Wednesday, November 22, 2017

Toronto Detached Home Prices Down $200,000 From Higher Prices

 

Toronto’s detached real estate is having another rough month. Numbers from the Toronto Real Estate Board ( TREB) has been demonstrated that buyer indecision and substantial downward pressure to the detached home segment in July, 2017. Generally speaking, detached homes across TREB market area showed lower prices, less sales, and more inventory.

 

Prices Down Up To $205,000 From June, 2017

Detached prices remain in positive area, but are evidencing somewhat big declines. The benchmark cost, the price of a typical detached house, fell to $963,900 across TREB, a 6.16% decline from the month before. This price is still 14.93% higher than the same time last year. In the 416, the benchmark price for a detached fell to $1,146, 100, a 4.9% wane from the month before. This is up 13.12% from the same time last year. Prices remain positive across TREB, but price gains are tapering quickly.

 

Breaking down the 416, every neighborhood had a decline from the month before – but some stand out. The Rexdale-Kipling community (TREB W10) had prices plummet the least, with the price of a detached home now $748,500, a decline of $12,600 from the month before. One of the city’s most affluent neighborhoods, Bayview Village/ Hillcrest Village (TREB C15), found the greatest declines. The benchmark price for a detached home in that neighbourhood fell to $1,532,100, a $205,200 decline from the month before.

 

Detached Listings Are Down 47.4%

Sales demonstrated big declines, posting the most difficult number for July in at least 5 years. TREB recorded 2,434 sales, a 47.4% drop-off from the same hour last year. The 905 logged 1,878 of those sales, a 48.9% refuse. The 416 assured 556 sales, a 41.7% down. Sales tend to taper as prices get higher, but this is a really large drop-off. To contrast, July 2016 likewise realized a wane from the previous year, but it was only 1.5%.

 

Detached Home Inventory Is Building

Inventory is soaring in all the regions of the TREB, especially in the suburbs. The GTA ensure 6,989 detached listings, a 10% increase from the same day last year. The 416 ensure 1,282 new listings, a 27% increase from the same period last year. For the total inventory, July, 2017 ended with 10,497 active detached listings, a 120% growth from the same day last year. It’s too soon to call it a trend, but active detached home listings have been significantly higher over the past three months than they have been over the past couple of years.

 

Toronto GTA real estate market has been hit with a number of changes that impact the market, including the Ontario Fair Housing Plan, higher interest rates, and increased difficulty in obtaining mortgages.

Source: Toronto Real Estate Board (TREB)

 

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