Current Toronto MLS stats indicate an average price of $784,558. The overall average selling price was down by 14.4 per cent compared to March 2017.
It also reports 14,866 new listings last month – a 12.4 per cent decrease compared to March 2017 and a 3 per cent decrease compared to the average for the previous 10 years.
As the end of March, Toronto housing data shows median days on market is 20 days, compared to last years average of 10 days.
When you look at the stats in more detail, you see that detached home sales, which generally represent the highest price points in a given area, declined much more than other home types (see breakdown by type and area chart below).
We are seeing the stark difference when comparing last year’s frenzied market, where we had less than a month of inventory versus this year with inventory levels ranging between two and three months.
The real and psychological effects of the Fair Housing Plan, coupled with the higher borrowing costs have prompted some buyers to sit on the sidelines, in wait, in the first quarter of the year.
TREB forecasted in its recent Market Outlook report that Q1 sales would be down from the record pace set in Q1 2017, which they were. They have also stated that home sales are expected to be up relative to 2017 in the second half of this year, once buyers decide to get back in the game. TREB numbers have come in largely as expected, and we feel confident that the second half of 2018 will be a return to a stable market with modest price gains.
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