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GTA Condo Market Report Q2 2018

by David Stoddard

Average Condo Price Continues to Climb in Q2 2018

 

 

Greater Toronto area Realtors reported 6,837 condo apartment sales through the MLS in Q2 2018. The number of transactions represented a 16.5% decrease compared to 8,188 transactions reported in Q2 2017.

In the City of Toronto, which accounted for 72.0% of condo apartment sales in the GTA, sales were down by 20.0%. The average selling price in the City of Toronto was $603,480 up 6.5% from Q2 2017.

The number of new listings in the GTA reported in Q2 was down by 15.9% compared to the same period in 2017. The number of active listings in the GTA reported in Q2 was up by 2.5% compared to the same period in 2017.

"Condominium apartments have outperformed other housing types over the past year, in terms of price growth. It has been a seller’s market in many neighbourhoods for this home type, which is why we have continued to report average price growth more than twice the rate of inflation," said Toronto Real Estate Board President Gary Bhaura.

The average GTA selling price grew in Q2 was up by 5.4% from the same time last year to $561,338.

“First time buyers continue to be a key driver of condominium apartment demand. The relative affordability of condos versus low-rise home types, especially with the onset of stricter mortgage qualification guidelines and generally higher borrowing costs, has also been a key factor underpinning tight condo market conditions and continued average price growth” said Jason Mercer, TREB’s Senior Manager of Market Analyses.

 

 

Other notable statistics include the average days on the market for Q2 2018 at 19 days, up from 12 days a year earlier.

Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property's market value range 

Real estate is very building  specific. The numbers as reported above are GTA averages. Results in one building do not indicate that all other buildings are experiencing the same results.

The pace of average rent growth continues well-above inflation.

The number of GTA condominium apartments listed for rent in Q2 was down on a year-over-year basis by 2.9%. 

The average one-bedroom rent for the TREB market area as a whole was up by 10.4% on a year-over-year basis to $2,055. The average two-bedroom rent was up by 8.8% to $2,755.

The vacancy rate for a condo apartment in the City of Toronto for Q2 2018 was 0.7%.

 

 

Do you have any questions about Toronto Real Estate? Please contact me direct at or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page

Oh, by the way......if you know of someone who would appreciate the level of service I provide, please call me, text me or email me with their name and number. I'll be happy to follow up and take great care of them.

 

GTA Real Estate Market Report May 2018

by David Stoddard

Annual Rate of Sales Decline Slows in May 2018



 

Greater Toronto Realtors reported 7,834 residential sales through the Toronto MLS system in May 2018. The number of transactions in May represented a 22.2% decline compared to 10,066 transactions reported in May 2017, a record year.

For the region as a whole semi-detached homes in the GTA experienced the largest sales decline at 29.4%.

Supply of homes available for sale continued to be an issue. The number of new listings reported in May 2018 was down by 26.2% compared to May 2017. The number of active listings reported in May 2018 was up by 13.2% compared to May 2017. Recent polling conducted by Ipsos for TREB suggests that listing intentions are down markedly since the fall.

“Home ownership remains a sound long-term investment. Unfortunately, many home buyers are still finding it difficult to find a home that meets their needs. In a recent Canadian Centre for Economic Analysis study undertaken for TREB, it was found that many people are over-housed in Ontario, with over five million extra bedrooms. These people don’t list their homes for sale because they feel there are no alternative housing types for them to move into. Policy makers need to focus more on the “missing middle” – home types that bridge the gap between detached houses and condominium apartments,” said Tom Syrianos, TREB’s President.

The average price in May was down by 6.6% from the same time last year to $805,320. Condo apartments in the GTA led the way in terms of an average price increase at 5.7% compared to the same time last year.

 

 

“Market conditions are becoming tighter in the GTA and this will provide support for home prices as we move through the second half of 2018 and into 2019. There are emerging indicators pointing towards increased competition between buyers, which generally leads to stronger price growth. In the City of Toronto, for example, average selling prices were at or above average listing prices for all major home types in May steady population growth,” said Jason Mercer, TREB’s Director of Market Analysis.

Sales of Toronto (416 area code) condominium apartments decreased by 13.8% in May 2018. The average selling price of a Toronto condo (416 area code) increased by 6.5% in May 2018 from the same time last year to $602,804.

Condominium apartments accounted for 30.5% of total GTA sales in May while detached homes accounted for 42.7% of the total sales.

Other notable statistics include the average days on the market for May  at 20 days, up from 11 days a year earlier.  The sales-to-listings ratio for May 2018 was 37.4% which is still classified as a seller’s market. A ratio from 24%-28% is considered a balanced market.  

Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property's market value range 

Real estate is very neighbourhood specific, building specific  and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.

 

 

Do you have any questions about Toronto Real Estate? Please contact me direct at or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page

Oh, by the way......if you know of someone who would appreciate the level of service I provide, please call me, text me or email me with their name and number. I'll be happy to follow up and take great care of them.

Trust Him Completely

by David Stoddard
"I am so grateful that a colleague insisted on referring me to David Stoddard when I mentioned I was looking to purchase my first home. I now understand why she recommended him so strongly!
 
I was in a unique position as a young, first-time home buyer whose entire family is on the West Coast, meaning we had no previous knowledge of the Toronto market. I was also nervous about their limited ability to physically be with me throughout the process, but David taught me everything I needed to know, all while making my parents feel 100% at ease. My mom often said things like “David knows what he’s doing, trust him completely” and “I love how thorough David is,” and I know it meant a lot to them to know I was in good hands.
 
I also want to mention that I have some specific needs in a home, and David never questioned my asks – he took it all in stride, adjusted our search as needed, and was always supportive (even making every effort to accommodate my current injury as we did showings). If you’re looking to buy your first home, definitely reach out to David - I am thrilled with my condo and can’t imagine ever wanting to leave, but if one day I make that decision, I know who to call!"
 
- Kelli Wheatley

Ontario’s Top 6 Housing Markets: 2007-2017

by David Stoddard

 

It’s been an exceptional decade in Ontario’s housing market, with lots of ups, a few downs, and plenty of questions. RE/MAX INTEGRA is pleased to present Decade In Review, a deep dive into Ontario six largest housing markets from 2007 to 2017.

Between 2007 and 2017, the province’s six major housing markets experienced substantial growth despite some serious challenges that included a financial crisis and subsequent recession. RE/MAX found that housing values more than doubled in the 10-year period in the Greater Toronto Area and Hamilton-Burlington, while average price rose 81 per cent in Kitchener-Waterloo; 63 per cent in London-St. Thomas; 62 per cent in Windsor; and 44 per cent in Ottawa.

“Lower borrowing costs helped to jumpstart the province’s real estate engine, creating one of the most dynamic housing markets in recent history,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX INTEGRA, Ontario-Atlantic Region. “For existing homeowners, especially those who purchased early in the decade, the equity gains realized have exceeded all expectations.”

Click HERE for the full report.

 

 

Do you have any questions about Toronto Real Estate? Please contact me direct at or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page

Oh, by the way......if you know of someone who would appreciate the level of service I provide, please call me, text me or email me with their name and number. I'll be happy to follow up and take great care of them.

 

GTA Real Estate Market Report April 2018

by David Stoddard

Sales And Average Price Down in April 2018.

 

 

Greater Toronto Realtors reported 7,792 residential sales through the Toronto MLS system in April 2018. The number of transactions in April represented a 32.1% decline compared to 11,468 transactions reported in April 2017, a record year.

For the region as a whole detached homes in the GTA experienced the largest sales decline at 38.4%.

The number of new listings reported in April 2018 was down by 24.6% compared to April 2017. The number of active listings reported in April 2018 was up by 40.8% compared to April 2017.

“While average selling prices have not climbed back to last year’s record peak, April’s price level represents a substantial gain over the past decade. Recent polling conducted for TREB by Ipsos tells us that the great majority of buyers are purchasing a home within which to live. This means these buyers are treating home ownership as a long-term investment. A strong and diverse labour market and continued population growth based on immigration should continue to underpin long-term home price appreciation,” said Tom Syrianos, TREB’s President.

The average price in April was down by 12.4% from the same time last year to $804,584 due in large part to a smaller share of detached home over $2m versus last year. Condo apartments in the GTA led the way in terms of an average price increase at 3.2% compared to the same time last year.

 

 

“The comparison of this year’s sales and price figures to last year’s record peak makes the fact that market conditions should support moderate increases in home prices as we move through the second half of the year, particularly for condominium apartments and higher density low-rise home types. Once we are past the current policy-based volatility, home owners should expect to see the resumption of a moderate and sustained pace of price growth in line with a strong local economy and steady population growth,” said Jason Mercer, TREB’s Director of Market Analysis.

Sales of Toronto (416 area code) condominium apartments decreased by 26.4% in April 2018. The average selling price of a Toronto condo (416 area code) increased by 3.8% in April 2018 from the same time last year to $601,211.

Condominium apartments accounted for 28.5% of total GTA sales in April while detached homes accounted for 44.3% of the total sales.

Other notable statistics include the average days on the market for April at 20 days, up from 9 days a year earlier.  The sales-to-listings ratio for April 2018 was 43.5% which is still classified as a seller’s market. A ratio from 24%-28% is considered a balanced market.  

Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property's market value range. 

Real estate is very neighbourhood specific, building specific  and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.

 

 

Do you have any questions about Toronto Real Estate? Please contact me direct at or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page

Oh, by the way......if you know of someone who would appreciate the level of service I provide, please call me, text me or email me with their name and number. I'll be happy to follow up and take great care of them

GTA Real Estate Market Report March 2018

by David Stoddard

Sales Down in March 2018 Compared To A Record March 2017

 

 

Greater Toronto Realtors reported 7,228 residential sales through the Toronto MLS system in March 2018. The number of transactions in March represented a 39.5% decline compared to the record 11,954 transactions reported in March 2017.

For the region as a whole detached homes in the GTA experienced the largest sales decline at 46.3%.

The number of new listings reported in March 2018 was down by 12.4% compared to March 2017 and a 3.0% decrease compared to the average for the previous 10 years. The number of active listings reported in March 2018 was up by 103.1% compared to March 2017.

“TREB stated in its recent Market Outlook report that Q1 sales would be down from the record pace set in Q1 2017,” said Mr. Syrianos, TREB’s President. “The effects of the Fair Housing Plan, the new OSFI-mandated stress test and generally higher borrowing costs have prompted some buyers to put their purchasing decision on hold. Home sales are expected to be up relative to 2017 in the second half of the year.”

The average price in March was down by 14.3% from the same time last year to $784,558 due in large part to a smaller share of detached home sales versus last year. In addition, the share of high-end detached homes selling over $2 million in March 2018 was half of what was reported in March 2017, further impacting the average selling price. Condo apartments in the GTA led the way in terms of an average price increase at 6.1% compared to the same time last year. In the City of Toronto the average price was up for condo apartments only.

 

 

“Right now, when we are comparing home prices, we are comparing two starkly different periods of time: last year, when we had less than a month of inventory vs this year with inventory levels ranging between two and three months. It makes sense that we haven’t seen prices climb back to last year’s peak. However, in the second half of the year, expect to see the annual rate of price growth improve compared to Q1, as sales increase relative to the below-average level of listings,” said Jason Mercer, TREB’s Director of Market Analysis.

Sales of Toronto (416 area code) condominium apartments decreased by 32.0% in March 2018. The average selling price of a Toronto condo (416 area code) increased by 7.1% in March 2018 from the same time last year to $590,184.

Condominium apartments accounted for 30.2% of total GTA sales in March while detached homes accounted for 43.2% of the total sales.

Other notable statistics include the average days on the market for March at 20 days, up from 10 days a year earlier.  The sales-to-listings ratio for March 2018 was 45.2% which is still classified as a seller’s market. A ratio from 24%-28% is considered a balanced market.  

Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property's market value range 

Real estate is very neighbourhood specific, building specific  and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.

 

 

Do you have any questions about Toronto Real Estate? Please contact me direct at or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page

 

Oh, by the way......if you know of someone who would appreciate the level of service I provide, please call me, text me or email me with their name and number. I'll be happy to follow up and take great care of them.

GTA Condo Market Report Q1 2018

by David Stoddard

Strong Price Growth Continues in Condo Segment

 

 

Greater Toronto area Realtors reported 5,084 condo apartment sales through the MLS in Q1 2018. The number of transactions represented a 29.7% decrease compared to 7,234 transactions reported in Q1 2017.

In the City of Toronto, which accounted for 71.0% of condo apartment sales in the GTA, sales were down by 28.6%. The average selling price in the City of Toronto was $572,391 up 9.6% from Q1 2017.

The number of new listings in the GTA reported in Q1 was down by 11.1% compared to the same period in 2017. The number of active listings in the GTA reported in Q1 was up by 56.7% compared to the same period in 2017.

"Seller’s market conditions for condominium apartments remained firmly in place in Q1 2018. Strong competition between buyers underpinned price growth well above the rate of inflation. We expect the condo market segment to remain strong through the remainder of 2018 and over the longer term, as buyers continue to see ownership housing as a quality long-term investment," said Toronto Real Estate Board President Tom Syrianos.

The average GTA selling price grew in Q1 up by 9.0% from the same time last year to $533,447.

“The condominium apartment segment continues to have the lowest price point on average compared to other major low-rise home types. It stands to reason that condos remain popular with first-time buyers. Strong demand relative to supply will see this segment perform well from a pricing standpoint for the remainder of 2018 and beyond” said Jason Mercer, TREB’s Senior Manager of Market Analyses.

 

 

Other notable statistics include the average days on the market for Q1 2018 at 23 days, up from 16 days a year earlier.

Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property's market value range 

Real estate is very building  specific. The numbers as reported above are GTA averages. Results in one building do not indicate that all other buildings are experiencing the same results.

The pace of average rent growth continues well-above inflation.

The number of GTA condominium apartments listed for rent in Q1 was down on a year-over-year basis by 11.8%. 

The number of GTA condominium apartments leased in Q1 was down on a year-over-year basis by 7.5% due to the lack of supply.

The average one-bedroom rent for the TREB market area as a whole was up by 11.4% on a year-over-year basis to $1,995. The average two-bedroom rent was up by 9.1% to $2,653.

The vacancy rate for a condo apartment in the City of Toronto for Q1 2018 was 0.7%.

 

 

Do you have any questions about Toronto Real Estate? Please contact me direct at or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page

Oh, by the way......if you know of someone who would appreciate the level of service I provide, please call me, text me or email me with their name and number. I'll be happy to follow up and take great care of them.

Four C's In Service and Professionalism

by David Stoddard

"It was a pleasure to have David Stoddard as our agent, both in buying and selling for our move.  David accomplishes the four c’s in service with professionalism. 

First, his competence with the finances, management and business matters of the process demonstrated continuously, putting Leonard and me at our ease

Second, his courtesy is exemplary. Simply put, David has a gentleman’s polish in his manner and social demeanour. 

Third, David’s consistency in manner is unwavering.  David maintains a sense of professional calm at all times, giving an acute focus on every detail with equal attention.  David manages all affairs with the same precision and politeness whenever we dealt with him.

Fourth, our confidence in David’s expertise was totally warranted.  When there was a problem, David suggested viable options, never pushing us to one or the other but respecting our judgment, gave us the background for us to make informed decisions on our direction.  When we needed other professionals, David’s list of associates provided us with the best.

Should we need an agent in the future, David Stoddard will be our first call.  I encourage others to place the trust we have had in his services."

- David Gamble & Leonard Tam

GTA Real Estate Market Report February 2018

by David Stoddard

Below Average New Listings For February 2018

 

 

Greater Toronto Realtors reported 5,175 residential sales through the Toronto MLS system in February 2018. The number of transactions in February represented a 34.9% decline compared to the record 7,955 transactions reported in February 2017.

For the region as a whole detached homes in the GTA experienced the largest sales decline at 41.2%.

The number of new listings reported in February 2018 was up by 7.3% compared to February 2017. However, the level of new listings remained below the average for the month of February for the previous 10 years. The number of active listings reported in February 2018 was up by 147.4% compared to February 2017.

“When TREB released its outlook for 2018, the forecast anticipated a slow start to the year compared to the historically high sales count reported in the winter and early spring of 2017. Prospective home buyers are still coming to terms with the psychological impact of the Fair Housing plan, and some have also had to reevaluate their plans due to the new OFSI-mandated mortgage stress test guidelines and generally higher borrowing costs,” said Mr. Syrianos, TREB’s President.

The average price in February  was down by 12.4% from the same time last year to $767,818 due in large part to a smaller share of detached home sales versus last year. Condo apartments in the GTA led the way in terms of an average price increase at 10.1% compared to the same time last year. In the City of Toronto the average price was up for all home types except for detached homes and semi-detached homes.

Putting aside the price spike reported in the first quarter of 2017, it is important to note that February’s average price remained 12% higher than the average reported for February 2016 which represents an annualized increase well above the rate of inflation for the past two years.

 

 

“As we move further into the spring and summer months, growth in sales and selling prices is expected to pick up relative to last year. Expect stronger price growth to continue in the comparatively more affordable townhouse and condominium apartment segments. This being said, listings supply will likely remain below average in many neighbourhoods in the GTA, which, over the long-term, could further hamper affordability,” said Jason Mercer, TREB’s Director of Market Analysis.

Sales of Toronto (416 area code) condominium apartments decreased by 29.9% in February  2018. The average selling price of a Toronto condo increased by 10.7% in February 2018 from the same time last year to $570,275.

Condominium apartments accounted for 31.5% of total GTA sales in December while detached homes accounted for 41.9% of the total sales.

Other notable statistics include the average days on the market for February at 25 days, up from 13 days a year earlier.  The sales-to-listings ratio for February 2018 was 38.8% which is still classified as a seller’s market. A ratio from 24%-28% is considered a balanced market.  

Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property's market value range 

Real estate is very neighbourhood specific, building specific  and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.

 

 

For all of your real estate questions please contact me direct (416-520-6746) or by email, David@DavidStoddard.ca
 
** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page

 

Oh, by the way......if you know of someone who would appreciate the level of service I provide, please call me, text me or email me with their name and number. I'll be happy to follow up and take great care of them.

 

GTA Condo Market Report Q4 2017

by David Stoddard

Seller Market Conditions Continue in Q4 2017

 

 

Greater Toronto area Realtors reported 5,773 condo apartment sales through the MLS in Q4 2017. The number of transactions represented a 15.4% decrease compared to 6,821 transactions reported in Q4 2016.

In the City of Toronto, which accounted for 72.7% of condo apartment sales in the GTA, sales were down by 15.0%. The average selling price in the City of Toronto was $549,472 up 18.0% from Q4 2016.

The number of new listings in the GTA reported in Q4 was up by 9.8% compared to the same period in 2016. The number of active listings in the GTA reported in Q4 was up by 44.2% compared to the same period in 2016.

"Demand for condominium apartments remained strong relative to listings in the fourth quarter. Even with the uptick in listings, which was certainly welcome, there was enough competition between buyers to prompt double-digit annual rates of price growth. This points to the fact that we still do have a supply problem in the GTA that needs to be addressed to ensure the long term sustainability of the marketplace," said Toronto Real Estate Board President Tom Syrianos.

The average GTA selling price grew in Q4 up by 17.9% from the same time last year to $515,816.

“Seller’s market conditions remained in place for the condominium apartment segment in the fourth quarter. Based on price point, this housing type remains top of mind for many first-time buyers. In addition, as home prices have grown year-over-year some buyers who initially may have considered the purchase of a low-rise home have chosen to purchase a condo apartment as well” said Jason Mercer, TREB’s Senior Manager of Market Analyses.

 

 

Other notable statistics include the average days on the market for Q4 2017 at 23 days, no change from Q4 2016.

Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property's market value range 

Real estate is very building  specific. The numbers as reported above are GTA averages. Results in one building do not indicate that all other buildings are experiencing the same results.

The pace of average rent growth continues well-above inflation. Greater Toronto Area Realtors reported 5,668 condominium apartment lease transactions in Q4 2017, down by 0.7% from Q4 2016. The number of GTA condominium apartments listed for rent in Q4 was down on a year-over-year basis by 3.4%.  

The average one-bedroom rent for the TREB market area as a whole was up by 10.9% on a year-over-year basis to $1,970. The average two-bedroom rent was up by 8.8% to $2,627.

The vacancy rate for a condo apartment in the City of Toronto for Q4 2017 was 0.7%.

 

 

Do you have any questions about Toronto Real Estate? Please contact me direct at or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page

 

Oh, by the way......if you know of someone who would appreciate the level of service I provide, please call me, text me or email me with their name and number. I'll be happy to follow up and take great care of them.

Displaying blog entries 1-10 of 339

Contact Information

David Stoddard
RE/MAX Hallmark Realty Ltd Brokerage
968 College Street
Toronto ON M6H 1A5
(416)520-6746
Fax: 1-866-248-2303
David Stoddard B.A., M.A., A.B.R.
Sales Representative
Direct: 416-520-6746
David@DavidStoddard.ca