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 and a 2.8% increase in average price from last month in Hamilton and the surrounding South Western Ontario markets. As we’ve seen since January, this is definitely the year of the condominium. Condo sales and prices have been steadily rising, and it seems clear that more and more homebuyers are choosing this more affordable housing option as a way of breaking into the market. However, freehold product is still experiencing a modest increase overall in both pricing and sales volume. Let’s explore the condominium phenomenon in more detail below as well as how townhomes and single-family homes are stacking up for the month of April.
GTA & Hamilton Home Prices - TREB & RABH MLS Systems - Last 12 Month
The stats for April 2018 are showing a modest increase month-to-month across the board in both the TREB and RAHB market. Home sales are up 7.8% from last month for Toronto and the GTA and 9% in Hamilton and South Western Ontario. The average price is up by over 2.5% in both markets and new listings are up 9.5% in Toronto and 16.8% in Hamilton. The busier market hasn’t had much of an effect on absorption rates, however, with no change in the TREB market and down only 3.7% in the RAHB’s market from last month.
GTA & Hamilton Homes Sales Stats – April 2018
When we evaluate the sales by home type for the Toronto Real Estate Board, we see the following insights:
- Average prices and sales volumes in the 905 and 416 areas are up almost across the board, with modest 1-5% increases. Notable exceptions are townhomes, which saw a 16.8% increase in sales volume in the 905 and a 7.7% increase in average price in the 416.
- Negative price differentials from month to month are marginal, all under 1%
- Condominiums are the only type experiencing an increase in price in both areas, up 1.6% in the 905 and 1.9% in the 416.
GTA Sales & Average Price by Home Type - April 2018
The Realtors Association of Hamilton-Burlington MLS System reported similarly positive numbers across the board as well, with the number of sales up 7.6% for freehold and 14% for condominiums and average price up 3.1% for freehold and 2.9% for condominiums from last month.
Hamilton & Burlington Sales & Average Price by Home Type - April 2018
As we look to 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:
The Hamilton area saw a modest increase in average price across the board month to month and only a small decrease in price from last year.
- Hamilton West saw an increase in average price from last month of over 13.3%.
- Hamilton Centre saw an increase in average price from last month of over 15.3%.
- Hamilton East saw an increase in average price from last month of over 6.9%.
- Hamilton Mountain saw an increase in average price from last month of over 1.8%.
- Sales volume is down modestly in Hamilton West and Hamilton Centre.
- Hamilton East saw an increase in sales of 34.9% and Hamilton Mountain saw an increase in sales of 21.2% from last month.
- Flamborough experienced a staggering 30% increase in sales from last month, at 13 sales. Average price however is down 7.3%
- Dundas also experienced a staggering increase in sales volume, 83.3% to 22 sales. Average price remained relatively the same from last month
- Ancaster saw an increase in price of 15.2% to $822,362.
- Grimsby saw an increase in price of 3% to $599,568, representing a 5.1% increase from this time last year.
- Glanbrook saw an increase in price of 5.9% to $562,405, representing a 1.7% increase from this time last year.
- Stoney Creek saw a 6% increase in sales volume to 88 and a 4.5% increase in average price from last month to $513,975.
Hamilton & Southwestern Ontario Prices & Sales by Community (RAHB's MLS System) - April 2018
Looking into more detail at the GTA region, we can continue to see a very modest increase month-to-month in overall prices and sales. Condominiums were the only type to experience and increase in price in some municipalities. Other notable insights include:
- Sales are up modestly across Toronto, by under 7% across the board from March
- Average prices are up by 6.5%, 7.4% and 0.9% in Toronto West, Central and East from last month.
- Toronto Central is the most expensive area of the city, at an average price of $949,084.
- Condos and Condo Towns were the only home types to see an increase in average price of 3.6% and 8.1%.
- The average price of a home in Oakville is still the highest in the GTA at $1,042,417, only marginally higher than Richmond Hill, whose average price is $1,037,328.
- Sales and average price in Oakville were only up modestly, both just over 1% from last month; condos were the only type to experience an increase in average price.
- Mississauga experienced modest growth in the number of sales, up almost 3% to 791.
- Although month-to-month average pricing stayed relatively the same, condo prices saw an increase of 5.6% to $435,254.
- Detached homes saw a decline in sales of over 35% and a drop in average pricre of over 11% from the previous year
- Sales in Milton were steady with last month with a total of 189 homes sold
- The average price of a home was up 1.7% from the previous month
- Detached homes saw the biggest drop in prices with a 12% decline from last April
- Brampton saw a similar story to Mississauga, with a 15% increase in sales volume to 807.
- Month-to-month average pricing was up 1.8%, condos was the only type to see an increase in average price, a modest 0.8% to $366,567.
- Sales activity trends in York are similar to the rest of GTA, particularly with only experiencing modest increases in average and pricing from last month.
- Aurora and Newmarket say overall increases in price but saw no positive increases in any one particular type of housing.
- Markham experienced decreases in all pricing types, but as an increase in sales volume of 15%.
- Vaughan experienced an increase in condo pricing of 8.2% to $538,154
- Sales in Burlington were up by over 21% from last month
- Average prices were down 9.1% from last year
- The average price of condo towns and semi-detached homes in Burlington saw the biggest drops in average price of over 12% from last year
- The average price of a home in Halton Hills remained steady with the previous month at $761,392
- The number of sales was up by 15% from the previous month in Halton Hills but down by over 45% from the previous year
GTA Prices & Sales by Area (TREB's MLS System) - April 2018
Looking way back to March, we’re not seeing the increases in prices and sales volumes we saw from February to March, however as we move into the busy season, the steady increase in pricing is what we can continue to expect throughout the summer. Buyers are taking their time exploring options and comparing product before making their choice, however historical data shows us that sales typically increase exponentially during the months of June and July, and as demand goes up as does prices. An area we will continue to keep our eye on is condos. With a consistently steady growth and sales volume, it’s clear that condos are representing a more accessible and desirable option for homeowners, particularly those looking to get into the market. Check back in next month as we examine the TREB and RAHB numbers for May 2018. Let us know your thoughts on Twitter, Facebook or Instagram.
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.