Have you been hearing that we are going to have an increase in mortgage arrears? Well you have to watch the video, we break the numbers down for you!
One of the questions that we have been hearing from our buyers is asking us if they can get a bargain in Toronto and Regional Real Estate, our answer, No sorry, atleast not yet!
Overall in Toronto Regional Real Estate Market, we have had 67% decline is sales (2975) on a Y/Y basis.
New Listings (6174) on the market for the monthe of April declined 64% Y/Y , new listings refer to listings that were added in that particular month, in this case April.
Active Listings (10,561) declined 41% Y/Y
Months of Inventory was at 3.5, an increase of 166% from a month ago.
MLS Composite Index Price for TRREB (Toronto Regional Real Estate Board) overall was $870,100 up 10% Y/Y, and Up 0.6% M/M.
Condo MLS Benchmark $598,700 was up13% Y/Y and 1% M/M
Although this concludes that we are nowhere near a Buyer's market, we aren't in a great seller's market either. We are very closed a Balanced Market. If in the following months the consumption of the active listings does not increase then there is a chance we can inch into a Balanced Market.
City of Toronto April 2020 - Real Estate Market
Sales (1036) down 68%
New Listings (2223) down 55%
Active Listings (3470) down 35%
The Months of Inventory (MOI) in Toronto for April was 3.5. Again indicating that it is a sellers market, however this is not as strong as last year same time (1.7 MOI) or last month (1.2 MOI).
Composite Benchmark Price $964,600, up 10% Y/Y and 1% M/M
Condo Apartment Benchmark Price $631,800 up 13% Y/Y and 1% M/M
In Conclusion, the only way the prices will start to decline is if more inventory piles up as consumption either decreases or stays the same. Lets wait and see!
Are you looking to sell your property or buy your dream home and you need an honest advice? Give us a call, no pressure! We will always advise you as if we were buying or selling! Remember Numbers Don't Lie, let us break it down for you!
☎️ Ragu Rajaguru- 416.712.2006
Real Estate Broker, ABR, SRS
☎️ Shan Perinpanathan - 416.655.4040
Real Estate Broker, ABR, SRS
☎️ Ragu Paramsothy- 416.731.7148
Real Estate Broker, B.Sc
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