Toronto Real Estate Market Update: September 2017 - Lori Williamson
Lori Williamson

Toronto Real Estate Market Update: September 2017

09 September 2017
Lori Williamson

[VIDEO] Toronto Real Estate Market Update - September 2017

The Toronto Real Estate Board just released the market statistics for the Greater Toronto Area.

Here's an overview:

  • sales are down by 34% (3,400 fewer sales) compared to August 2016
  • the average price of a home is now $728,292, up 3% compared to August 2016
  • the average price of a detached home is $968,494
  • the average price of a semi-detached home is $715,167
  • the average price of a townhouse is $604,618
  • the average price of a condo is 507,841; up close to 21% compared to August 206

There's been a shift in the market from a Seller's market to a more balanced market.

This shift has been created by the Government since they've introduced some of the following measures to cool the market and make it more affordable for Canadians:

  • The Wynn Government (Provincial) introduces of the Fair Housing Plan back on April 2017
  • The Bank of Canada raised interest rates by 0.25% in July 2017
  • The Bank of Canada raised interest rates again by 0.25% in September 2017

There are future measures that the Government is contemplating implemented to further suppress prices:

  • There are rumours that the Bank of Canada will raise interest rates again before the end of the year
  • Office of the Superintendent of Financial Institutions is potentially thinking of introducing a new Stress Test which will affect all buyers putting down more than 20%.  Those borrowers would have to qualify for mortgages at a benchmark rate; plus benchmark + 2.0% for those using a monoline lender

Thinking of buying, selling or investing?

As always, if you're interested in getting any advice on whether now is the time to buy or sell, please send us a DM or call/text 647.503.4701. We're here to help.