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Two Sides To Every Story

July 22, 2018

July 2018 – Two Sides to Every Story - The New Street Resale Real Estate Report for The Greater Toronto and Hamilton Region

Every story has two sides. July's real estate market report, in particular, shows two different signs when compared on a monthly and annual basis. On the south side, sales and prices are slightly down from last month on average. The days on market are up by almost 20% from both the Toronto (TREB) and Hamilton Area (RAHB) markets from both last month and last year. For the upside of the story, however, when compared to last July, sales are up 19% and the average price is up 5% for the Toronto Area (TREB). Markets are also starting to have slightly more discernable patterns again, acting somewhat alike in comparison to the last few months where each region seemed to be acting independently of itself.

 

GTA & Hamilton Home Prices - TREB (Toronto Area) & RABH (Hamilton Area) MLS Systems - Last 12 Months

 

For the GTA (TREB) market, we’re seeing a lot of red from the previous month, homes sold are down 13.9% to 6,961, the average price is down marginally to $782,129 and new listings are down 12.9%, while time on the market is up 19% to 25 days. As we mentioned earlier, however, there’s a flip side to the story, with year-to-year numbers showing positive strides in homes sold (up 18.6%) and average price (up 4.8%).

The Hamilton (RAHB) market tells a similar story; down from last month 12% in home sales to 1,072 and down 17.1% in new listings, while up in average time on the market 6.9% to just over a month. The average price, however, hovered at more or less the same (up 0.3% t $550,090).

 

GTA & Hamilton Homes Sales Stats – June 2018

 

Evaluating the July sales by home type in the Greater Toronto Area shows us the following insights:

  • 905 condos led the pack this month, with a 19% increase in sales from last year and a 10% increase in prices from last year. They also saw a slight increase in price from last month which wasn’t the case in Toronto, on average.
  • Detached homes also saw a significant increase in sales, up 28% in 905 and 22% in Toronto with average prices staying steady.
  • Detached homes average price also remained above the $1-million mark, up 0.5% from last year but down 2.8% from last month.
  • Semi-detached and townhome product average pricing remained steady, up marginally from last year and down marginally from last month across the board.

 

GTA Sales & Average Price by Home Type - June 2018

The Realtors Association of Hamilton-Burlington MLS System saw decreases in the number of sales for both home types in July, down 8.6% for freehold to 895 and 25.9% for condominiums to 177. Average prices remain steady, down 1.9% from last month for freehold (up 0.1% year-to-year) and up 8.1% for condominiums from last month (up 6.6% year-to-year).  

Hamilton & Burlington Sales & Average Price by Home Type - May 2018

As we look at the map below, we can begin to examine how the market is performing on a more local level in the Hamilton and Southwestern Ontario area:

Hamilton Area

  • Sales activity in Hamilton was down for both freehold and condo residential homes; condos in particular were down 26% from last month and 12% from last year in sales
  • Although condo sales were down, the prices did see a slight jump - up 8% from last month and almost 7% from last year with freehold home prices remaining steady
  • Hamilton Mountain is up 3.0% from last month to 475,272 (up 4.3% from last year)
  • Hamilton West is up marginally, 0.5% from last month to 482,401 (up 12.9% from last year); the highest average price for the Hamilton sub-areas
  • Hamilton Centre is up 16.7% from last month to 387,228 (up 19.2% from last year)
  • Hamilton East is up 4.4% from last month to 388,958 (up 12.9% from last year)
  • Number of sales we’re down across the board from last month for Hamilton, with the exception of Hamilton East which saw a 10.11% increase from last month

Flamborough

  • Flamborough experienced a marginal increase in sales, both from last month and last year, up 7.1% to 15
  • Flamborough's average home price is down from last month by 17.8% to $787,893. Quite a staggering decrease for Flamborough which has been experiencing an average price in the $900k for the last few months. However, this still represents a 4.5% increase from last year

 

Waterdown

  • Waterdown is up from the previous month in average price (8.3% to $701,384)
  • but down in sales volume by 7.4% to 25

 

Dundas

  • Dundas experienced a decrease in sales volume from last month, 20.6% to 27 sales. This is not too surprising considering the area experienced a nearly 50% increase in sales in June
  • The average price in Dundas saw a healthy increase from last month of 10.9% to $595,046

 

Ancaster

  • Sales in Ancaster are down 17.5% from last month (although up 11.9% from last year) to 47
  • The average price is down from last month (9.9%) and year-to-year (9.7%)

 

Grimsby

  • Sales in Grimsby are down 19.6% from last month (although up a whopping 50.5% from last year) to 45
  • The average price is down both from last month (9.9%) and year-to-year (11.8%) to $521,854

 

Stoney Creek

  • Stoney Creek saw 99 sales (up 13.8% from last month)
  • It saw a marginal decrease in the average price of 2.7% to $540,890

 

Caledonia

  • Caledonia saw 11 sales (down 21.4% from last month)
  • but saw an increase in average price of 8.9% to $458,027

 

Glanbrook

  • Glanbrook sales are up a staggering 42.9% from last month to 40
  • Th average price is down 3.9% from last month, but up 4.7% from last year to $577,313

 

Dunville

  • Dunville experienced a slow month in both sales and average price, down from last month by 5.3% to 18 sales and 8.2% to $362,244

 

Hamilton & Southwestern Ontario Prices & Sales by Community (RAHB's MLS System) - May 2018

 

 

When looking more closely at city and sub-region data in Toronto and the surrounding GTA, the following insights arise:  

 

Toronto

  • Sales are down from last month across the board from 15-17% respectively, but up from last year.
  • Toronto West, in particular, is up in sales 20.6% from last year
  • Sales in Toronto Central and East are up 8.4% and 9.7%
  • Most home types are up in sales from last year, with the exceptions of condo towns in the West and Semis in the East
  • Prices are also down from last month across Toronto, but up from last year
  • The average price in Toronto West was up 2.0% from last year, to $723,498
  • Toronto Central is up 13.5% to $931,472, the highest in the Toronto area, as expected
  • Toronto East saw an increase of 5.5% to $726,095, with all product types seeing an increase in price from 2-12%

 

Oakville

  • Home sales in Oakville are down marginally from last month (4%), and up a staggering 51% from last year
  • All home types experienced significant sales increases from 41-81%
  • The average price is down both from last month (5.2%) and last year (4%)
  • Condos, however, saw an average price increase of 25.8% from last year

 

Mississauga

  • Mississauga sales are down 12.5% from last month on average
  • Sales of semis and condo towns are down 3% and 4.2% from last year; all other housing types are up from last year
  • Average price is down 2.7% to $706,570 (up 1% from last year)
  • Detached and towns were the only type to not see an increase from last year, down 6% and 2% respectively

 

Milton

  • Home sales in Milton are down 10.7% to 184
  • Townhomes and condo towns took the biggest hit, down 7.8% and 55.6%. All other product types saw an increase
  • The average price in Milton remains strong, up 1.4% from last month and 5% from last year
  • Only detached homes and semis saw a decrease in price year-to-year

 

Brampton

  • Brampton average home prices were up by 1.6% from last month (10.3% from last year) to $707,017
  • All home types saw an increase in the price of 3-9%
  • Sales volume was down 13.4%, This still represents an increase of 15.6% however from last year
  • Only detached and condos saw an increase in sales from last month

 

York

  • Vaughan saw a 7.2% increase in average price to $1,008,193, still one of the highest average price in the GTA
  • Sales were down 15.6%, which represents a year-to-year increase of 16.7%
  • Richmond Hill took the lead in average price in the GTA at $1,061,136, up 2.6% from last month
  • Markham saw a decrease of 6.3% to 913,007, with detached homes falling 15.7% in average price from last year
  • Sales in Markham were down 11.8%, but up 26% from last year
  • Newmarket & Aurora both took a hit in average price from last month and year-to-year
  • The average price in Newmarket is down 0.2% from last month and 2.2% from last year to $775,436
  • Aurora is down 6% from last month and 11% from last year to $846,176
  • Sales are also down in both Newmarket & Aurora from last year, but up significantly from last year;
  • Sales are up 70.6% in Newmarket and 54.6% in Aurora, with all housing types seeing an increase in sales

 

Burlington

  • Burlington saw a decrease in sales from last month of 19.9%, which represents an increase of 12.5% from last year
  • Burlington condos, in particular, saw a huge spike in sales of 86.7% from last year
  • The average price, however, is up across the board for all home types from 2017
  • With the exception of Condo Towns, which saw a 5.5% decrease
  • Overall average price is up 2.3% from last month to $791,712 (up 5.8% from this time last year)
  • The average price of a condo jumped a staggering 30% from last year to $473,014
  • All other product types we’re up marginally from this time last year

Halton Hills

  • Halton Hills experienced a 20.6% decrease in sales to 77. This still represents a 22.7% increase year-to-year.
  • The average price is up from last month by 5.7% to $747,826
  • Although the only home type to see an increase was Condo Towns.

 

GTA Prices & Sales by Area (TREB's MLS System) - May 2018

 

As we mentioned, this month definitely saw a slowdown in both sales and average pricing, coupled with an increase of time on the market which is a typical symptom of fewer sales and furthermore, a buyer's market. On the flip side, however, the market is definitely performing better than this time last year, particularly in average pricing, and we’re starting to see a renewed interest in detached homes after a few months of the condo-dominated market. We’ll continue to keep you updated month-to-month, particularly as monthly trends seem to be changing and shifting the market significantly.

 

Note: Many of the stats in this report use home type classifications and averages to provide a general idea of recent activity in the real estate market throughout the GTA and Hamilton regions. These averages give us a high-level summary of the real estate market throughout the region and within each city compared to the previous month and year. These stats may or may not be relevant to a particular home or homes within a particular community. To better understand the home value of any particular property it is best to request a CMA from a REALTOR® and analyze sales of comparable homes within close proximity of the subject property.

Opinions are my own and should not be taken as advice. Data Compiled by New Street from TREB (Toronto Real Estate Board) and RAHB (Realtors Association of Hamilton-Burlington). In association with Right at Home Realty Inc., Brokerage, 5111 New Street, Burlington, ON L7L 1V2. The information here is deemed reliable but not guaranteed by New Street, TREB or RAHB. Not intended to solicit listed properties or buyers under agency agreements.

Robert Jendrzejczak (SA)

As the Founder of New Street, Robert is passionate about optimizing the customer experience. He is a stickler for real-world business results. Rob has developed deep insights into the market and an insider perspective of what homebuyers are looking for these days. When heโ€™s not helping New Street clients, heโ€™s probably catching a run while purposefully ignoring the stop signs. Follow robertj.ca on Instagram.

All Stories By : Robert Jendrzejczak (SA)

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May 2018 – The Last Month of Red - The New Street Resale Real Estate Report for The Greater Toronto and Hamilton Region This month we’re beginning to see the balancing effects of a market that’s recovering from the mid-2017 slowdown, and one that can be more accurately compared year-to-year as we head into the month of 2017’s cooling period. In fact, we forecast this will be the last month where we see average prices lower than the previous

May 2018 – The Last Month of Red - The New Street Resale Real Estate Report for The Greater Toronto and Hamilton Region This month we’re beginning to see the balancing effects of a market that’

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April 2018 โ€“ A Steady Spring - The New Street Resale Real Estate Report for The Greater Toronto an
A Steady Spring May 2018
A Steady Spring May 2018

April 2018 – A Steady Spring - The New Street Resale Real Estate Report for The Greater Toronto and Hamilton Region As we head into what is traditionally the busiest real-estate season of the year (May-July), we’re seeing a steady growth that coincides with that historic trend. Although we’re not seeing the staggering increase in month-to-month numbers we saw from February to March, April brought about a steady 2.5% increase in average price from last month for the Toronto and GTA markets

April 2018 – A Steady Spring - The New Street Resale Real Estate Report for The Greater Toronto and Hamilton Region As we head into what is traditionally the busiest real-estate season of the year (May-July), we’re seeing

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March 2018 โ€“ A Bright Horizon - The New Street Resale Real Estate Report for The Greater Toronto a
A Bright Horizon April 2018
A Bright Horizon April 2018

March 2018 – A Bright Horizon - The New Street Resale Real Estate Report for The Greater Toronto and Hamilton Region The Spring months always bring a sense of renewal and the real estate market is no exception. A historically great time to be a buyer and seller, there is always a slight increase in homes for sale and sold in the months after winter dissipates and conditions get better for weekend open-houses. As we've mentioned in previous months, we're seeing a general decrease

March 2018 – A Bright Horizon - The New Street Resale Real Estate Report for The Greater Toronto and Hamilton Region The Spring months always bring a sense of renewal and the real estate market is no exception. A

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February 2018 โ€“ Moving On Up - The New Street Resale Real Estate Report for The Greater Toronto an
Moving On Up March 2018
Moving On Up March 2018

February 2018 – Moving On Up - The New Street Resale Real Estate Report for The Greater Toronto and Hamilton Region It seems the downward trend the market has been experiencing for the last few months is starting to move on up. Sales are up 20-30% overall in both Toronto & Hamilton markets from last month. Although this still represents a 40% decrease from last year, it also means a step toward a resurgence in the market. Similarly, prices are also showing promise, up 3-5% from

February 2018 – Moving On Up - The New Street Resale Real Estate Report for The Greater Toronto and Hamilton Region It seems the downward trend the market has been experiencing for the last few months is starting to move

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