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Chestnut Park Toronto Real Estate Update ~ June 2019

July 5th, 2019
As forecast, the Toronto and area residential resale market delivered its third consecutive strong monthly performance. In June 8,860 properties were reported sold, almost 11 percent higher than the 8,024 properties reported sold last year. On a year-to-date basis, 43,950 properties have been reported sold, a vast improvement over the 39,922 properties reported sold at the midpoint of 2018. A ...

Chestnut Park Toronto Real Estate Update ~ May 2019

June 25th, 2019
For the second month, the Toronto and area market place produced double-digit increases compared to the same month last year. In May 9,989 residential properties were reported sold in the greater Toronto area, a stunning 19 percent increase compared to the 8,402 that sold in 2018. The recovery of the Toronto housing market is due to a number of factors.  The mortgage stress testing rules intr ...

Chestnut Park Toronto Real Estate Update ~ April 2019

May 11th, 2019
April’s housing market results clearly demonstrated that the Toronto and area resale market is strong and robust. As indicated in previous monthly reports, any sluggish behaviour by the resale market was due to a lack of inventory, and not to a decline in buyer demand.


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In April, for the first time in several months, the number of new listings coming to market exceeded expectations. No do ...

Chestnut Park Toronto Real Estate Update ~ January 2019

February 14th, 2019

2019 started positively, surprising many who were anticipating the double-digit declines that the Toronto and area residential resale marketplace delivered in November and December of last year. Although moderate, January delivered increased sales volume and average sale prices compared to January 2018.

 

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There were 4,009 sales reported in January, a less than 1 percent increase compar ...

Chestnut Park Toronto Real Estate Update ~ December 2018

January 11th, 2019

There were no surprises in December. The year came to an end as expected. Higher borrowing costs and the new stress testing measures implemented at the beginning of the year are now a driving force in the Toronto housing landscape. The landscape is now one of moderating sales volumes and average sale prices, as was made evident in December’s resale data.

In December sales declined by more than ...

Chestnut Park Toronto Real Estate Update ~ November 2018

December 18th, 2018

It was no surprise that the Toronto and area residential resale market retracted in November. Sales volumes were off by 14.7 percent compared to reported sales last year. This November 6,251 properties were reported sold compared to 7,326 in 2017. There are many factors responsible for the current market. In fact, there are two markets: the city of Toronto (or the 416 region) and the 905 regi ...

Chestnut Park Toronto Real Estate Update ~ October 2018

November 17th, 2018
The real surprise in October was that the Toronto and area marketplace was more buoyant than expected, especially with a further interest rate hike during the month coming from The Bank of Canada. After being at 0.5 percent for two years, the Bank’s rate has jumped to 1.75 percent in the last 18 months with the latest increase in October.

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Notwithstanding these increases, sales in October ...

Chestnut Park Toronto Real Estate Update ~ September 2018

October 17th, 2018

The new normal in the Toronto residential real estate market has arrived.  It has been finding its way for several months now, guided by the implementation of mortgage stress testing, the foreign buyer tax, and a number of mortgage interest rate hikes.  It is now crystal clear, that the frenzied market of 2016 and early 2017 was in a phrase: driven by cheap, and easy money.  There were other ...

Chestnut Park Toronto Real Estate Update ~ August 2018

September 19th, 2018
Market data for August came in as expected. Both the average sale price and the number of residential properties reported sold increased compared to August 2017. The average sale price for all properties sold came in at $765,270, or almost 5 percent higher than last year’s average sale price of $730,969. The number of properties sold compared to last year increased by almost 9 percent to a he ...

Chestnut Park Toronto Real Estate Update ~ July 2018

August 22nd, 2018
Report Prepared by Chris Kapches, LLB, President and CEO, Broker

There were no surprises as to the market’s performance in July. There has been a consistent improvement both as to sales volumes and average sale prices since January.  July saw the most dramatic year-over-year improvement. As compared to last year, sales volumes in the greater Toronto area increased by 18.4 percent, and the aver ...
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