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Not intended to solicit buyers or sellers currently under contract with a brokerage. Recent Sales figures are based on all MLS® sales as reported by the Toronto Real Estate Board. Whole or partial reproduction is forbidden without written permission from the publisher. © Clear Communications 416-422-5754
For detailed statistics visit
MineolaSM.com
Recent Sales(September 2017 – February 2018)
# avg highest days onsold price price market
Detached
1½ Storey 7 1,044,429 1,359,000 55
2 Storey 23 1,942,261 3,300,000 28
Backsplit 2 942,500 1,010,000 14
Sidesplit 1 1,650,000 1,650,000 56
Bungalow 12 1,057,167 2,950,000 23
Semi- 2 1,008,500 1,299,000 30detached
Townhome 1 1,029,000 1,029,000 8
MineolaMarket Watch
The headlines look a bit scary - GTA real estate sales were down by34.9 per cent in February compared to last year. Detached home priceswere down by 17.2 per cent. Homes
spent an average of 25 days on the marketbefore they sold, compared to just 13 dayslast February.
Although these figures look starkdon’t be fooled into thinking the realestate sky is falling. This is an expectedcorrection from the unsustainable peakin the market we were experiencing lastyear. And, despite these declines theaverage price of all homes is still higherby 12 per cent, when compared toFebruary 2016.
In total, there were 13,362 activelistings this February compared to just 5,400 in 2017. Listing supply isbelow average in many popular neighbourhoods and multiple bids are stillhappening, particularly for lower-priced homes and some condos.
“Prospective home buyers are still coming to terms with thepsychological impact of the Fair Housing Plan and some have also had to
re-evaluate their plans due to the newOFSI-mandated mortgage stress testguidelines and generally higherborrowing costs,” says Tim Syrianos,president of the Toronto Real EstateBoard. TREB predicts that as we moveinto the spring and summer months,sales and prices will pick up relative tolast year.
The average price of a detachedhome in the City of Toronto in Februarywas $1,282,240, while it was$911,065 in the 905 regions. Theaverage city condo apartment sold for
$570,275, while the average in the 905 was $435,216. In the condomarket, February prices remained 10.7 per cent higher than last year inthe City of Toronto, and 7.6 per cent more in the 905 regions.
Sales and prices expected to pick upBeware of comparisons to last year
Units Sold
6,294 7,583 7,955 5,175
Average Home Prices - Februaryin the Greater Toronto Area
Source: TREB
2015
2016
2017
2018
$875,000
$825,000
$775,000
$725,000
$575,000
$675,000
$625,000
$525,000
$925,000