By: Michael Tough Realty Group
AUGUST 2018 Market Update
Tags: AUGUST 2018 Real estate market update
Is the Market Correction Now Behind Us?
Welcome to August. Dare I say, the CNE is just around the corner. And then the dreaded (or much awaited) back to school!! Our summer has been one of the best in years and we trust you and your family have enjoyed the sunshine and the heat.
July’s statistics on the Toronto Real Estate Board (TREB) show a strong positive increase in total number of sales and an increase in the average selling price. This is very good news across the entire TREB area. Overall, total sales were up 18.6% over July 2017; and the average price of a house across TREB increased by 4.8% since last July. The increase of sales and the increase of selling price, coupled with a continuing supply challenge, suggests the overall TREB area may be shifting back to a more balanced market. Not sure we can call it a Seller’s market just yet, however certain communities are certainly still experiencing fast sales with multiple offers.
As always, we do remind you that every community and each specific housing type has varying results; and all real estate related decisions should be made in consultation with an active Realtor who is in the market working every day.
Here is a brief summary of our Team’s specific markets:
Aurora continues to struggle with finding the bottom price for the average home. We may not entirely be out of the water yet and the market may have a bit more to give back. Total sales in Aurora were up by 52% over last July which is certainly a good indicator that buyer confidence is returning. Aurora prices however remain 11% lower than July 2017. Bottom line – the buyers are coming back AND remain resolute in determining market value. Aurora remains a Buyer’s Market.
Newmarket is showing a stronger recovery year over year. Total sales of homes are up 68% since last year and prices are almost back to last July’s average. Prices remain down however only by 2%. Newmarket appears to have adjusted to a more Balanced Market.
East Gwillimbury prices are up 3% since last July and total sales are up 175%. This is a good indication that East Gwillimbury, in general, may have finally stabilized. The only real caution is that East Gwill is geographically diverse and as such the reality of the market is very different between Holland Landing and Mt. Albert. Balanced to Buyer’s Market at this time.
Bradford is by far showing the strongest recovery over last year’s shift. Total sales in Bradford West Gwillimbury are up 158% and prices are up 8.4% over last July’s prices. Bradford appears to now be in a more Balanced Market.
Innisfil, similar to East Gwillimbury, is a large geographic area with unique pockets of selling activity. Total sales in Innisfil have increased by 52% since last July. Prices are pretty much on par with the average price in July 2017. Innisfil, and very specifically the Alcona area, has an over-supply of active listings currently and is clearly in a Buyer’s market. Fewer than normal sales, and ever-increasing new listings, suggests Innisfil may not have settled at the bottom as yet.
We look forward to the opportunity of assisting you and your referrals with the highest level of service. Give us a call or click on the link below to set up an appointment.
Enjoy the rest of this amazing summer!