June 2018, Dear Friend
The Toronto Real Estate Board reported 7,834 sales through TREB’s MLS® System in May 2018. Not a bad month, but a little bit off the 8,500 sales that I had predicted. The average price increased slightly, and as of the end of May, stands at $785,822, down 4.5% from 2017’s year-end average price of $822,622.
But averages do not tell the whole storey. The truth of it is that the Toronto market is made of many components, chief amongst them being price, location and type of home. The Toronto market conditions are very much different these days due to those factors.
Whether it luxury condominiums or semi-detached or detached homes, you cannot generalize, some areas went up, some areas went up more, and some areas went down!
There are now about 50,000 realtors in Toronto, and unfortunately, many of them do less than three transactions per year with a surprisingly large number (about 15,000) not even doing one transaction per year!
It’s always important to deal with an experienced professional whether it be a lawyer, carpenter or bricklayer at best of times. In times of market flux, like we are in today, you need an experienced full-time realtor on your team. That would be me.
If you have any questions or know of someone buying or selling, give me a call and let me help you and them understand the market. I can stick handle your issues, and give you the information you need to make the right decision for you and your family.
Have a great June!
Your Friend In Real Estate.
PS. I am never too busy for your referrals!