From the Desk of Faisal - Real Estate News for the period of Mar 13th - Mar 19th

Welcome to Properties Ontario’s weekly real estate update. Our team goes through numerous articles and summarize them for you! Please do not hesitate to contact us if there are any topics you would like to discuss further. If you have any questions about buying, selling, or leasing residential or commercial space, we’re the team for you. For current listings in the marketplace, check out our website www.propertiesontario.com 

Teranet Home Price Index for February 2019

• Teranet and National Bank of Canada Home Price Index (which relies on land registry data) experienced a slow February 2019
• The C11 index (an aggregate of Canada’s 11 largest real estate markets) fell 0.4% from January but rose 1.87% year over year
• Market peak was reached in September 2018 and prices are 1.43% below that
• Unfortunately, the monthly decline was the largest for February since 2009
• The year over year rise was the third smallest rise outside of the recession
• Toronto real estate prices fell 0.22% monthly but remain 3.56% higher year over year
• Vancouver prices fell 0.68% monthly and are down 1.11% from February 2018
• Montreal prices increased 0.36% monthly and is 5.15% higher than February 2018

Household Interest and Principal Payments

• Households paid $9.88 billion in mortgage principal in Q4 2018 which is down 0.21% quarterly but is 1.07% higher than the same quarter one year before
• Households paid $12.6 billion in mortgage interest in Q4 2018 which is up 3.86% quarterly and is 11.12% higher than the same quarter one year before
• Amount for principal payments fell for a 7^th consecutive quarter while interest payments accelerated for the 13^th consecutive quarter

CREA Sales Report for February 2019

• CREA reported 29,974 sales in February 2019, up 25% from January but represents a 4.41% decline from February 2018
• Quebec City, Montreal and Winnipeg made the largest annual gains from February 2018
• Vancouver, Fraser Valley and Victoria had the largest annual declines

CREA Price Report for February 2019

• CREA benchmark fell 0.13% annually in February to $615,300 but was up 0.3% monthly
• The annual decline was 6^th consecutive month of declines (1.45% over last 6 months)
• Largest annual price gains were all in Southern Ontario with Ottawa posting the largest price appreciation up 7.41% to $400,800
• Guelph posted the second largest price gains at 6.84% to $527,300
• Niagara came in third with prices appreciating 6.54% to $393,500
• Largest declines were all in Western Canada (Vancouver, Edmonton and Regina)

Detached February 2019 Statistics

TREB Detached Statistics February 2019 (February 2018 comparison in brackets)

• Benchmark Price: $907,200 (-0.57%)
• Median Price: $842,500 (+0.17%)
• Average Price: $980,914 (-2.1%)
• Number of Sales: 2,171 (+0.09%)
• New Listings: 5,053 (-9.05%)
• Sales to New Listings Ratio: 42.96 (balanced, leaning towards buyer’s market)
• Active Listings: 7,931 (+1%)
• Months of Inventory: 3.65 if no new listings came on the market

Toronto Detached Statistics February 2019 (February 2018 comparison in brackets)

• Benchmark Price: $1,096,100 (+0.56%)
• Median Price: $1,040,000 (+3.94%)
• Average Price: $1,294,936 (+0.8%)
• Number of Sales: 470 (-9.6%)
• New Listings: 1,038 (-8.46%)
• Sales to New Listings Ratio: 45.28 (balanced market)
• Active Listings: 1,500 (+3.23%)
• Months of Inventory: 3.19 if no new listings came on the market