March 2018 Market Update
Spring Market Update
We are finally coming around to the anticipated one year mark since the peak last spring. Toronto real estate prices fell after the Ontario Fair Housing Plan was implemented in April and while prices have been steadily climbing since the low in August, we still have not fully recovered to the high average prices we saw in Spring 2017.
Average Toronto prices are down 6% year-over-year. That decline is led primarily by the detached segment which is down 18% since last February.
Despite what these statistics may suggest, I anticipate a hot spring market. Condo prices continue to rise across the city, and while the detached segment has lagged behind in activity, if March is any indication so far, that's about to change.
It's apparent that buyers and sellers are coming back to the now steady market after a turbulent 2017. New property listings are seeing huge showing volumes, and the popular houses are being fought for in multiple offers. Many property sales so far this month have resulted in sale prices 20-30% above asking.
It's clear that the demand fundamentals in this city have not changed significantly. After a year of waiting, buyers are back. Let's hope sellers come back to meet them.