- Hello Toronto, I'm Chris Cucoch
from Royal LePage Signature Realty,
and this is your Toronto Market Update for September 2018.
Hey guys, and welcome back to By the Numbers.
I'm your host, numbers guy Chris Cucoch.
I did take a little break over the summer and
I didn't get as many videos out to you as I'd like,
but the fall market is here now
and I'm back running full throttle,
so keep an eye on the channel,
'cause I've got some great stuff coming for you this fall.
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on how to sell your home, community updates,
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In the month of August the average sale price
in the Toronto Real Estate Board was about $756,000.
It's up about 8% over August of last year
and up about 4% just this year alone.
The average price of a home in Toronto
in the month of August was about $785,000.
Which is up about 8% from the same month last year,
and is up around 6% since the beginning of the year.
There were 2,441 sales in August,
and we have about 4,808 active listings.
Which gives us around two months of inventory,
and the average house is on the market for around 24 days.
In the micro-markets, the average price of a
detached home in Toronto was about $1.2 million,
which is up around 5% and we have 2.8 months of inventory.
The price of a semi-detached was $891,000 which is about
flat from last year, but the semi-detached market
remains tight with only 1.4 months of inventory.
The average sale price of a townhouse in August
was $683,000, which is also about flat
from last year's numbers, and we have
around two months of inventory.
And finally, the average price of a condo
was $585,000, which is up 8% from last year,
and we have only 1.6 months of inventory.
Over the last 38 years or so, we have an average
home price increase of about 6.5% in the Toronto area.
Obviously there's been some significant
peaks and valleys during that time,
but the average is always trending back to 6.5%.
Now after last year's craziness,
we are trending back to that general 6.5% area.
In fact, the average over the last five years is about 8%
so if in 2019 we're able to do even a 3% increase,
that'll take us under 7% over the last 6 years which
puts us right in that sweet spot of where we want to be.
This is great news because this correction
could easily have been much more severe than it was.
I'm sure you've seen all the cranes along
the Gardiner and wondered, what does that
mean for the housing in Toronto?
As it turns out, we've got a whole lot
of real estate development going on.
Rider Levett Bucknall released their
quarterly high-rise crane index
this month and Toronto was at the top
by quite a significant margin.
The index essentially counts the number of
high-rise cranes that are currently deployed in each city.
In Q3, Toronto had 97 construction cranes deployed
which if you've driven down the Gardiner recently
you'll see is quite a lot, and it's actually
up nine cranes from Q2 of this year.
The next closest city was Seattle
with only 65 cranes, which is still quite a bit
but nowhere close to what we're doing in Toronto.
This tells us that they're trying to address
the supply side problem that we've been having
in the condominium market for a couple of years now
with all these construction projects.
So far they haven't been able to deliver them
fast enough to keep up with the demand.
It'll be interesting to see what all these
construction projects are able to do
for the market over the next couple of years.
If you'd like to get a 100% free,
no obligation evaluation of your home,
just click the link I've supplied below in the comments.
All you have to do is answer a few simple questions
about your home, click submit, and we'll send you
back a detailed analysis of the value of
your home and what's going on in your neighborhood
that's completed by a real person, not an algorithm.
This is the best and most accurate
home evaluation system on the market right now,
so get yours today.
The question of the day is,
what do you think the biggest issue facing home owners
in Toronto and the GTA is right now?
Let me know in the comments below and
I'll address it in next month's update.
That's all for today guys.
If you liked this video or found it useful,
go ahead and click that like button
and don't forget to share it with a friend
who might also find this helpful.
Thanks for watching By The Numbers
and we'll see you next time.
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