How’s the Market?

December 2017

Not much has changed since last month, to tell you the truth, so if you’d like to know what’s happening in the market now, please read the summary for last month below. And if you’d like to know what I expect to happen in the new year, please read my 2018 Real Estate Market Forecast.

Since it’s holiday time and I’m sure you already know to drive safely, not to drink and drive and other things you should be doing to look after your health and the health of others, here are a few things to be careful of when it comes to buying or selling in this market:

Buying

  1. Give very careful consideration to whether you should buy or sell first. There are serious risks to consider that didn’t exist at the beginning of the year when every home sold quickly for a high price.
  2. Make sure your financing is in order before you even make an offer. Financial institutions are being more careful now with their lending policies and the rules are changing. The last thing you want is to find out the bank won’t lend you the money you need to pay for your new home.

Selling

  1. Although you have no way of knowing the financial situation of the people buying your home, you may be able to get a sense for how solid they are from how they and their agent behave if you meet them and from how they negotiate. And don’t be afraid to ask the buyers’ Realtor questions about the buyers. You don’t want your deal to fall through.
  2. Do your homework when it comes to estimating the fair market value of your home. Pricing is very tricky in this market. You don’t want to leave money on the table, but you also don’t want your home to sit on the market too long because it’s overpriced.

That’s a wrap for 2017! All the best for the holidays and for 2018! I wish you and your family lots of smiles, loads of laughs and the very best of health!

November 2017

It’s that time of year. We’re getting close to the end of the fall market. Soon the number of new listings coming on the market will start to dwindle and before you know it the holidays will be here.

The question I seem to be asked most frequently lately is “So what’s going on with the market? I’m not really hearing anything about it.” People aren’t talking about real estate as much because there aren’t as many stories about unbelievable prices to tell. It’s been a relatively unremarkable fall market. It’s certainly not a crazy sellers’ market in which sellers receive huge prices for their homes as they did in the early part of this year, but it’s also not a buyers’ market. On the whole, I’d say the market favours sellers more than buyers because there are still more buyers than sellers. Generally speaking, sales are falling into three categories:

  1. Good homes with wide market appeal that are properly priced are selling quickly, often with multiple offers and often for high prices. These are usually cases involving highly motivated buyers and this favours sellers.
  2. Homes with average market appeal that are properly priced are selling for good prices (note in the chart below that the average price has increased this October over last October), but they may take a few weeks or months to sell. This segment of the market is somewhat more balanced. For a detailed look at what you might expect if you’re thinking of listing in the next little while check out Listing Your Home? What to Expect.
  3. Some homes with narrow market appeal and/or highly motivated sellers are selling for lower than expected prices. This segment of the market favours buyers.

All in all, while this market may be different than what many people have become accustomed to, if you’ve been around the block a few times you’ve seen this market before (I get dizzy just thinking about how many times I’ve been around the block). The market is relatively calm. Most buyers and sellers have time to consider their decisions and don’t have to act immediately or under pressure. These are good things.

If you’d like to check out the numbers, take a look at the charts below.

Central Toronto – Market Overview

  Average Price % of List # of Sales Total Listings # of New Listings Average Days on Market
Nov ’16 $901,035 102% 1,740 1,874 1,986 19
Dec ’16 $790,734 101% 1,082 1,085 846 22
Jan ’17 $811,972 103% 963 1,235 1,533 21
Feb ’17 $986,604 107% 1,489 1,260 1,851 15
Mar ’17 $1,003,774 110% 2,166 1,507 2,951 11
Apr ’17 $1,080,388 110% 2,099 2,201 3,506 10
May ’17 $1,022,740 105% 1,958 2,889 4,037 12
Jun ’17 $926,177 100% 1,562 2,878 2,932 15
Jul ’17 $820,906 98% 1,144 2,718 2,153 20
Aug ’17 $798,797 99% 1,257 2,263 1,740 24
Sep ’17 $906,357 99% 1,250 2,711 2,625 22
Oct ’17 $901,180 99% 1,373 2,717 2,418 20
Nov ’17 $910,508 99% 1,446 2,599 2,332 20

 

Prices – John Wanless and Bedford Park Public School Neighbourhoods

There are five typical home styles in the neighbourhood north of Lawrence, east of Avenue Road, west of Mount Pleasant Road and south of Old Orchard Grove and Snowdon Avenue. Each typical home style is shown on the chart below. Please remember that factors such as house size, lot size and dimensions, condition and location, amongst others, affect selling prices.

Type of Home  No. of Sales Price Range  Ave. Price Date
  • 2 Bedroom
  • Bungalow
  • Mutual driveway
1 $1,255,000 $1,255,000 May ’17 – Nov ’17
  • 3 Bedroom
  • Semi-detached
  • No family room
21 $975,000 – $1,506,000 $1,262,250 May ’17 – Nov ’17
  • 3 Bedroom
  • 2 Storey Detached
  • No family room
15 $1,210,000 – $1,710,000 $1,520,500 May ’17 – Nov ’17
  • 3 Bedroom
  • 2 Storey Detached
  • Family Room
4 $1,653,000 – $1,800,000 $1,727,000 May ’17 – Nov ’17
  • Newer Construction
8 $2,325,000 – $3,030,000 $2,629,250 May ’17 – Nov ’17

 

Prices – John Ross Robertson, Lytton Park, Lawrence Park and Cricket Club Areas

JOHN ROSS ROBERTSON – Chudleigh Ave., Cheritan Ave., Chatsworth Dr., Glenview Ave., Glengrove Ave. W., Glencairn Ave.

LYTTON PARK – east and west of Avenue Road: Alexandra Blvd., Lytton Blvd., Strathallan Blvd., Cortleigh Blvd., Hillhurst Blvd. (almost all of these homes are on 50 foot wide lots)

LAWRENCE PARK – between Yonge St., Bayview Ave., Lawrence Ave. E., and Blythwood Rd. (almost all of these homes are on 50 foot wide lots)

CRICKET CLUB – between Avenue Rd., Yonge St., Wilson Ave., and Brooke Ave.

House Type John Ross Robertson  Lytton Park  Lawrence Park  Cricket Club 
  • 30 foot lot
  • 2 storey
  • 3 bedrooms
  • Private Drive
$2,000,000 – $2,500,000 Not found in this area  Not found in this area  $1,800,000 – $2,400,000
  • 30 or 40 foot lots
  • 4 bedrooms
  • Private Drive
 $2,000,000 – $2,800,000  Not found in this area  Not found in this area  $2,000,000 – $2,500,000
  • 50 foot lot
  • 4+ bedrooms
  • Private Drive
  • Solid Condition
  • Not Renovated
  • No family room
 $2,800,000 – $3,500,000   $2,600,000 – $3,000,000  $2,800,000 – $3,200,000 $2,400,000 – $2,800,000
  • 50 foot lot
  • 4+ bedrooms
  • Private Drive
  • Renovated
  • Family Room
 $3,000,000+   $2,800,000+   $3,000,000+  $2,600,000+
  • 50 foot lot
  • Land Value
 $2,800,000 – $3,500,000   $2,600,000 – $3,000,000 $2,800,000 – $3,200,000    $2,400,000 – $2,800,000

 

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