Newmarket Real Estate Market Watch -April 2018
Finally the warm weather is here and we would like to share a quick snapshot of the Newmarket and Toronto Real Estate Market.
While Tatiana shared a brief market outlook in numbers for Newmarket area, here is what happened in GTA in general in April 2018
April is normally a big month for the Toronto real estate market. Sales tend to slow over the winter and accelerate during spring. This April was particularly anticipated because it marks one year since the GTA housing market began its downward trend, after the Ontario government introduced its Fair Housing Plan, a multi-pronged initiative that included a 15 per cent tax on housing purchases by foreign nationals. The downturn was exacerbated at the beginning of the year, when new, tighter federal mortgage rules came into effect. This is the first spring market since all the trouble began.
On a year-over-year basis, sales were down by 32.1 per cent and the average selling price was down by 12.4 per cent.
The year-over-year change in the overall average selling price has been impacted by both changes in market conditions as well as changes in the type and price point of homes being purchased.
This year, as usual, April home sales were an improvement over the winter months. But anyone hoping for a dramatic early-spring recovery will be disappointed: this April was nothing compared to previous Aprils.
According to TREB, the number of home sales recorded throughout the Greater Toronto Area this April was 7,792. That’s down from 11,468 sales in April 2017, a 32.1 per cent year-over-year decline. The average price of a home in the GTA was down 12.4 per cent year-over-year, to $804,584.
.
The comparison of this year’s sales and price figures to last year’s record peak masks the fact that market conditions should support moderate increases in home prices as we move through the second half of the year,” says the President of TREB. TREB’s seasonally adjusted numbers, which attempt to correct for seasonal market fluctuations, show sales and average prices as essentially flat over March and April. TREB also points out that the mix of housing types being sold is a factor here: high-end detached homes now make up a smaller percentage of sales than they did last year, and condo prices are still rising.
he year-over-year change in the overall average selling price has been impacted by both changes in market conditions as well as changes in the type and price point of homes being purchased. This is especially clear at the higher end of the market. Detached home sales for $2 million or more accounted for 5.5 per cent of total detached sales in April 2018, versus 10 per cent in April 2017.
This was Newmarket and Toronto Real Estate Market Watch -April 2018