Toronto Real Estate Board members reported 7,228 residential sales in March and a listing stock of 15,971 listings as we head into Toronto’s Spring Market. While the numbers are lower than the same period last year, they are still indicative of a healthy real estate market. The low listing inventory compared to the number of sales indicates a Seller’s market, and the average list to sale price ratio of 99% (Seller’s sold at 99% of list price) in an average of 24 days is further proof of that.
Toronto Real Estate Board President Tim Syrianos announced that the average selling price for condominium apartments sold through TREB’s MLS® System was up by nine percent year-over-year to $533,447 in the first quarter of 2018. While the number of condominium apartment sales reported by Greater Toronto Area REALTORS® in the first quarter was down by 29.7 percent year-over-year to 5,084, so too were the number of new listings, which were down by 11.1 percent annually to 8,030.
For 13 years, I‘ve helped Baycrest Health Sciences fight this disease by raising funds via their ProAm Hockey Tournament.
As you know, the fight against Alzheimer’s disease and dementia goes on. Everyone I know knows someone who has battled this terrible illness. In fact, every 4 seconds someone on earth is diagnosed with Alzheimer’s or another form of dementia.
After years of controversy, Ontario’s quasi-judicial development proposal appeal body will call it quits on Tuesday. Whether or not that’s a good thing for the Ontario housing market depends on who you ask.
This Tuesday, the Ontario Municipal Board (OMB) will officially become the Local Planning Appeal Tribunal (LPAT), a transition that will bring a host of changes to the appeal body.
I was pleasantly surprised to see that the Toronto Real Estate Board reported 4,019 residential transactions in January 2018. Honestly, I thought the number would be much lower due to many buyers purchasing in December to take advantage of the old mortgage qualifying rules.
Today's super-empowered consumer knows they can research anything they need or want online. But while people are still searching for specific products, they are increasingly turning to search before they've even figured out what to buy. Ultimately they are looking for ideas and inspiration.
Well, though I hate to admit it, I was wrong! I predicted 6,500 homes sold in November when in fact there were 7,374, making November 2017 one of the best Novembers in history. The reason for this is simple, the government announced changes to the mortgage qualifying rules commencing January 1, 2018, and a lot of buyers jumped into the market to make sure that they qualified under the old criteria. This resulted in stronger than usual sales and that trend will continue in December.
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