Despite the harsh January weather, Toronto Realtors sold 4009 homes through the Toronto Real Estate Board MLS system, slightly more than the same period last year. This bodes well for a very active market in 2019.
While the average selling price was up by 1.7 % on a year-over-year basis, it really does not represent what is happening in the marketplace, as not all housing sectors are experiencing the same effects. Condominium apartments continue to lead the way in terms of price growth and demand, while luxury homes in some areas are experiencing a downward trend due to the number of homes available for sale.
Without a doubt the changes in mortgage qualifications have created tighter market conditions in homes and communities under a million dollars as well as condominium apartments. Sales in other sectors have become sluggish but really represent a good opportunity for those buyers who are looking to upgrade. Overall we expect prices to increase moderately 3% to 5% in 2019 but primarily in the above mentioned sectors.
Today’s market has some great opportunities for investment and upgrade potential but with so many different market sectors and conditions, it’s really important to have a full full-time real estate agent like ourselves consulting to you so you can make the best possible decision your family and your future.
If you have any questions about the market, please give me a call, no obligation. We will be happy to help and give you the benefit of our expertise.
Have a great month!