Why am I wearing this awesome Medal? Watch: Market Update September 2018 to find out!
Is the Real Estate Market in a BUBBLE, CRASHING or ON A TEAR? It’s hard to tell if you read the headlines because they will tell you all three! In the same day! From the same newspaper!
I have tried to sort out THE REAL STORY by looking at the numbers in this week’s market update.
Remember the numbers are the properties listed and sold in August of 2018.
- Sales are up 8.5% from August 2017
- The average price is up 4.7% but be careful of averages because it’s not the same underling housing stock that’s being compared.
- The Home Price Index (HPI – which does compare the same housing stock) is up 1.5%
We also must be careful because those numbers are for the GTA and it’s very different by neighborhood and property type, as an example:
- C01 (Downtown) the HPICB is up 13%
- Condos in C01 are up 14%!
- And houses are up approximately 5%
The situation as we enter the fall market is that “supply is low” and this is reflected in the Sales to New Listing Ratio (SNLR) which is hovering around 60% more or less depending on the area and type of property. This indicates a SELLERS MARKET.
If you are thinking about selling a property, NOW IS THE TIME TO SELL. It takes a several weeks to prep a home for sale, so the sooner we start the better.
START PREPARING if you are thinking about buying.
It’s time to get the mortgage pre-approvals, figure out the types of properties and neighborhoods you love and start looking.
BUYING IS A PROCESS and the sooner we start the more prepared you will be when THE HOME YOU LOVE hits the market.