, that makes Toronto, and EXTREME sellers market! Average Toronto home prices were up 24.2% YoY to $1,157,849.

Toronto’s Condo Apartment Market (Prices up 18.5% YoY) :

The inventory in the Toronto condo market 0.7 MoI at the moment which is a serious sellers market! 

If you want more insights like that about Toronto’s real estate market make sure to follow me on Social media or sign up to my newsletter down this page!

Downtown Toronto Condo Market:

Downtown Toronto Month of inventory is 1.0 MoI! Average downtown Toronto condo price is at $823,862.

I highly recommend contacting a knowledgeable downtown Toronto REALTOR if you are looking to make a move here.

Toronto’s Detached Houses (Prices are UP 28.8% !) Lowest Month of Inventory :

Toronto REALTORsⓇ sold 2,437 detached houses through TRREB this month. The average price of a Detached house in Toronto’s $1,598,735. 

FYI the Average Detached Home Price in the City of Toronto is $1,698,178!

Month of inventory is a good indicator that shows the OVERALL supply/demand situation in each area. MOI has been 0.54 for detached homes in Toronto. 

Semi-detached House Prices Up 25.6% and Townhomes are Up 29.4% YoY:

In the Semi-Detached homes sector we have a competitive market. Basically Semis and Townhouses are super popular in Toronto! One of the reasons is that they are usually in the mid-high end of the freehold market! 

The average price of a Townhouse in Toronto has been $994,960 and the average price of a semi-detached house in Toronto has been $1,181,046! For more detailed info about these property classes and their respective markets, you can contact us!

Important Comments and Predictions for Toronto home sellers:

In general, if you are a seller, you are in a better position in many areas of Toronto, as the supply looks to be tight in most areas! However I think you might have slower months ahead! That means SOME properties might take a bit more time to sell. 

Each micro market in Toronto could have a different pattern though. For more information you can talk to your real estate agent or if you don’t have any, feel free to contact us.

Important Comments and Predictions for Toronto home buyers:

You need to have your financing in order before entering the market, as you will face competition on both entry level homes and higher end properties in Toronto! 

Conclusion:

Inflation, and lack of inventory, are the two major reasons that are pushing the prices in the Toronto housing market. However the news of increase in the Interest rates for 2022, would have an impact (more psychological) on the market. 

November 2021

Toronto home prices are up 21.7%, Sales up, new listings down!

First I’d like to say, I’m working on a new macro analysis for those of you who are looking for best investments in Canada’s real estate and Greater Toronto Area’s real estate,  stay tuned! 

Now let’s take a look at the summary then we deep dive into details on some niche markets. First thing that the new outlets like to mention is the price action. Toronto home prices are up 21.7% year over year. Ok, that has been the case in the past decade more or less, so what’s new?

New is where you can find the best value if you’re trying to time in and out of the market. (I’ll add to that later) 

So if you’re a value investor like myself and are looking to get the best in ANY market, you need to look a little deeper. I’ve provided you with tools on this website to help you understand the overall market movements. The charts and tools on this website are for educational purposes only and you need to consult your own agent and financial advisor and accountant before doing any kind of investments!

Sales went up YoY and new listings down in Toronto:

Number of home sales in Toronto has reached a new record high for the month of November. Interesting part is that even though sales have increased 3.3% YoY, the number of active listings has dropped by – 56%, on top of that, new listings are down 13.2% compared to last November. So you see that the lack of inventory is real and the supply shock is not a myth here in Toronto real estate! 

Inflation, Prime rate, Real Estate Investments:

Nominal CPI, or nominal inflation as you know it, were up 4.7%, prime rate is at 2.4% and real estate price appreciation, average Toronto home prices, 21.7%. You do the math and comment below!!

When there is inflation, what will the investors do? They hedge against it. And what’s been one of the best performing assets throughout history to hedge against inflation? You got it, Real Estate. 

Now you might ask: What if interest rates go up! Yes, what if? Will it affect the market, of course. Based on my experience, the psychological effect of that would be heavier than the actual monetary effect. 

Let me ask you this, what percentage of the demand ( buyers ) would step out of the market if the interest rates go up? 

My next question from you is, can the Canadian economy afford high interest rates?

What might happen to the Toronto real estate market in the near future:

A couple years ago thinking about Toronto average home prices going above $1.1M was outrageous. 

A lot of buyers that we are helping in the Toronto real estate market on a daily basis are End users. They are looking for a roof over their heads, and they’re NOT looking to flip or speculate. But this market started to bring investors back to real estate investing. 

The strong Toronto rental market is attracting real estate investors to Toronto. Thus the investors also will be added to the buyers pool. 

If you are looking to invest or buy a property in Toronto you might want to know when’s the best time to buy a home in Toronto. 

With all that being said I don’t see any huge change in the direction of the Toronto real estate market. Unless something major changes in the Canadian economy or any major changes in rules or regulations around the real estate market! So I suggest that you set a strategy with your Toronto real estate agent, if you are planning to buy or sell any time soon!

Average Toronto Home Prices’ Annual Trend!

The housing inventory level in Toronto is currently at 0.67 MoI, which puts Toronto’s housing market in a VERY tight sellers market! Average Toronto home prices were up 21.7% YoY to $1,163,323.

Toronto’s Condo Apartment Market (Prices up 18% YoY) :

The inventory in the Toronto condo market 1.0 MoI at the moment which is a sellers market if we look at it in general. 

If you want more insights like that about Toronto’s real estate market make sure to follow me on Social media or sign up to my newsletter down this page!

Downtown Toronto Condo Market:

Downtown Toronto Month of inventory is 1.3 MoI! Average downtown Toronto condo prices interestingly went up to $846K.

I highly recommend contacting a knowledgeable downtown Toronto REALTOR if you are looking to make a move here.

Toronto’s Detached Houses (Prices are UP 30.3.7% !):

Toronto REALTORsⓇ sold 3,857 detached houses through TRREB this month. The average price of a Detached house in Toronto’s $1,567,832. 

FYI the Average Detached Home Price in the City of Toronto is $1,807,983!

Month of inventory is a good indicator that shows the OVERALL supply/demand situation in each area. MOI has been 1.0 for detached homes in Toronto. This means the Detached Market has been a Sellers market the whole time since May 2020

Semi-detached House Prices Up 27.3% and Townhomes are Up 28.1% YoY:

In the Semi-Detached homes sector we have a competitive market. Basically Semis and Townhouses are super popular in Toronto! One of the reasons is that they are usually in the mid-high end of the freehold market! 

The average price of a Townhouse in Toronto has been $962,044 and the average price of a semi-detached house in Toronto has been $1,206,016! For more detailed info about these property classes and their respective markets, you can contact us!

Important Comments and Predictions for Toronto home sellers:

In general, if you are a seller, you are in a better position in many areas of Toronto, as the supply looks to be tight in most areas! However I think you might have slower months ahead! That means SOME properties might take a bit more time to sell. 

Each micro market in Toronto could have a different pattern though. For more information you can talk to your real estate agent or if you don’t have any, feel free to contact us.

Important Comments and Predictions for Toronto home buyers:

You need to have your financing in order before entering the market, as you will face competition on both entry level homes and higher end properties in Toronto! 

Getting consultation or help from a Top Toronto real estate agent would help you to overcome many of those obstacles easier.

October 2021

" Prices up 18.3%, Sales down 18%. Toronto Real Estate Market News! "

Huge news for Toronto Real Estate Market, number of sales dropped but the average price went up! How is that possible? You may ask? I’ll explain why in a few steps below the market stats chart:

Big Q, why are prices going up while the number of sales dropping YoY?

There are 4 major reasons for that. 

1ST and foremost is that even though the number of sales has dropped -18% yet the number of active listings (inventory or supply ) has dropped by-49.9%. That means the inventory this past month compared to the same time last year has cut to a half! So there are less listings for buyers to choose from. 

That puts the pressure on the current housing inventory in Toronto. 

2ND reason is the new CPI Growth that came out a month ago. The CPI ( Consumer price index) is an index that is closest to the real measured inflation rate. It might be adjusted from time to time, but that’s the closest index that we have in Canada to measure overall inflation with. So that literally means the official inflation rate Yr/Yr has been up 4.1%. And when there is the risk of inflation, what will the investors and the people do? Hedge against it. And what’s been one of the best performing assets throughout history to hedge against inflation? You got it, Real Estate, and Toronto attracted lots of buyers to its real estate markets.

3RD reason is Toronto Employment Growth. The employment growth in Toronto has been up 9.1% in August compared to the year before.

4TH are the historically low interest rates. 

You might remember the below quote from a few month ago in my market update: 

“ I expect a slowdown in the next few months into the summer. So if you are a buyer trying to secure a place don’t be worried. I think you can have a little bit of opportunity in the next few months, but that window of opportunity might not last long. “

average home price monthly toronto - september 2021

For more insight about the Detached Home market and or Condo apartment market in Toronto view the below.

What will happen to the Toronto real estate market in the near future:

It appears that the 1.1M price is consolidating as an average price floor for the Toronto housing market. This number was beyond imagination a year ago.

A lot of buyers that we are helping in Toronto’s real estate market on a daily basis are End users. Those who actually need a roof over their heads, and they’re NOT looking to flip or speculate. 

On the other hand, the rental market started to move, and we see competition on our rental listings. That mainly is happening because people are coming back to Toronto, professionals, students, new immigrants, they are coming back and are looking for a place to live. 

The importance of a strong rental market is that a strong Toronto rental market would attract investors. Thus I predict that the investors also will be adding to the buyers pool. This will be in addition to the current demand, and in the next 6 – 7 month most likely can create another major pressure on the housing inventory in Toronto.

With all that being said I see Toronto’s real estate market would be moving at a slower pace for the next few months. Unless something major changes in the Canadian economy or any major changes in rules or regulations around the real estate market! So I strongly suggest that you set a strategy with your Toronto real estate agent, if you are planning to buy or sell any time soon!

Average Toronto Home Prices’ Annual Trend!

As mentioned above, September 2021 has recorded an average sale price of $1,136,280 . You can view the annual trend for the past 5 years down below, or for the full chart look at our main chart!

Toronto’s Condo Market (Condo prices up 11.6% YoY) :

Toronto’s condo market’s inventory level is 1.45 MoI at the moment which is a sellers market if we look at it in general. 

If you want more insights like that about Toronto’s real estate market make sure to follow me on Social media or sign up to my newsletter down this page! 

Downtown Toronto Condo Market:

Downtown Toronto Month of inventory is 1.6 MoI, which is UP from last month’s 1.47 MOI and it is a small relief for condo buyers downtown! Average downtown Toronto condo prices interestingly went up to $827K.

I highly recommend contacting a knowledgeable downtown Toronto REALTOR if you are looking to make a move here.

Toronto’s Detached Houses (Prices are UP 28.9% !) :

Detached houses are still going Strong and looking healthy so far!

Toronto REALTORsⓇ sold 3,908 detached houses through TREB this month. The average price of a Detached house in Toronto’s $1,526,465. This is a 21.4% increase in Detached Home prices in Toronto. 

FYI the Average Detached Home Price in the City of Toronto is $1,778,928!

Month of inventory is a good indicator that shows the OVERALL supply/demand situation in each area. MOI has been 1.24 for detached homes in Toronto’s housing market. This means the Detached Market has been a Sellers market the whole time since May 2020!

Semi-detached Prices are Up 20.8% and Townhouse Prices are Up 21.5% YoY:

In the Semi-Detached homes market in Toronto we had a competitive market. Basically Semis were the property types that had very high gains in the past year in Toronto! One of the reasons is that they are usually in the mid-high end of the freehold market! 

The average price of a Townhouse in Toronto has been $909,226 and the average price of a semi-detached house in Toronto has been $1,114,696! For more detailed info about these property classes and their respective markets, you can contact us!

Important Comments and Predictions for Toronto home sellers:

In general, if you are a seller, you are in a better position in many areas of Toronto, as the supply looks to be tight in most areas! However I had predicted that in July and August you might have a bit slower months, but that by no means the market will change to the buyers market in these months! That just means SOME properties might take a bit more time to sell. 

Each micro market in Toronto could have a different pattern though. If you want to know about your specific neighbourhood, you still need to look at the stats in your own micro market. For more information you can talk to your real estate agent or if you don’t have any, contact us to find a Toronto real estate agent in your area.

Important Comments and Predictions for Toronto home buyers:

You need to have your financing in order before entering the market, as you might face quite competition on both entry level homes and higher end properties in Toronto! 

Getting a consultation or help from a Top Toronto real estate agent would help you to overcome many of those obstacles easier.

Conclusion:

Low interest rates, job growth, inflation, and lack of inventory, are reasons that are pushing the prices in the Toronto housing market.

If you are a buyer don’t FOMO in, and if you are a seller don’t be worried!

September 2021

" Prices up 18.3%, Sales down 18%. Toronto Real Estate Market News! "

Huge news for Toronto Real Estate Market, number of sales dropped but the average price went up! How is that possible? You may ask? I’ll explain why in a few steps below the market stats chart:

Big Q, why are prices going up while the number of sales dropping YoY?

There are 4 major reasons for that. 

1ST and foremost is that even though the number of sales has dropped -18% yet the number of active listings (inventory or supply ) has dropped by-49.9%. That means the inventory this past month compared to the same time last year has cut to a half! So there are less listings for buyers to choose from. 

That puts the pressure on the current housing inventory in Toronto. 

2ND reason is the new CPI Growth that came out a month ago. The CPI ( Consumer price index) is an index that is closest to the real measured inflation rate. It might be adjusted from time to time, but that’s the closest index that we have in Canada to measure overall inflation with. So that literally means the official inflation rate Yr/Yr has been up 4.1%. And when there is the risk of inflation, what will the investors and the people do? Hedge against it. And what’s been one of the best performing assets throughout history to hedge against inflation? You got it, Real Estate, and Toronto attracted lots of buyers to its real estate markets.

3RD reason is Toronto Employment Growth. The employment growth in Toronto has been up 9.1% in August compared to the year before.

4TH are the historically low interest rates. 

You might remember the below quote from a few month ago in my market update: 

“ I expect a slowdown in the next few months into the summer. So if you are a buyer trying to secure a place don’t be worried. I think you can have a little bit of opportunity in the next few months, but that window of opportunity might not last long. “

average home price monthly toronto - september 2021

For more insight about the Detached Home market and or Condo apartment market in Toronto view the below.

What will happen to the Toronto real estate market in the near future:

It appears that the 1.1M price is consolidating as an average price floor for the Toronto housing market. This number was beyond imagination a year ago.

A lot of buyers that we are helping in Toronto’s real estate market on a daily basis are End users. Those who actually need a roof over their heads, and they’re NOT looking to flip or speculate. 

On the other hand, the rental market started to move, and we see competition on our rental listings. That mainly is happening because people are coming back to Toronto, professionals, students, new immigrants, they are coming back and are looking for a place to live. 

The importance of a strong rental market is that a strong Toronto rental market would attract investors. Thus I predict that the investors also will be adding to the buyers pool. This will be in addition to the current demand, and in the next 6 – 7 month most likely can create another major pressure on the housing inventory in Toronto.

With all that being said I see Toronto’s real estate market would be moving at a slower pace for the next few months. Unless something major changes in the Canadian economy or any major changes in rules or regulations around the real estate market! So I strongly suggest that you set a strategy with your Toronto real estate agent, if you are planning to buy or sell any time soon!

Average Toronto Home Prices’ Annual Trend!

As mentioned above, September 2021 has recorded an average sale price of $1,136,280 . You can view the annual trend for the past 5 years down below, or for the full chart look at our main chart!

Toronto’s Condo Market (Condo prices up 11.6% YoY) :

Toronto’s condo market’s inventory level is 1.45 MoI at the moment which is a sellers market if we look at it in general. 

If you want more insights like that about Toronto’s real estate market make sure to follow me on Social media or sign up to my newsletter down this page! 

Downtown Toronto Condo Market:

Downtown Toronto Month of inventory is 1.6 MoI, which is UP from last month’s 1.47 MOI and it is a small relief for condo buyers downtown! Average downtown Toronto condo prices interestingly went up to $827K.

I highly recommend contacting a knowledgeable downtown Toronto REALTOR if you are looking to make a move here.

Toronto’s Detached Houses (Prices are UP 28.9% !) :

Detached houses are still going Strong and looking healthy so far!

Toronto REALTORsⓇ sold 3,908 detached houses through TREB this month. The average price of a Detached house in Toronto’s $1,526,465. This is a 21.4% increase in Detached Home prices in Toronto. 

FYI the Average Detached Home Price in the City of Toronto is $1,778,928!

Month of inventory is a good indicator that shows the OVERALL supply/demand situation in each area. MOI has been 1.24 for detached homes in Toronto’s housing market. This means the Detached Market has been a Sellers market the whole time since May 2020!

Semi-detached Prices are Up 20.8% and Townhouse Prices are Up 21.5% YoY:

In the Semi-Detached homes market in Toronto we had a competitive market. Basically Semis were the property types that had very high gains in the past year in Toronto! One of the reasons is that they are usually in the mid-high end of the freehold market! 

The average price of a Townhouse in Toronto has been $909,226 and the average price of a semi-detached house in Toronto has been $1,114,696! For more detailed info about these property classes and their respective markets, you can contact us!

Important Comments and Predictions for Toronto home sellers:

In general, if you are a seller, you are in a better position in many areas of Toronto, as the supply looks to be tight in most areas! However I had predicted that in July and August you might have a bit slower months, but that by no means the market will change to the buyers market in these months! That just means SOME properties might take a bit more time to sell. 

Each micro market in Toronto could have a different pattern though. If you want to know about your specific neighbourhood, you still need to look at the stats in your own micro market. For more information you can talk to your real estate agent or if you don’t have any, contact us to find a Toronto real estate agent in your area.

Important Comments and Predictions for Toronto home buyers:

You need to have your financing in order before entering the market, as you might face quite competition on both entry level homes and higher end properties in Toronto! 

Getting a consultation or help from a Top Toronto real estate agent would help you to overcome many of those obstacles easier.

Conclusion:

Low interest rates, job growth, inflation, and lack of inventory, are reasons that are pushing the prices in the Toronto housing market.

If you are a buyer don’t FOMO in, and if you are a seller don’t be worried!

August 2021

By reviewing the number of new listings and sales in August, we can predict the Toronto real estate trends in the next few months. What does that mean?

Before we go further into the article, I can tell you that the Toronto real estate market for the most part is a seller’s market. Let’s dig into the numbers and then I’ll tell you my take of this Toronto’s real estate tale!

Report overview

Our review of the market updates in the month of August shows that Toronto’s real estate will go into a shortage of inventory this fall. In the past years we had slower fall markets in Toronto ( Generally ), this year it might be a little bit different. The fall market in some areas of Toronto might mean less inventory and higher demand, which will result in prices to go up. 

This however most probably will not be consistent and if the annual patterns dominate the market afterward, we’ll see a slow December and January. We still need more data to predict down the line and market’s behaviour in December and January. 

Our approach to real estate market analysis has made our market report one of the most complete sources for Toronto’s real estate market news for both end users and Toronto real estate agents.

Average Toronto Home Prices went up by 12.4% Y/Y!

We are very close to the Federal Election, and housing is in the focal point of every candidat’s future policies. With that in mind, let’s look at the housing market in Canada’s biggest city. GTA votes for sure, can swing the result of an election. So I assume the housing market in the GTA is gonna be important for so many people in the GTA.

In August last year, the number of active listings were 16,662 and in August 2021, the active listings were 8,201. The number of sales has dropped by over 50%. That’s a big hit to the inventory level in the Toronto real estate market. 

Number of sales on the other hand only fell by around 20%, from 10,738 to 8,596, which is not proportionate to the shortage in the active listings. It means the demand is much higher than the supply, even though both had fallen ( 50% decrease in the supply compared to the 20% decrease in the demand ). That well put pressure on the standing inventory in August and pushed the prices up in Toronto’s August market.

Let’s look at Toronto’s Housing Trend in the past several months, from when the Pandemic Lockdowns Started.

toronto average home price monthy aug 2021

Near Future Trends in Toronto’s real estate market:

We covered this in the above. The shortage of inventory might affect the market from September to November ( possibly ). I still need to compile the data from the September sales to give a better idea about the Fall market in Toronto. 

As we talked about it last month, a strong rental market is attractive to investors. I was watching it on CP24  this morning when the flights started to bring new immigrants and foreign students. Who are mainly coming to the GTA because of the great schools, and job opportunities ( compared to some of the other provinces in Canada). That will also push the rental market a bit more, so I think the rental market will attract more real estate investors to the market in the next 6-8 months. 

If you are looking to purchase a property in Toronto, you better talk to your real estate agent and set up a strategy for that, as the demand seems to be getting higher and higher going into 2022. 

Toronto Home Prices’ Annual Trend! + BIG NEWS!

The below chart is covering the past 5 years, from August 2017 to August 2021. We have already covered many points about the August market in 2021, so I’ll just say this about the inventory:

The BIG news is that, the last time that the MoI ( Month of inventory or inventory level ) fell down to 1.0 MoI was August 2017. Do you remember what happened after that? If you don’t remember, 8 months later we had the record high prices of the homes in the GTA till then ( April 2017 ). 

I’m not suggesting that it will happen for sure, because there are many factors that I don’t know about at this point, such as the result of the Federal election and … . But there are chances that it might go that way! I will talk about it more in the next few months. Subscribe to get emails for when I update the market report!

Toronto Condo Prices are up 9.4% Y/Y Sales are up 11.3%:

In the Condo market, both the sales and average price were up in August 2021. Average condo in the GTA was sold for $688,568, and the average condo in the City of Toronto, 416 Area, was sold for $720,832 !

Toronto’s Downtown Condo Market:

Average Condo price in downtown Toronto jumped up to $826,015 in C01 ( Downtown Toronto west of Yonge St) and $681,750 in C08 ( East side of Downtown ).

Downtown Condo market is a different beast, if you are looking to buy or sell a condo in Downtown Toronto make sure to talk to a downtown condo expert.

Detached Houses Prices in Toronto are UP 21.4% !

Detached market is going very Strong!

The Toronto real estate board reported 3,704 detached houses sold in August 2021. The Average detached house price in GTA was $1,423,807 , whereas the average detached house price in the city of Toronto was $1,674,641 !

Just so you know the detached homes market has been in a seller’s market since May 2020!

Semi-detached and Townhouse markets in Toronto:

Semi’s are in a very high demand right now. Because they’re the bridge between detached and smaller dwellings like Townhouses and Condo apartments. Average price of a detached in Toronto has been $1,031,580 which has had a 13.9% increase in prices.

The average price of a Townhouse in Toronto has been $873,961 ! That translates in a 17.7% price increase Year over Year for the Townhouse market in Toronto!

For more detailed info about these property classes and their respective markets, you can contact us!

Conclusion:

We have been preparing for this and working on new strategies for our clients to guide them with their real estate needs amid these uncertain times ( with a look at the history, you can predict some of the future outcomes). 

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June 2021

In the past month, even though the average Toronto home price was up 12.6%, the sales volume was down. What does that mean to the Toronto real estate market?

Before we go further into the article, I can tell you that this market is looking very healthy. Let’s dig into the numbers and then I’ll tell you my take of this Toronto’s real estate tale!

During the COVID-19 Pandemic many were fearful that the housing market in Toronto might crash! Even CMHC had predictions of a crash, but Toronto’s real estate market not only didn’t crash ( it slowed down in some areas though) , it got back it’s momentum after a few months of downturn.

Real Estate has been a historically safe asset (for the most part though, depending on the location and some other factors which are far beyond this article but I’ll be happy to explain to my audience in one on one consultations).

Report overview

The Micro analysis of Toronto’s housing market is based on both the macro data and daily transactions that we have as Toronto real estate agents. Our approach to real estate market analysis has made our market report one of the most complete sources for Toronto’s real estate market news for both end users and Toronto real estate agents.

Toronto Home Prices are up 12.6% and Sales down 14.9% Y/Y, Why?

You might remember the below quote from a couple month ago in my Toronto real estate market update:

“ I expect a slowdown in the next few months into the summer. So if you are a buyer trying to secure a place don’t be worried. I think you can have a little bit of opportunity in the next few months, but that window of opportunity might not last long.  “

Even though the number of transactions fell down, the level of inventory has not changed much. That’s because the number of active listings in Toronto also has dropped by 35%. The month of inventory in Toronto ( MoI ) has been 1 MoI, just so you know 1 MoI is considered a sellers market!

Let’s look at Toronto’s Housing Trend in the past several months, from when the Pandemic Lockdowns Started.

toronto average home price monthly - july 2021

For more insight about the Detached Home market and or Condo apartment market in Toronto view the below.

What will happen to the Toronto real estate market in the near future:

A lot of buyers that we are helping in Toronto’s real estate market on a daily basis are End users. Those who actually need a roof over their heads, and they’re NOT looking to flip or speculate.

On the other hand, the rental market started to move, and we see competition on our rental listings. That mainly is happening because people are coming back to Toronto, professionals, students, new immigrants, they are coming back and are looking for a place to live.

The importance of a strong rental market is that a strong Toronto rental market would attract investors. Thus I predict that the investors also will be adding to the buyers pool. This will be in addition to the current demand, and in the next 6 – 8 month most likely can create another major uptick in prices.

If you have read my previous contents you already know when’s the best time to buy a home in Toronto. You can see that Toronto’s seasonal markets are usually slower in June, July and Aug. So in this year we’ll most probably see that pattern happening again too.

With all that being said I see Toronto’s real estate market would be moving at a slower pace for the next few months unless something major changes in the Canadian economy! So I strongly recommend that you set a strategy with your Toronto real estate agent, if you are planning to buy or sell any time soon!

Toronto Home Prices’ Annual Trend!

As mentioned, July 2021 has recorded an average sale price of $1,062,256 . You can view the annual trend for the past 5 years down below!

Toronto’s Condo Market (Condo prices up 6% YoY) :

Toronto’s condo market’s inventory level is 1.5 MoI at the moment which is a sellers market if we look at it in general.

Toronto’s Downtown Condo Market:

Downtown Toronto’s Month of inventory is 1.6 MoI, which is UP from last month’s 1.5 MOI and it is a small relief for condo buyers downtown! Average downtown Toronto condo prices interestingly went up to $760K.

I highly recommend contacting a knowledgeable downtown Toronto REALTOR if you are looking to make a move here.

Toronto’s Detached Houses (Prices are UP 21.7% !) :

Detached is still going Strong!

Toronto REALTORsⓇ sold 5,718 detached houses through TREB this past month. The average price of a Detached house in Toronto’s $1,405,478. This is a 21.7% increase in Detached Home prices in Toronto.

FYI the Average Detached Home Price in the City of Toronto is $1,633,649!

Month of inventory is a good indicator that shows the OVERALL supply/demand situation in each area. MOI has been 1.0 for detached homes in Toronto’s housing market. This means the Detached Market has been a Seller market the whole time since May 2020!

Semi-detached Prices are Up 12.2% and Townhouse Prices are Up 15.9% YoY:

In the Semi-Detached homes market in Toronto we had a competitive market. Basically Semis were the property types that had very high gains in the past year in Toronto! One of the reasons is that they are usually in the mid-high end of the freehold market!

The average price of a Townhouse in Toronto has been $849,950 and the average price of a semi-detached house in Toronto has been $1,027,895! For more detailed info about these property classes and their respective markets, you can contact us!

Important Comments and Predictions for home sellers, August 2021:

In general, if you are a seller, you are in a better position in many areas of Toronto, as the supply looks to be tight in most areas! However I had predicted that in July and August you might have a bit slower months, but that by no means the market will change to the buyers market in these months! That just means SOME properties might take a bit more time to sell.

Each micro market in Toronto could have a different pattern though. If you want to know about your specific neighbourhood, you still need to look at the stats in your own micro market. For more information you can talk to your real estate agent or if you don’t have any, contact us to find a Top Toronto real estate agent in your area.

Important Comments and Predictions for home buyers, August 2021:

In the past few months, many of our buyer clients became active as they felt more confident about their jobs and financial security. In our day to day interactions with buyers and sellers, I see some buyers and sellers are spending time out of the market. Enjoying the last month of the summer might be on many people’s list. So I expect a slower August, if you are a buyer, use this opportunity.

You need to have your financing in order before entering the market, as you might face quite competition on entry level properties!

Getting a consultation or help from a Top Toronto real estate agent would help you to overcome many of those obstacles easier.

Conclusion:

We have been preparing for this and working on new strategies for our clients to guide them with their real estate needs amid these uncertain times ( with a look at the history, you can predict some of the future outcomes). If you are a buyer don’t FOMO in, and if you are a seller don’t be worried, in my opinion, a balanced market is the best market!

June 2021

The numbers that came out today are telling one side of a story. They may look daunting for home buyers and euphoric for home sellers, but what’s really happening here?

Let’s dig into the numbers and then I’ll tell you my take of this Toronto’s real estate tale!

Toronto’s average home price in the last month went up by 28.4% and reached $1.11M, New All Time High Price that has ever been recorded in Toronto!

During the COVID-19 Pandemic many were fearful that the housing market in Toronto might crash! Even CMHC had predictions of a crash, but Toronto’s real estate market not only didn’t crash ( it slowed down in some areas though) , it got back it’s momentum after a few months of downturn.

The main momentum was from the buyers who were trying to enter the market in order to hedge against the upcoming home price inflation. Some of the buyers were motivated to use the opportunity of lower costs of borrowing. (Low Interest rates!)

Real Estate has been a historically safe asset (for the most part though, depending on the location and some other factors which are far beyond this article but I’ll be happy to explain to my audience if you are interested in it).

Report overview

The Micro analysis of Toronto’s housing market is based on both the macro data and daily transactions that we have as Toronto real estate agents. Our approach to real estate market analysis has made our market report one of the most complete sources for Toronto’s real estate market news for both end users and Toronto real estate agents.

Toronto Home Prices are up 28.4% and Sales are Up 160.1% Y/Y, Why?

Last year, in May 2020, Toronto’s real estate market just began to move slowly after being a couple months into the lockdown. That’s one reason that we see a huge price increase and sales increase if we compare the numbers to the same time last year.

Meanwhile, the month of inventory in Toronto ( MoI ) has increased to 1.0 from 0.9, which is a relief and shows the market is slowing down a little bit!

I expect a slowdown in the next few months into the summer. So if you are a buyer trying to secure a place don’t be worried. I think you can have a little bit of opportunity in the next few months, but that window of opportunity might not last long. 

Let’s look at Toronto’s Housing Trend in the past several months, from when the Pandemic Lockdowns Started.

Average Home Price monthly toronto

For more insight about the Detached Home market and or Condo apartment market in Toronto view the below.

What will happen to the Toronto real estate market in the near future:

The job market in Toronto and south Ontario is still stronger than the other areas of Canada. The inflation rate Y/Y CPI growth has been reported to be 3.4% for April 2021!

A big number of buyers that we are helping in Toronto’s real estate market on a daily basis are End users. They actually need a roof over their heads, and they’re NOT looking to flip or speculate. Some investors are also in the market, but the majority of buyers are end users!

If you have read my previous contents you already know when’s the best time to buy a home in Toronto. You can see that Toronto’s seasonal markets are usually slower in June, July and Aug. So in this year we’ll most probably see that pattern happening again too.

With all that being said I see Toronto’s real estate market would be moving at a slower pace for the next few months unless something major changes in the Canadian economy! So I strongly recommend that you set a strategy with your Toronto real estate agent, if you are planning to buy or sell any time soon!

Supply and Demand levels in Toronto’s real estate market (TORONTO, STILL A SELLER’S MARKET):

Active listings and Month of Inventory, are other indicators to keep an eye on. We ended May 2021 with a total active listing of 12,253.

That being said, the Month of Inventory (MOI) is at 1.0 Months of Inventory in all property classes in the Greater Toronto Area’s real estate market.

Toronto Home Prices’ Annual Trend!

As mentioned, March 2021 has recorded an average sale price of $1,108,453 . You can view the annual trend for the past 5 years down below!

Toronto’s Condo Market (Condo prices up 9.1% YoY) :

Toronto’s condo market’s inventory level is 1.4 MoI at the moment which is a sellers market if we look at it in general. However if we compare it to the last month, when MOI was at 1, we see more inventory inflows in the market. That’s what’s helping to remove the pressure from the current market and ease the price increases.

Toronto’s Downtown Condo Market:

Downtown Toronto’s Month of inventory is 1.5 MoI, which is UP from last month’s 1.1 MOI and it is a small relief for condo buyers downtown! Average downtown Toronto condo prices interestingly went up to $793K.

I highly recommend contacting a knowledgeable downtown REALTOR if you are looking to make a move here.

Toronto’s Detached Houses (Prices are UP 37% !) :

Detached is still going Strong!

Toronto REALTORsⓇ sold 5,718 detached houses through TREB this past month. The average price of a Detached house in Toronto’s $1,415,698. This is a HUGE 37% increase in Detached Home prices in Toronto.

FYI the Average Detached Home Price in the City of Toronto is $1,716,272!

Month of inventory is a good indicator that shows the OVERALL supply/demand situation in each area. MOI has been 1.2 for detached homes in Toronto’s housing market. This means the Detached Market has been a Seller market!

Semi-detached Prices are Up 22.6% and Townhouse Prices are Up 26.2% YoY:

In the Semi-Detached homes market in Toronto we had a competitive market. Basically Semis were the property types that had very high gains in the past year in Toronto! One of the reasons is that they are usually in the mid-high end of the freehold market!

The average price of a Townhouse in Toronto has been $866,349 and the average price of a semi-detached house in Toronto has been $1,064,361! For more detailed info about these property classes and their respective markets, you can contact us!

Important Comments and Predictions for home sellers, June 2021:

In general, if you are a seller, you are in a better position in many areas of Toronto, as the supply looks to be tight in most areas! However this will not last long, in the next few months more inventory will come to the market so you should expect more sellers trying to sell their homes. Particularly in June, July and August!

Each micro market in Toronto could have a different pattern though. If you want to know about your specific neighbourhood, you still need to look at the stats in your own micro market.

Important Comments and Predictions for home buyers, June 2021:

In the past few months, many of our buyer clients became active as they felt more confident about their jobs and financial security. Thus the demand is back to the market, and the demand is really what drives the market.

Interestingly I see the demand decreasing gradually. So I expect lower demand in the next few months and more inventory for buyers to choose from.

You need to have your financing in order before entering the market, as you might face quite competition! If you are looking for a detached, you’ll face more competition than a condo apartment!

Getting a consultation or help from a Top Toronto real estate agent would help you to overcome many of those obstacles easier.

Conclusion:

We have been preparing for this and working on new strategies for our clients to guide them with their real estate needs amid these uncertain times ( with a look at the history, you can predict some of the future outcomes). If you are a buyer don’t FOMO in, and if you are a seller don’t be worried, a balanced market is the best market

May 2021

If you’ve been following my past articles about the real estate market in Toronto you already know that the market has been on a swing and is going parabolic. New numbers that came out just yesterday indicated that the Toronto home sales were up over 362%. Should you be worried or not? We’ll answer that in this article.

I was continuously reminding the home buyers of a very small window of opportunity to purchase their dream home or condo before the market skyrockets again! Let’s dig into the numbers and then I’ll tell you my take of this Toronto’s real estate tale!

Toronto’s average home price in the last month went up by 33% and reached $1.09M ! As a Toronto real estate agent who is analysing the markets on a regular basis, I was seeing this coming months ago and I mentioned that in my previous blogs!

During the COVID-19 Pandemic many were fearful that the housing market in Toronto might crash! Even CMHC had predictions of a crash, but Toronto’s real estate market not only didn’t crash ( it slowed down in some areas though) , it got back it’s momentum after a few months of downturn .

The momentum was from the buyers who were trying to enter the market in order to hedge against the upcoming asset price inflation. Some of the buyers were motivated to use the opportunity of lower borrowing costs. (Low Interest rates!)

Real Estate has been a historically safe asset (for the most part though, depending on the location and some other factors which is far beyond this market review but I’ll be happy to explain to my audience if you are interested in it).

Real estate has been used to hedge against inflation during the time in the past few centuries. You’ll realize that if you only look at the property prices in your city and compare home prices 50 years ago with today. Our analysis was revealing some patterns developing in Toronto from very beginning of the past fall (fall 2020)!

Report overview

The Micro analysis of Toronto’s housing market is based on both the macro data and daily transactions in Toronto’s market. Our approach to real estate market analysis has made our market report one of the most complete sources for Toronto’s real estate market news for both end users and Toronto real estate agents.

Toronto Home Prices are up 23.0% and Sales are Up 362.0% Y/Y, Why?

First of all, the first lockdown started in March 2020, and continued all the way to the summer, the market hasn’t been moving normal back then. So I’d suggest to look at the Year Over Year sales increase number with a grain of salt! So DON’T FOMO IN please!

April 2020 was literally the slowest month because of the covid lockdown. Number of sales dropped drastically from 9,000 in 2019 to 2,975, sales literally got chopped to One Third of the volume.

Meanwhile the month of inventory ( MoI ) has increased to 0.9 from 0.7, which is a relief and shows the market is slowing down a little bit!

I used to say MOI below 1 for the GTA is an anomaly, but the past few months have been setting a new normal trend. However I don’t think that continues forever.

I expect a slowdown in the next few months and into the summer. So if you are a buyer trying to secure a place don’t be very worried. I think you can have a little bit of opportunity in the next few months.

Let’s look at Toronto’s Housing Trend in the past several months, from when the Pandemic Lockdowns Started.

Average Home Price monthly toronto

For more insight about the Detached Home market and or Condo apartment market in Toronto view the below.

What will happen to the Toronto real estate market in the near future:

The job market in Toronto and south Ontario is still stronger than the other areas of Canada. So the national job market stats may not come into the play when you merely look at the Greater Toronto Area.

Also an average CPI is not a great indicator to use to predict the inflation in the Toronto area in terms of the asset prices. FYI the inflation rate Y/Y CPI growth has been reported 2.2% for March 2021!

A big number of buyers that we are helping in Toronto’s real estate market on a daily basis are End users. They actually need a roof over their heads, and they’re NOT looking to flip or speculate. Some investors are also in the market, but the majority of buyers are end users!

If you have read my previous contents you’d know when’s the best time to buy a home in Toronto. You can see that Toronto’s seasonal markets are usually slower in June, July and Aug. So this year we’ll most probably see that pattern happening again too.

As a side note though, if those buyers who’re on the sidelines, enter the market because of the FOMO, the demand would be even higher. And that could push more pressure on the standing inventory.

With all that being said I see Toronto’s real estate market would be moving with a slower pace for the next few months unless something major changes in the Canadian economy! So I strongly recommend that you set a strategy with your Toronto real estate agent, if you are planning to buy or sell any time soon!

Supply and Demand levels in Toronto’s real estate market (TORONTO, STILL A SELLER’S MARKET):

Active listings and Month of Inventory, are other indicators to keep an eye on. We started May 2021 with a total active listing of 11,668.

That being said, the Month of Inventory (MOI) is at 0.9 Months of Inventory in all property classes in the Greater Toronto Area’s real estate market.

Toronto Home Prices’ Annual Trend!

As mentioned, March 2021 has recorded an average sale price of $1,090,992. You can view the annual trend for the past 5 years down below!

Toronto’s Condo Market (Condo prices up 19.6% YoY) Sales up 394.7% (VERY IMPORTANT TO READ):

Don’t let the 394% YoY increase in sales mislead you. I have explained earlier why it has happened!

Condo market’s inventory level is 1 MoI which is a sellers market if we look at it in general.

If you want more insights like that about Toronto’s real estate market make sure to follow me on the Social media or sign up to my newsletter down this page!
twitter and Youtube

Toronto’s Downtown Condo Market is A Sellers Market AGAIN!

Downtown Toronto’s Month of inventory is 1.1 MoI, which is UP from last month’s 0.8 MOI and it is a small relief for some buyers! Average downtown Toronto condo prices interestingly went up to $802K.

I highly recommend contacting a knowledgeable downtown REALTOR if you are looking to make a move there.

Toronto’s Detached Houses (Detached house prices are UP 41.3% !) :

Detached is still going Strong!

Toronto REALTORsⓇ sold 6,516 detached houses through TREB this past month. The average price of a Detached house in Toronto’s $1,387,629. This is a HUGE 41.3% increase in Detached Home prices in Toronto.

FYI the Average Detached Home Price in the City of Toronto is $1,699,756!

Month of inventory is a good indicator that shows the OVERALL supply/demand situation in each area. MOI has been 0.9 for detached homes in Toronto’s housing market. This means the Detached Market has been a Seller market!

Semi-detached Prices are Up 23.6% and Townhouse Prices are Up 25.9% YoY:

In the Semi-Detached homes market in Toronto we had a competitive market. Basically Semis were the property types that had very high gains in the past year in Toronto! One of the reasons is that they are usually in the mid-high end of the freehold market!

The average price of a Townhouse in Toronto has been $857,574 and the average price of a semi-detached house in Toronto has been $1,068,923! For more detailed info about these property classes and their respective markets, you can contact us!

Important Comments and Predictions for home sellers, May 2021:

In general, if you are a seller, you are in a better position in many areas of Toronto, as the supply looks to be tight in most areas for the next month or two!

Low interest rates and population growth are two major factors that push the demand for a home in Toronto!

Each micro market in Toronto could have a different behaviour though. If you want to know about your specific neighbourhood, you still need to look at the stats in your own micro market. For more information you can talk to your real estate agent or if you don’t have any, find a Top Toronto real estate agent in your area.

If you need to sell, or you must sell to move, do it with all the health and safety precautions regarding the COVID19.

Important Comments and Predictions for home buyers, May 2021:

In the past few months, many of our buyer clients became active as they feel more confident about their jobs and financial security. Thus the demand is back to the market, and the demand is really what drives the market.

Interestingly I see the demand decreasing gradually. So I expect lower demand in the next few months and more inventory for buyers to choose from.

You need to have your financing in order before entering the market, as you might face quite competition! If you are looking for a detached, you’ll face more competition than a condo apartment!

Getting a consultation or help from a Top Toronto real estate agent would help you to overcome many of those obstacles easier.

Conclusion:

We have been preparing for this and working on new strategies for our clients to guide them with their real estate needs amid these uncertain times ( with a look at the history, you can predict some of the future outcomes).

April 2021

If you’ve been following my past articles about the real estate market in Toronto you already know that the market has been on a swing and is going parabolic. New numbers that came out just yesterday indicated that the Toronto home sales were up over 362%. Should you be worried or not? We’ll answer that in this article.

I was continuously reminding the home buyers of a very small window of opportunity to purchase their dream home or condo before the market skyrockets again! Let’s dig into the numbers and then I’ll tell you my take of this Toronto’s real estate tale!

Toronto’s average home price in the last month went up by 33% and reached $1.09M ! As a Toronto real estate agent who is analysing the markets on a regular basis, I was seeing this coming months ago and I mentioned that in my previous blogs!

During the COVID-19 Pandemic many were fearful that the housing market in Toronto might crash! Even CMHC had predictions of a crash, but Toronto’s real estate market not only didn’t crash ( it slowed down in some areas though) , it got back it’s momentum after a few months of downturn .

The momentum was from the buyers who were trying to enter the market in order to hedge against the upcoming asset price inflation. Some of the buyers were motivated to use the opportunity of lower borrowing costs. (Low Interest rates!)

Real Estate has been a historically safe asset (for the most part though, depending on the location and some other factors which is far beyond this market review but I’ll be happy to explain to my audience if you are interested in it).

Real estate has been used to hedge against inflation during the time in the past few centuries. You’ll realize that if you only look at the property prices in your city and compare home prices 50 years ago with today. Our analysis was revealing some patterns developing in Toronto from very beginning of the past fall (fall 2020)!

Report overview

The Micro analysis of Toronto’s housing market is based on both the macro data and daily transactions in Toronto’s market. Our approach to real estate market analysis has made our market report one of the most complete sources for Toronto’s real estate market news for both end users and Toronto real estate agents.

Toronto Home Prices are up 23.0% and Sales are Up 362.0% Y/Y, Why?

First of all, the first lockdown started in March 2020, and continued all the way to the summer, the market hasn’t been moving normal back then. So I’d suggest to look at the Year Over Year sales increase number with a grain of salt! So DON’T FOMO IN please!

April 2020 was literally the slowest month because of the covid lockdown. Number of sales dropped drastically from 9,000 in 2019 to 2,975, sales literally got chopped to One Third of the volume.

Meanwhile the month of inventory ( MoI ) has increased to 0.9 from 0.7, which is a relief and shows the market is slowing down a little bit!

I used to say MOI below 1 for the GTA is an anomaly, but the past few months have been setting a new normal trend. However I don’t think that continues forever.

I expect a slowdown in the next few months and into the summer. So if you are a buyer trying to secure a place don’t be very worried. I think you can have a little bit of opportunity in the next few months.

Let’s look at Toronto’s Housing Trend in the past several months, from when the Pandemic Lockdowns Started.

Average Home Price monthly toronto

For more insight about the Detached Home market and or Condo apartment market in Toronto view the below.

What will happen to the Toronto real estate market in the near future:

The job market in Toronto and south Ontario is still stronger than the other areas of Canada. So the national job market stats may not come into the play when you merely look at the Greater Toronto Area.

Also an average CPI is not a great indicator to use to predict the inflation in the Toronto area in terms of the asset prices. FYI the inflation rate Y/Y CPI growth has been reported 2.2% for March 2021!

A big number of buyers that we are helping in Toronto’s real estate market on a daily basis are End users. They actually need a roof over their heads, and they’re NOT looking to flip or speculate. Some investors are also in the market, but the majority of buyers are end users!

If you have read my previous contents you’d know when’s the best time to buy a home in Toronto. You can see that Toronto’s seasonal markets are usually slower in June, July and Aug. So this year we’ll most probably see that pattern happening again too.

As a side note though, if those buyers who’re on the sidelines, enter the market because of the FOMO, the demand would be even higher. And that could push more pressure on the standing inventory.

With all that being said I see Toronto’s real estate market would be moving with a slower pace for the next few months unless something major changes in the Canadian economy! So I strongly recommend that you set a strategy with your Toronto real estate agent, if you are planning to buy or sell any time soon!

Supply and Demand levels in Toronto’s real estate market (TORONTO, STILL A SELLER’S MARKET):

Active listings and Month of Inventory, are other indicators to keep an eye on. We started May 2021 with a total active listing of 11,668.

That being said, the Month of Inventory (MOI) is at 0.9 Months of Inventory in all property classes in the Greater Toronto Area’s real estate market.

Toronto Home Prices’ Annual Trend!

As mentioned, March 2021 has recorded an average sale price of $1,090,992. You can view the annual trend for the past 5 years down below!

Toronto’s Condo Market (Condo prices up 19.6% YoY) Sales up 394.7% (VERY IMPORTANT TO READ):

Don’t let the 394% YoY increase in sales mislead you. I have explained earlier why it has happened!

Condo market’s inventory level is 1 MoI which is a sellers market if we look at it in general.

If you want more insights like that about Toronto’s real estate market make sure to follow me on the Social media or sign up to my newsletter down this page!
twitter and Youtube

Toronto’s Downtown Condo Market is A Sellers Market AGAIN!

Downtown Toronto’s Month of inventory is 1.1 MoI, which is UP from last month’s 0.8 MOI and it is a small relief for some buyers! Average downtown Toronto condo prices interestingly went up to $802K.

I highly recommend contacting a knowledgeable downtown REALTOR if you are looking to make a move there.

Toronto’s Detached Houses (Detached house prices are UP 41.3% !) :

Detached is still going Strong!

Toronto REALTORsⓇ sold 6,516 detached houses through TREB this past month. The average price of a Detached house in Toronto’s $1,387,629. This is a HUGE 41.3% increase in Detached Home prices in Toronto.

FYI the Average Detached Home Price in the City of Toronto is $1,699,756!

Month of inventory is a good indicator that shows the OVERALL supply/demand situation in each area. MOI has been 0.9 for detached homes in Toronto’s housing market. This means the Detached Market has been a Seller market!

Semi-detached Prices are Up 23.6% and Townhouse Prices are Up 25.9% YoY:

In the Semi-Detached homes market in Toronto we had a competitive market. Basically Semis were the property types that had very high gains in the past year in Toronto! One of the reasons is that they are usually in the mid-high end of the freehold market!

The average price of a Townhouse in Toronto has been $857,574 and the average price of a semi-detached house in Toronto has been $1,068,923! For more detailed info about these property classes and their respective markets, you can contact us!

Important Comments and Predictions for home sellers, May 2021:

In general, if you are a seller, you are in a better position in many areas of Toronto, as the supply looks to be tight in most areas for the next month or two!

Low interest rates and population growth are two major factors that push the demand for a home in Toronto!

Each micro market in Toronto could have a different behaviour though. If you want to know about your specific neighbourhood, you still need to look at the stats in your own micro market. For more information you can talk to your real estate agent or if you don’t have any, find a Top Toronto real estate agent in your area.

If you need to sell, or you must sell to move, do it with all the health and safety precautions regarding the COVID19.

Important Comments and Predictions for home buyers, May 2021:

In the past few months, many of our buyer clients became active as they feel more confident about their jobs and financial security. Thus the demand is back to the market, and the demand is really what drives the market.

Interestingly I see the demand decreasing gradually. So I expect lower demand in the next few months and more inventory for buyers to choose from.

You need to have your financing in order before entering the market, as you might face quite competition! If you are looking for a detached, you’ll face more competition than a condo apartment!

Getting a consultation or help from a Top Toronto real estate agent would help you to overcome many of those obstacles easier.

Conclusion:

We have been preparing for this and working on new strategies for our clients to guide them with their real estate needs amid these uncertain times ( with a look at the history, you can predict some of the future outcomes).

March 2021

BREAKING: The average price of a home in Toronto for the is at ALL TIME HIGH of $1.1 Million. Read our version of Inflation Tale here!

If you have been following my contents about Toronto’s real estate market you know that I was predicting a huge market bounce back. I was continuously reminding the home buyers of a very small window of opportunity to purchase their dream home or condo before the market skyrockets again!

Toronto’s average home price went up by 21.6% and reached $1.1M ! As a Toronto real estate agent who is analysing the markets on a regular basis, I could see this coming!

During the COVID-19 Pandemic many were fearful that the housing market in Toronto might crash! Even CMHC had predictions of a crash, but Toronto’s real estate market not only didn’t crash ( it slowed down in some areas though) , it got momentum.

The momentum was from the buyers who were trying to enter the market in order to hedge against the upcoming inflation. Some of the buyers were motivated to use the opportunity of lower borrowing costs. (Low Interest rates)

Real Estate has been a historically safe asset (for the most part though) which has been used to hedge against inflation. Our analysis was showing that pattern unfolding in Toronto from very early months of the past fall!

Report overview

The Micro analysis of Toronto’s housing market is based on both the macro data and daily transactions in Toronto’s market. Our approach to real estate market analysis has made our market report one of the most credible sources for Toronto’s real estate market news for both end users and Toronto real estate agents.

Toronto Home Prices are up 21.6% and Sales are Up 97.0% Year over Year

First of all, the lockdown started in March 2020, so a little less than half of the past March, the market hasn’t been moving normal. So I’d suggest to look at the Year Over Year sales increase number with a grain of salt!

Meanwhile the month of inventory ( MoI ) has dropped to 0.6, which literally is a VERY tight sellers market!

FYI the Month of Inventory in Toronto has been under 1 only five times since 1996! Two of which were February and March 2017!

Let’s look at Toronto’s Housing Trend in the past several months, from when the Pandemic Lockdowns Started.

Average Home Price Toronto - Monthly

April 2021 has started with a total of 15,652 resale monthly transactions reported through TREB’s MLS in Toronto’s real estate market. That is a massive increase of 97.0% in sales compared to the same time last year!!

But the more interesting increase is the annual Year over Year price increase. Last year at the same time the average price of a home in Toronto was $902,787, and this year it is $1,097,565, this is a 21.6% increase year over year!

Both freehold homes and condo apartments in Toronto are in the highest demand. (I’ve been predicting this back in April 2020 if you‘ve been following my content!)

What will happen to the Toronto real estate market in the near future:

The job market in Toronto is stronger than other areas of Canada. In a province like Alberta, the overall economy is very dependent on Oil, whereas in GTA we are mostly service based. So the national job market stats may not come into the play when you merely look at the Greater Toronto Area.

A big number of buyers that we are helping in Toronto’s real estate market on a daily basis are End users. They actually need a roof over their heads, and they’re NOT looking to flip or invest. They are already in the market shopping for a home. Some investors are also in the market, but the majority of buyers are end users!

If you have read my previous contents you’d know when’s the best time to buy a home in Toronto. You can see that Toronto’s seasonal markets are usually slower in December, January and February. But this winter market so far has been busier than the previous winter markets. That’s another signal of how strong the market is moving.

As we had talked about it previously, the Rebound would be much quicker than the plunge.

The time that it takes for a buyer to enter the market is much faster than what it takes a seller to prepares and puts a property on the market.

If those buyers who’re on the sidelines now, enter the market because of the FOMO, the demand would be even higher. And that pushes more pressure on the standing inventory. That might continue to drive the prices UP! Especially with the low level of inventory that we are currently facing ( MOI of 0.67)!

With all that being said I see Toronto’s real estate market would be moving upward for the next few months unless something major changes in the Canadian economy! So I strongly recommend that you set a strategy with your Toronto real estate agent now, if you are planning to buy or sell any time soon!

Supply and Demand levels in Toronto’s real estate market (TORONTO, A SELLER’S MARKET):

Active listings and Month of Inventory, are other indicators to keep an eye on. We started April 2021 with a total active listing of 10,603.

That being said, the Month of Inventory (MOI) stayed at 0.67 Months of Inventory in all property classes in the Greater Toronto Area’s real estate market.

Toronto Home Prices’ Annual Trend!

As mentioned, March 2021 has recorded an average sale price of $1,097,565.

Toronto’s Condo Market (Condo prices up 2.6% YoY) Sales up 91% (VERY IMPORTANT TO READ):

Don’t let the 2.6% YoY down mislead you. Right now condos are on FIRE and we are dealing with it on a day to day basis!

Number of condo apartment sales in Toronto jumped 64%.

Meanwhile the inventory level in the condo market especially in Downtown is shrinking day by day, and we see more people competing on the small number of properties. Condo market’s inventory level is 0.73 MoI.

I have been predicting this and telling buyers in the past few months to use that small window of opportunity in order to secure a condo in Toronto. Hopefully some people paid attention to it. 

If you want more insights like that about Toronto’s real estate market make sure to follow me on the Social media or sign up to my newsletter down this page!

Toronto’s Downtown Condo Market is A Sellers Market AGAIN!

Downtown Toronto’s Month of inventory is 0.8 MoI, which is down from last month’s 0.93 MOI and it keeps shrinking!

The demand is absorbing the supply in Downtown Toronto so quickly. 

I highly recommend to contact a Top Downtown Toronto agent if you are looking to make a move there.

Toronto’s Detached Houses (Detached house prices are UP 26.6% !) :

Detached is going Strong!

Toronto REALTORsⓇ sold 7,577 detached houses through TREB this past month. The average price of a Detached house in Toronto’s $1,402,849. This is a HUGE 26.6% increase in Detached Home prices in Toronto.

FYI the Average Detached Home Price in the City of Toronto is $1,750,518!

Month of inventory is a good indicator that shows the OVERALL supply/demand situation in each area. MOI has been 0.7 for detached homes in Toronto’s housing market. This means the Detached Market has been a tight Seller market!

What I and my colleagues are experiencing in the detached market in Toronto, is multiple offers non stop on most of the detached homes ( Especially under the $2M price tag)!

Semi-detached Prices are Up 20.7% and Townhouse Prices are Up 17.5% YoY:

In the Semi-Detached homes market in Toronto we had a competitive market. Basically Semis were the property types that had very high gains in the past year in Toronto! One of the reasons is that they are usually in the mid-high end of the freehold market!

The average price of a Townhouse in Toronto has been $870,553 and the average price of a semi-detached house in Toronto has been $1,045,519! For more detailed info about these property classes and their respective markets, you can contact us!

Important Comments and Predictions for home sellers, April2021:

In general, if you are a seller, you are in a better position in many areas of Toronto, as the supply looks to continue to shrink!

The market looks to be continuing to grow higher in prices. In many sectors of the Toronto real estate market, we can expect a sellers real estate market for the next few months at least.

Low interest rates and population growth are two major factors that push the demand in Toronto!

Each micro market in Toronto could have a different behaviour though. If you want to know about your specific neighbourhood, you still need to look at the stats in your own micro market. For more information you can talk to your real estate agent or if you don’t have any, find a Top Toronto real estate agent in your area.

If you need to sell, or you must sell to move, do it with all the health and safety precautions regarding the COVID19.

Important Comments and Predictions for home buyers, April 2021:

In the past few months, many of our buyer clients became active as they feel more confident about their jobs and financial security. Thus the demand is getting back to the market, and the demand is really what drives the market.

So if you need to move, or you must buy a home in Toronto, you must brace yourself for competition with other buyers that have come to the market already!

If you are a buyer looking for condos downtown, the window of opportunity is closed now, the condo market was a Buyer’s market in the past few months, not anymore.

As the inventory continues to shrink, the condos continue to go up in price in most areas of Toronto, especially in  downtown.

You need to have your financing in order before entering the market, as you might face quite competition! If you are looking for a detached, you’ll face more competition than a condo apartment!

Getting a consultation or help from a Top Toronto real estate agent would help you to overcome many of those obstacles easier.

Conclusion:

We have been preparing for this and working on new strategies for our clients to guide them with their real estate needs amid these uncertain times ( with a look at the history, you can predict some of the future outcomes).

Please share or subscribe to my social media:

Febuary 2021

Breaking: Number of sales are up by 52%, average price of a home in Toronto is up by 15.5% and average price of a detached home in Toronto is up by 31.2%. And in the day to day activities right now I see both an influx of buyers and Low Level of inventory. Combined together, you need to brace for bidding war after bidding war!

During the COVID-19 Pandemic many were fearful that the housing market in Toronto might crash! The numbers are saying a different story, less than a year after the first lockdown in Toronto!

In this article I’m gonna tell you WHY things are happening the way they are happening right now and how the market most likely could continue to unfold!

If you’ve been following my monthly market reports you know that I was predicting this a few months ago and was telling my readers about the window of opportunity and the upcoming months. Now we’ll review what has happened in the past month in Toronto’s real estate market and if there are any more opportunities there or not!

Report overview

Our Micro analysis of Toronto’s neighbourhoods are based on daily activities in buying and selling in Toronto’s market. Our approach to real estate market analysis has made our market reports one of the most credible sources for Toronto’s real estate market news for both end users and Toronto real estate agents.

Toronto Home Prices are up 15.5% and Sales are Up 52.4% Year over Year

Toronto Home prices went up 15.5% and number of sales are up around 52%, while many people are dealing with the COVID-19 Lockdown! But that’s HALF of the story. Meanwhile the month of inventory ( MoI ) has stopped on 1.1, which literally is a high sellers market!

Let’s look at Toronto’s Housing Trend in the past few months, from when the Pandemic Started.

average home price monthly toronto febuary 2021

February 2021 has started with a total of 6,928 resale monthly transactions reported through TREB’s MLS in Toronto’s real estate market. That is a huge increase of 52% in sales compared to the same time last year!!

One of the indications that I get is that the market’s activity in January, followed by December 2020, is that the market is moving up so fast!

Interestingly the number of sales wasn’t the only indicator that showed Toronto’s real estate market is going forward strong.

But the more interesting price increase is the annual Year over Year price increase. Last year at the same time the average price of a home in Toronto was $932,222, and this year it is $967,885, this is a 11.2% increase year over year!

Freehold and specifically detached properties are in the highest demand in Toronto right now. (I’ve been predicting this back in April 2020 if you ‘ve been following my content!)

What will happen to the Toronto real estate market in the near future:

The job market in Toronto is stronger than other areas of Canada. In a province like Alberta, the overall economy is very dependent on Oil, whereas in GTA we are mostly service based. So the national job market stats may not come into the play when you merely look at the Greater Toronto Area.

A big number of buyers that we are helping in Toronto’s real estate market on a daily basis are End users, those who need a roof over their heads, are already in the market shopping for a home. Some investors are also out there, but the majority are end users!

If you remember from my Toronto real estate market analysis you’d know when’s the best time to buy a home in Toronto. In that article you can see that Toronto’s seasonal markets are usually slower in December, January and February. But this winter market so far has been busier than the previous winter markets. That’s another signal of how strong the market is.

In January we saw that some sellers took their homes off the market. That caused the inventory to shrink. Right now the Month of Inventory is 1.1 MOI, which is a sellers market. ( That’s overall GTA among all property classes).

I had predicted this rapid growth in the market from over 8 months ago, that the Rebound would be much quicker than the plunge. You can read my predictions in the April and or May’s Toronto real estate market analysis.

I’ve mentioned it before, the time that it takes for a buyer to enter the market is much faster than what it takes a seller to prepares and puts a property on the market.

If those buyers who’re on the sidelines now, enter the market because of FOMO, the demand would be higher. And that pushes more pressure on the standing inventory. That’s what causes multiple offers and drive the prices UP!

I strongly recommend that you set a strategy with your Toronto real estate agent now, if you are planning to buy or sell any time soon!

Supply and Demand levels in Toronto’s real estate market (TORONTO, A SELLER’S MARKET):

Active listings and Month of Inventory, are other indicators to keep an eye on. We started Feb 2021 with a total active listing of 7,396.

That being said, the Month of Inventory (MOI) stayed at 1.1 Months of Inventory in all property classes in the Greater Toronto Area’s real estate market.

Just so you know, 1.1 MOI is considered a tight seller’s market! So buyers out there, beware of that! BUT it’s not for every area, in some areas we have balanced markets! You can contact us for more information about your area!

Toronto Home Prices’ Annual Trend (15.4% Up)!

As mentioned, Feb 2021 has started with a total of 6,928 resale transactions recorded with an average sale price of $967,885.

That’s Toronto’s average by the way, we’ll review different property types to see what has happened to each property class in Toronto!

Toronto’s Condo Market (Condo prices Down 4.7% YoY) Sales up 85% (VERY IMPORTANT TO READ):

Don’t let the 4.7% YoY down distract you. Right now condos are on FIRE! When the February and March Numbers come out you’ll see how much condos have been appreciated during the past few months!

Number of condo apartment sales in Toronto increased from 1,332 to 2,471, and we had an 85% increase in condo sales in Toronto.

That shows the current buyer demand is absorbing standing inventory in the condo market so rapidly. Also I see the inventory level in the condo market especially in Downtown is shrinking day by day, and we see more people competing on the small number of properties.

I have been predicting this and telling buyers in the past few months to use that small window of opportunity in order to secure a condo in Toronto. Hopefully some people paid attention to it. 

If you want more insights like that about Toronto’s real estate market make sure to follow me on the Social media or sign up on my newsletter down this page!

Toronto’s Downtown Condo Market is Moving Fast To Be A Sellers Market AGAIN!

Downtown Toronto’s Month of inventory is 1.5 MoI, which is down from last month’s 2.4 MOI and it keeps shrinking!

This shows that the demand is absorbing the supply in Downtown Toronto so rapidly. 

I highly recommend contacting a Top Toronto real estate Agent who covers Downtown Toronto and knows that market in and out if you are looking to make a move there.

Toronto’s Detached Houses (Detached house prices are UP 31.2% !) :

Detached is going very Strong!

Toronto REALTORsⓇ sold 2,766 detached houses through TREB this past month. The average price of a Detached house in Toronto’s $1,359,915. This is a HUGE 31.2% increase in Detached Home prices in Toronto.

FYI the Average Detached Home Price in the City of Toronto is $1,581,400!

Month of inventory is a good indicator that shows the OVERALL supply/demand situation in each area. MOI has been 1.0 for detached homes in Toronto’s housing market. This means the Detached Market has been a VERY tight Seller market!

What I and my colleagues are experiencing in the detached market in Toronto, is multiple offers non stop on most of the detached homes ( Especially under the $2M price tag)!

Semi-detached Prices are Up 26.6% and Townhouse Prices are Up 15.9% YoY:

In the Semi-Detached homes market in Toronto we had a competitive market. Basically Semis were the property types that had very high gains in the past few months in Toronto! One of the reasons is that they are usually in the mid-high end of the freehold market!

The average price of a Townhouse in Toronto has been $803,578 and the average price of a semi-detached house in Toronto has been $996,794! For more detailed info about these property classes and their respective markets, you can contact us!

Important Comments and Predictions for home sellers, February 2021:

In general, if you are a seller, you might find the next few months better than the past couple of months as the supply looks to continue to shrink!

The market looks to continue to grow higher in prices. In many sectors of the Toronto real estate market, we can expect a sellers real estate market, and in some others, a very tight sellers market.

Low interest rates and population growth are two major factors that push the demand in Toronto!

Each micro market in Toronto could have a different behaviour though. If you want to know about your specific neighbourhood, you still need to look at the stats in your own micro market. For more information you can talk to your real estate agent or if you don’t have any, find a Top Toronto real estate agent in your area.

If you need to sell, or you must sell to move, do it with all the health and safety precautions regarding the COVID19.

Important Comments and Predictions for home buyers, February 2021:

In the past few months, many of our buyer clients became active as they feel more confident about their jobs and financial security. Thus the demand is getting back to the market, and the demand is really what drives the market.

So if you need to move, or you must buy a home in Toronto, you must brace yourself for competition with other buyers that have come to the market already!

If you are a buyer looking for condos downtown, the window of opportunity is closed now, the condo market was a Buyer’s market in the past few months, not anymore.

As the inventory continues to shrink, the condos continue to go up in price in downtown.

You need to have your financing in order before entering the market right now, as you might face quite competition (depending on the property class and location)! If you are looking for a detached, you’ll face more competition than a condo apartment!

Getting a consultation or help from a Top Toronto real estate agent would help you to overcome many of those obstacles easier.

Conclusion:

The COVID19 had some impacts on Toronto’s real estate market, whether we like it or not. However it’s important to be ready for that and what will come next. We have been preparing for this and working on new strategies for our clients to guide them with their real estate needs amid these uncertain times ( with a look at the history, you can predict some of the future outcomes).

If you’re following me you know that I had predicted what is happening in the market ( in our reports over 8 months ago).

As a reminder, all the predictions, comments, and analysis in this post or any other blogs on TOrealestateagent.com are for informational purposes only and might change from time to time, and shall not be construed as any kind of advice, and it doesn’t create any client solicitor relationship whatsoever. Before making any decisions, whether real estate related or investment related, you must consult with your accountant, and your financial advisor and your own realtor and any other relevant professionals.

January 2021

If you are a Torontonian Home Owner or Buyer, your main question might be: What will happen to the Toronto’s Real Estate market moving forward with COVID-19 Pandemic and Second wave and a possible Third wave.

In this article I’m gonna tell you WHY things are happening the way they are happening right now and how the market most likely could continue to unfold!

I can tell you there are a few areas of Toronto that are getting inflated. And also there are some areas where there is a window of opportunity for Toronto real estate enthusiasts.

Report overview

Our Micro analysis of Toronto’s neighbourhoods are based on daily activities in buying and selling in Toronto’s market. Our approach to real estate market analysis has made our market reports one of the most credible sources for Toronto’s real estate market news for both end users and Toronto real estate agents.

Toronto Home Prices are up 11.2% and Sales are Up 64.5% Year over Year

Toronto Home prices went up 11.2% and number of sales are up around 65%, while many people are dealing with the Second wave of COVID-19 Lockdown. But that’s HALF of the story. If you are a potential seller, don’t be too happy, and if you are a potential buyer, Don’t Panic! I’ll explain why in a bit!

Meanwhile the month of inventory ( MoI ) has dropped to 1.1, which literally is a high sellers market!

Let’s look at Toronto’s Housing Trend in the past few months, from when the Pandemic Started.

average home price monthly toronto - jan 2021

January 2021 has started with a total of 7,892 resale monthly transactions reported through TREB’s MLS in Toronto’s real estate market. That is a huge increase of 64.5% in sales!!

One of the indications that I get is that the market’s activity in December, followed by November 2020, were abnormal.

Interestingly the number of sales wasn’t the only indicator that showed Toronto’s real estate market is going forward strong.

But the more interesting price increase is the annual Year over Year price increase. Last year at the same time the average price of a home in Toronto was $838,662 , and this year it is $932,222, this is a 11.2% increase year over year, which is a rare phenomenon in a December market ( with a few exceptions since 1996 )!

Freehold and specifically detached properties are in the highest demand in Toronto right now. (I’ve been predicting this back in April 2020 if you are following my content!)

What will happen to the Toronto real estate market in the near future:

The job market in Toronto is stronger than other areas of Canada. In a province like Alberta, the overall economy is very dependent on Oil, whereas in GTA we are mostly service based. So the national job market stats may not come into the play when you merely look at the Greater Toronto Area.

A big number of buyers that we are helping in Toronto’s real estate market on a daily basis are End users, those who need a roof over their heads, are already in the market shopping for a home. Some investors are also out there looking for deals!

If you remember from my Toronto real estate market analysis you’d know when’s the best time to buy a home in Toronto. In that article you can see that Toronto’s seasonal markets are usually slower in December, January and February. But this winter market so far has been busier than the previous winter markets. That’s another signal of how strong the market is.

In December we saw that some sellers took their homes off the market. That will cause the inventory to shrink in January. So the supply would be even less. Right now the Month of Inventory is 1.1 MOI, which is a sellers market. ( That’s overall GTA among all property classes).

I had predicted this rapid growth in the market from over 6 months ago, that the Rebound would be much quicker than the plunge. You can read my predictions in the April and or May’s Toronto real estate market analysis.

However, I still think that there might be ups and downs till we reach a balanced market, which will not last for a long time though!

I’ve mentioned it before, the time that it takes for a buyer to enter the market is much faster than what it takes a seller to prepares and puts a property on the market.

If those buyers who’re on the sidelines now, enter the market, the demand would be higher. And that pushes more pressure on the standing inventory. That’s what causes multiple offers and drive the prices UP!

I strongly recommend that you set a strategy with your Toronto real estate agent now, if you are planning to buy or sell any time soon!

Supply and Demand levels in Toronto’s real estate market ( TORONTO, A SELLER’S MARKET):

Active listings and Month of Inventory, are other indicators to keep an eye on. We started Jan 2021 with a total active listing of 7,892.

This is UP from last year’s 4,364 listings in the same month. That being said, the Month of Inventory (MOI) DECREASED to 1.1 Months of Inventory in all property classes in the Greater Toronto Area’s real estate market.

Just so you know, 1.1 MOI is considered a HIGH seller’s market! So buyers out there, beware of that! BUT it’s not for every area, in some areas we have balanced markets! You can contact us for more information about your area!

Toronto Home Prices’ Annual Trend (11.2% Up)!

As mentioned, January 2021 has started with a total of 7,180 resale transactions recorded with an average sale price of $932,222. That is +11.2% Increase in Home Prices compared to last year in similar time in Toronto’s real estate.

That’s Toronto’s average by the way, we’ll review different property types to see what has happened to each property class in Toronto!

Toronto’s Condo Market (Condo prices Down 2% YoY) Sales up 75% ( Important to read! ):

Number of condo apartment sales in Toronto increased from 1,250 to 2,193, so we had a 75% increase in condo sales in Toronto.

That shows the current buyer demand is absorbing standing inventory in the condo market. That gives a signal that in a month or two we’ll have the condo price rise up again and start seeing multiple offers again in the condo market.

The average price of a condo apartment in Toronto was Down 2% , $600,840 compared to the year before. ( GTA Condo prices ) However, by looking at the sales numbers up by 75%, you can see that the re-bound in the Condo market has started!

Also I see the inventory level in the condo market especially in Downtown is shrinking day by day. So the window of opportunity for the first time homebuyers who wanted to enter the condo market is closing to secure a unit without the hassles of getting involved with multiple offers!

So if you are a buyer looking for a condo in Downtown, this is a good time to go and shop around and negotiate the prices. Now you can have multiple options without the fear of facing multiple offers like a few months back.

As I mentioned in the past couple of months, there is a small window of opportunity for downtown condo buyers to find deals. That window might close soon!

Toronto’s Downtown Condo Market is Rebounding! Month of inventory decreased to 2.4 MoI:

Downtown Toronto’s Month of inventory is 2.4 MoI, which is down from last month’s 4.7 MOI. Just so you know this is a Balance Market!

This shows that the demand is absorbing the supply in Downtown Toronto. So the window of opportunity might not be open for so long for first time buyers! 

I highly recommend contacting a Top Toronto real estate Agent who covers Downtown Toronto and knows that market in and out if you are looking to make a move there.

Toronto’s Detached Houses (Detached house prices are UP 17.7% !) :

Detached is going very Strong!

Toronto REALTORsⓇ sold 3,038 detached houses through TREB this past month. The average price of a Detached house in Toronto’s $1,240,632. This is a HUGE 17.7% increase in Detached Home prices in Toronto.

FYI the Average Detached Home Price in the City of Toronto is $1,475,758!

Month of inventory is a good indicator that shows the OVERALL supply/demand situation in each area. MOI has been 0.9 for detached homes in Toronto’s housing market. This means the Detached Market has been a VERY tight Seller market!

What I and my colleagues are experiencing in the detached market in Toronto, is multiple offers non stop on most of the detached homes ( Especially under the $1.5M price tag)!

Semi-detached Prices are Up 16.6% and Townhouse Prices are Up 14.1% YoY:

In the Semi-Detached homes market in Toronto we had a competitive market. Basically Semis were the property types that had very high gains in the past few months in Toronto! One of the reasons is that they are usually in the mid-high end of the freehold market!

The average price of a Townhouse in Toronto has been $768,474 and the average price of a semi-detached house in Toronto has been $939,660! For more detailed info about these property classes and their respective markets, you can contact us!

Important Comments and Predictions for home sellers, January 2021:

In general, if you are a seller, you might find the next few months better than the past couple of months as the supply looks to continue to shrink!

The market looks to continue to grow and bounce back. In many sectors of the Toronto real estate market, we can expect a sellers real estate market, and in some others, a very tight sellers market.

Low interest rates and population growth are two major factors that push the demand in Toronto!

Each micro market in Toronto could have a different behaviour though. If you want to know about your specific neighbourhood, you still need to look at the stats in your own micro market. For more information you can talk to your real estate agent or if you don’t have any, find a Top Toronto real estate agent in your area.

If you need to sell, or you must sell to move, do it with all the health and safety precautions regarding the COVID19.

Important Comments and Predictions for home buyers, January 2021:

In the past couple of months, many of our buyer clients became active as they feel more confident about their jobs and financial security. Thus the demand is getting back to the market, and the demand is really what drives the market.

So if you need to move, or you must buy a home in Toronto, you must brace yourself for some competition with other buyers that have come to the market already!

If you are a buyer looking for condos downtown, the window of opportunity is closing In downtown Toronto, the condo market was a Buyer’s market in the past few months. But I see that it won’t last forever as I see the current supply levels are shrinking in the downtown condo market as well.

Also the government is planning to make it easier for tourists and foreign students and immigrants to come to Canada which will drive the downtown market again.

So still there might be a SMALL window of opportunity for those who are looking for a condo in downtown Toronto with a reasonable price. But as the inventory continues to shrink, the market will start shifting in downtown.

You need to have your financing in order before entering the market right now, as you might face quite competition (depending on the property class and location)! If you are looking for a detached, you’ll face more competition than a condo apartment!

Getting a consultation or help from a Top Toronto real estate agent would help you to overcome many of those obstacles easier.

Conclusion:

The COVID19 had some impacts on Toronto’s real estate market, whether we like it or not. However it’s important to be ready for that and what will come next. We have been preparing for this and working on new strategies for our clients to guide them with their real estate needs amid these uncertain times ( with a look at the history, you can predict some of the future outcomes).

If you’re following me you know that I had predicted what is happening in the market ( in our reports over 6 months ago).

As a reminder, all the predictions, comments, and analysis in this post or any other blogs on TOrealestateagent.com are for informational purposes only and might change from time to time, and shall not be construed as any kind of advice, and it doesn’t create any client solicitor relationship whatsoever. Before making any decisions, whether real estate related or investment related, you must consult with your accountant, and your financial advisor and your own realtor and any other relevant professionals.

2020 ARCHIVE

2019 ARCHIVE

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