January 2018 Market Update
Late last week the Toronto Real Estate Board released the latest sales data from December 2017. As you can see below, average Toronto prices are up 4% from the year before.
On a month to month basis however, prices are down from the months before - a typical and expected outcome based on annual trends and the tendency for prices to drop in the winter months.
Despite month to month price changes, sales activity is starting to return to normal levels. December sales were down 7% from the year before, however that's much better than the 30% drop we saw earlier this year. This is another signal that the market is returning to a more balanced state.
The market did see a push in prices late November and early December as buyers scrambled to purchase something within the existing mortgage rules. This surge was particularly noticed in the condo segment, helping continuing to spur the booming market.
After a quiet few weeks for the holidays, listings are starting to pick up once again to hopefully see a steady, stable market.