From the Desk of Faisal - Real Estate News for the period of May 1st - May 7th
Welcome to Properties Ontario’s weekly real estate update. Our team goes through numerous articles and summarize them for you! If you have any questions about buying, selling, or leasing residential or commercial space, we’re the team for you.
Statistics Canada GDP for February
- February GDP growth was at just 0.1% following a 0.3% growth rate in January
- Among the declining sectors were mining, oil, manufacturing, finance and insurance and real estate salespeople
- Construction were one of the few sectors that posted gains after consecutive losses
Canadian Household Debt
- Total outstanding debt reached $2.172 trillion in March, up 0.18% from the month before and up 3.26% compared to March 2018
- Of the total debt, $1.55 trillion is mortgage debt and the remainder is consumer debt
Urbanation New Condo Quarterly Report
- Total of 3,073 new condo apartments were sold across the GTA in Q1 2019, down 26% year over year and at its lowest levels since 2013
- During the first quarter, we had 1,829 units come into the market from 8 different projects and 90% of all new condos in development were pre-sold during the quarter
- Total number of units under construction is at 71,378 across 242 projects compared to 61,555 units across 221 projects in Q1 2018
- Prices per square foot of all sold condos during Q1 2019 were $779/SF, up 1.7% quarterly
- In downtown Toronto the average per square foot price was $1,279/SF
Bank of Canada M1+ Supply
- M1+ is a broad measure of the country’s money supply and is a good indicator of the economy’s potential to grow
- The annual pace of growth is at 3.5% which is the lowest figure since October 2003
- The 3-month annualized pace is -1.1% which indicates the growth will slow down further
TD Economists Impact of B-20
- According to TD economists, the B-20 regulations were responsible for around 40,000 fewer transactions during Q4 2018
- Resale activity declined 11% annually in 2018 which was the 1st year of implementation
- Rescinding the B-20 regulations will increase Canadian home prices by 6% which would be on top of the 4% already predicted by TD by the end of next year
TREB and Toronto April Housing Statistics
GTA April 2019 Stats (April 2018 comparison in brackets)
- Benchmark Price: $789,100 (+3.17%)
- Median Price: $685,000 (+3.47%)
- Average Price: $791,857 (+1.59%)
- Number of Sales: 9,042 (+16.8%)
- New Listings: 17,205 (+5.72%)
- Sales to New Listings Ratio: 52.55 (balanced market)
- Active Listings: 18,037 (-0.92%)
- Months of Inventory: 1.99 if no new listings came on the market
Toronto April 2019 Stats (April 2018 comparison in brackets)
- Benchmark Price: $873,800 (+5.15%)
- Median Price: $687,000 (+5.52%)
- Average Price: $850,341 (+3.39%)
- Number of Sales: 3,234 (+9.77%)
- New Listings: 5,734 (+8.2%)
- Sales to New Listings Ratio: 56.40 (balanced market)
- Active Listings: 5,368 (+12.18%)
- Months of Inventory: 1.66 if no new listings came on the market