CONDOS LEAD THE WAY IN 2019

Featured Property 116 Sorauren Ave.

Happy New Year! We hope you had a great holiday season. If buying or selling real estate is at the top of your New Year’s resolutions, this is a great place to start.

Looking back at 2018, the housing market was quieter than we’ve experienced in previous years. With 77,426 residential transactions reported through the Toronto Real Estate Board’s MLS system, it was the lowest annual sales total since 2008, and represented a 16.1% decline in volume from the previous year. Stricter lending criteria, rising interest rates, and a 12.7% drop in the number of new listings were all factors in this decline.

The overall average selling price for 2018 was $787,300, down 4.3% year-over-year. Prices were up slightly within the City of Toronto and lower in the surrounding areas. This is largely because condominium apartments continue to outperform other segments of the housing market. In fact, the average price of condos was up 7.8% across the GTA in 2018. In the 416, condos appreciated by 10.21% over the past 12 months, as per the MLS Home Price Index (HPI). By comparison, single detached homes in Toronto increased by 1.13% over the same period.

Despite fewer home sales, there’s no doubt that market conditions improved during the second half of the year from both a sales and pricing standpoint. Price growth was strongest for less expensive housing options, and moderate for more premium residences, though this varied by neighbourhood. When making your housing plans for 2019, be sure to work with a Kalles sales professional. Our sales team has in-depth knowledge of the market and local neighbourhoods.