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Founder I Sales Representative for McNaught Real Estate Brokerage |
GTA REALTORS® Report Monthly Resale Market Figures
January 4, 2019 -- Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported a total of 77,426 residential transactions through TREB's MLS® System in 2018. This result represented a 16.1 per cent decline compared to 92,263 sales reported in 2017. Total new listings entered into TREB's MLS® System were down by 12.7 per cent over the same period to 155,823.
The overall average selling price for 2018 transactions, at $787,300, was down by 4.3 per cent year-over-year for all home types combined across the TREB market area.
Home prices were up very slightly in the City of Toronto and down in the surrounding GTA regions. This dichotomy reflects the fact that the condominium apartment segment, which accounted for a large proportion of sales in the City of Toronto, performed better from a pricing perspective than the detached market segment. The average price for condominium apartment sales across the TREB market area was up by 7.8 per cent year-over-year.
"Higher borrowing costs coupled with the new mortgage stress test certainly prompted some households to temporarily move to the sidelines to reassess their housing options. With this said, it is important to note that market conditions were improved in the second
half of the year, both from a sales and pricing standpoint," said Garry Bhaura.
"After spiking in 2017, new listings receded markedly in 2018. In many neighbourhoods, despite fewer sales from a historic perspective, some buyers still struggled to find a home meeting their needs. The result was a resumption of a moderate year-over-year pace of home price growth in the second half of the year. Price growth was strongest for less expensive home types, as many home buyers sought more affordable home ownership options," said Jason Mercer, TREB's Director of Market Analysis and Service Channels.
To read the rest of this article please click on the link...
Cory McNaught
Sales Representative
647.802.3633
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NEW Video segments of
#CoryAnswers
#CoryAnswers Is the market still hot when it's cold out?
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| #CoryAnswers Is the market still hot when it's cold out? |
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Subscribe to stay tuned for our new segment of #CoryAnswers on our YouTube channel. These segments will cover a variety of questions that are being asked on a regular basis from our real estate clients & investors.
To view our other videos and subscribe to your channel please click on the link...
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We don't just buy & sell real estate
Give us a call for your commercial & residential rental needs
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GTA buyers behind 70 per cent house price increase in Hamilton area in past five years
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The main living space is open concept. |
Real estate prices in the Hamilton area have jumped by 70 per cent over the past five years largely because of the westward exodus of Greater Toronto Area buyers competing for a limited supply of homes, according to the Canadian Real Estate Association.
A new CREA report says the price increase in the Hamilton-Burlington market - with the average home costing $581,900 - is the fourth highest in Canada.
And the spike was even greater in Niagara Region, with a whopping 79 per cent rise over the same period, although the average cost of a home there - $393,500 - is almost $200,000 less than in Hamilton.
"Niagara was a little late to the party, but certainly they have experienced similar price growth to other markets in the Golden Horseshoe region," said Greg Klump, CREA's chief economist.
The price jumps in Hamilton-Burlington and Niagara Region are especially interesting when considering the GTA saw an increase of only 58.5 per cent over the same period and the national average was 43 per cent.
British Columbia's Fraser Valley experienced the highest increase at 86 per cent, caused from spillover from the Vancouver market. The Lower Mainland (Vancouver and the surrounding region) came in second with 74.5 per cent.
To read the rest of this article please click on the link...
Taken from the Toronto Star
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Current Rates
Current Variable Mortgage Rate is 2.95%
Current Prime Rate is 3.95%
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TERMS
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BANK RATES |
*OUR RATES
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1 Year
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3.59%
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3.10%
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2 Year
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3.74%
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3.19%
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3 Year
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3.89%
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3.44%
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4 Year
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3.94%
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3.64%
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5 Year
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5.59%
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3.49%
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7 Year
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5.80%
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3.74%
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10 Year
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6.10%
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4.04%
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Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice *O.A.C. & O.E. ** Promotion rate if buying or selling with Grange Real Estate Inc.
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McNaught Real Estate, Brokerage
Who we are...
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Meet the McNaught Real Estate Team
Malcolm Ilelaboye, Broker of Record I Camilla McNaught, Managing Director I Cory McNaught, Founder I Jonathan McKay, Sales Rep I Natalija Klisuric, Sales Rep
McNaught Real Estate, Brokerage is a full service boutique brokerage located in Mississauga, servicing the Greater Toronto area and the surrounding areas.
We maintain a level of professional service. Our clients always come first which results in them acknowledging that our team at McNaught Real Estate has once again, gone above and beyond for them.
With more than 10 years combined experience within the business, McNaught Real Estate offers many services including Real Estate, Mortgage Financing and much more. Whether you are interested in buying, selling, leasing or interested in mortgage financing, our team has an agent that is highly qualified in servicing your needs. When choosing McNaught Real Estate, you're allowing the power of our team to provide knowledge and experience to one of the largest investments of your life. Why not use a professional on our team to assist in having a smooth transaction.
Contact us today, for a free no obligation real estate consultation.
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Cory McNaught
Real Estate Sales Representative
Licensed Mortgage Agent
647.802.3633
Reinventing Real Estate. Building Results
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McNaught Real Estate, Brokerage
5225 Orbitor Dr., Unit 19
Mississauga, ON L4W 4Y8
905.282.9909
Morcan Financial Inc.
Broker License 106807
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| The greatest compliment we can receive is a referral from our valued McNaught Real Estate client's like you. |
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