From Royal LePage Residential Real Estate Services, Ltd. A total of 77,426 residential transactions flowed through the TREB MLS in 2018 with an overall average selling price of $787,300 for all home types combined in the TREB market area that includes both the 416 and 905 areas. These numbers compared to 2017 translate into declines of 16.1 per cent in sales and 4.3 per cent in price. Despite overall declines, the condo market segment in both the 416 and 905 bucked the trend with average sales up by 7.8 per cent and average prices up by just over 8 per cent year over year. The volume of sales and positive price increases of this home type reflects a move of GTA home buyers in 2018 to more affordable home ownership options.
Be Smart. If you are a Renter or still live with Mom and Dad, 2019 may be your time to capitalize on the Real Estate Market. When once, homeownership seemed almost impossible, it is now a good time to consider jumping back in. With low interest rates ( compared to 27 years ago, when I purchased my first home, rates were 14.25% ), a 4.8% decrease in home prices, you can now view homes that fit your budget. It is a great time to begin building some good equity for the future of your investment.
I will give you an example of 2 recent buyers, one a Millennial gentleman, and one a retired woman. I was showing them both homes that once were sold in the height of the 2017 Real Estate Market. These homes when sold to previous home buyers were up to and over $900,000. In mid 2018 to end of 2018, we were able to purchase these homes for just over $750,000. Although they were listed at prices over $850,000, we were able to negotiate strongly using our Clientele-ing Home Buyer Appraisal Program. These buyers capitalized on the market with our expert advise and strong negotiating skills. They took advantage of low interest rates using our Mortgage Expert who was able to find rates still under 3.5% to 3.9& and they are now proud owners of their dream homes.
Take a look at the detailed stats below to have a better understanding of stats up to December 2018 when compared to 2017. I will say, that current home prices now, even at new reduced list prices, we will be able to still negotiate a little more for you. If you are interested in learning more about the current Real Estate Market, speaking to a Mortgage Broker, or to see how you can win in 2019, give us a call at 905 334 1660 or 905 399 5910 and speak to us directly. We would love to help you. Please Google us to read our Client Reviews, we promise you will love us too!
Happy January to all.
Wayne and Virginia Munden