June’s sale of 7,974 homes brought the year to date number to 54,813, at an average price of $870,106, up 19% since the start of the year. Historically, 53.97% of the year’s sales are done by June 30, so it looks like 2017 will have 100,000 homes sold, down from the record breaking 113,000 of 2016.
Having said that, I must admit, that I would not be surprised if we experience a record number of sales, (not prices), in the fall market.
Why? None of the factors that have created the GTA market over the last 5 years have changed. Demand, affordability, strong economy, high immigration and Canada’s position as a great country to invest in, remain stronger than ever.
The market slowed as people took a rest from the 30% price increases in March, and the Ontario Fair Housing Plan, announced on April 20, put some buyers on the sidelines, waiting to see the impact. Here it is.
The next 2 months are, I believe, an opportunity to buy without the same level of pressure experienced last year. While prices in some areas have softened since March, well priced homes are still getting multiple offers and selling overnight. Buyers have adjusted to the new prices, and recognise good value when they see it.
I know it sounds self-serving, but if you are considering buying, I strongly recommend the time be now, while inventory levels are a little higher and others wait to see what the fall market brings.
Give me a call, let’s talk, after all, you do have a friend in real estate!
Have a great July.
Your friend in Real Estate, Kelvin Wong