We've got the recap in video format again and straight from the horses mouth! In this case, the horse in question is CP's President, CEO and Broker of Record, Chris Kapches LLB. In this video Chris analyses the Toronto housing market for February and discusses how there is more than is being reported by press headlines.
The broad strokes are as follows...
- The market is currently quite "fractured" and isn't doing as well as last year. BUT, last year's market was operating in a "state of delirium"
- Variances in average sale price year over year will remain negative until we get to April/May when, as of last year, the government instituted the fair housing plan and the large market correction transpired.
- Inventory remains low within the 416 area code (which is to say The City of Toronto), particularly in the case of condo apartments. Chris considers the condo market to be in "crisis" at the moment.
- The inventory issues have resulted in some well priced, "turn-key" homes in the 416 having exceedingly high numbers of offers on them.
- Year over year price declines in the 905 have continued to paint a negative picture of Toronto's overall market conditions despite the 416's average sale price rising since the correction.
- Foreign buyer's tax and other government fair housing legislature has effected the 905 market place more than the 416, resulting in an skewed perspective on the overall GTA market.
- Concerns going forward are that the lack of inventory and the continued demand may result in escalating prices in the 416 area code.
- High-priced homes, ie. houses over $2M or more have declined by 67% from February 2017. That disparity has driven the average sale price down dramatically.
Get the full story from Chris below...