GDP down 1.3%; Employment Growth down 2.6%;Unemployment rate up 5.9%; Inflation down 2.2%.....

Headlines and data are all too confusing for our daily consumption. Not sure about you - I prefer the cookies put on a much lower shelf. Life is too busy and we have hectic schedules. Most everything we see, hear or read is a brief soundbite meant only to capture our attention for a brief moment.  Newspaper headlines, morning radio on the way to work and online articles posted to social media can often become our barometer of any decision we wish to make.  We make certain assumptions based on the brief commentary; we create a story around our assumption based on our own reality; and we proceed to make decisions  based on that story.

So here is the story the media and Toronto Real Estate board broadcast earlier this week.  Sales are down 22.2%; total new listings are down 26%; and the average price is down 6.6%. If you quickly glanced at or heard these stats, and given that most people remember only a portion of what they see or hear, it is not unusual for one to assume that prices are down 22% and the sky is falling. Many will make real estate related decisions in the vacuum of not entirely accurate data.

Allow me to bring some greater clarity. Each housing style is different. Each community is different. Real Estate data is hyper-local and when making any decision, it can only be based on what you personally are selling and what you personally are buying. Where do you live now and where do you wish to move to?  

Here is a comparison of price changes in our Market Communities from May 2017 - May 2018:

COMMUNITY
DETACHED
SEMI-DETACHED
TOWNHOUSE
Median
(2018)
2017-2018
% Change
Median
(2018)
2017-2018
% Change
Median
(2018)
2017-2018
% Change
Aurora
$1,100,000
-4.76%
$635,000
-24.63%
$724,950
6.17%
Newmarket
$808,000
-12.17%
$639,000
-4.63%
$621,000
-14.34
East Gwillimbury
$860,000
-5.49%
$628,500
-27.34% **
$627,500
0.01%
Bradford
$735,000
-13.27%
$585,000
-14.87%
$550,000
-15.38%
Innisfil
$542,500
-9.57%
$567,000
15.71% **
$492,000
-6.62%

** too small a sampling of sales. Data cannot be assumed as entirely accurate. 


As you can see, the data is quite different for each community and for each style of house.  Obviously, prices are down for the most part since last year. And yep, we all know that. As I have blogged about in the past, market timing does not exist. The only timing is when it is best for you. And decisions can only be made when looking at the bigger, more long term picture. To demonstrate, below is a comparison of house prices in the same Market Communities from May 2016 - May 2018:

COMMUNITY
DETACHED
SEMI-DETACHED
TOWNHOUSE
Median
(2018)
2016-2018
% Change
Median
(2018)
2016-2018
% Change
Median
(2018)
2016-2018
% Change
Aurora
$1,100,000
3.77%
$635,000
3.08%
$724,950
17.31%
Newmarket
$808,000
-0.48%
$639,000
8.50%
$621,000
2.71%
East Gwillimbury
$860,000
19.20%
$628,500
0.56%
$627,500
43.99%
Bradford
$735,000
8.89%
$585,000
7.83%
$550,000
12.24%
Innisfil
$542,500
11.88%
$567,000
None Existed ***
$492,000
32.10%

*** Semi-Detached as a housing style was only recently introduced in Innisfil with new builds in 2017


More long term picture. Greater clarity in understanding the growth of your Real Estate equity over time. Imagine if I extrapolate that out from late 2009 when our market began its accelerated growth!

And here is the interesting comment from the Toronto Real Estate Board's market analyst, Jason Mercer, in the June 1st update:  “Market conditions are becoming tighter in the Greater Toronto Area and this will provide support for home prices as we move through the second half of 2018 and into 2019. There are emerging indicators pointing toward increased competition between buyers, which generally leads to stronger price growth. In the City of Toronto, for example, average selling prices were at or above average listing prices for all major home types in May.”

Makes one ponder if we are now at the bottom and prices could be on the rise. As one of our team commented recently, "If you are a buyer, this market is dreamy!" Well, that dream of home ownership may finally be here. Get it while you can!

As we have always advised, make your decisions in consultation with a Realtor you know and trust. And hopefully, that Realtor you know and trust will be one of our team! Now that's a real win-win!! We want to assist you in making the very best decisions. Not ones based on flashy headlines; rather on an examination of your specific goals and how best to achieve those for you and your family.

Enjoy this month's update and the beginning of summer.


Curious What Your House Is Worth In Our Market?  CLICK HERE!

Just Want To Chat And Explore Your Options?  CLICK HERE!


UPCOMING CLIENT EVENT - SAVE THE DATE

Sunday, July 22 - Jays vs. Orioles

We are grateful for the support and loyalty of our many past clients and our current clients. 

Thanks for being a part of our business!


CURRENT LISTINGS

Perhaps you know someone right now looking for a great home? We would sure appreciate the opportunity to help someone you care about find a great home! Here is our current list of homes on the market.

 

308 Brimson Dr, Newmarket, Ontario L3X1H9 | Michael Tough Realty Group

Fantastic Family Home In Friendly Neighbourhood Backing Onto Joe Persechini Park With Publ...

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17 Marshview Ave, Aurora, Ontario L4G 7W2 | Michael Tough Realty Group

Stunning Open Concept Townhome In High Demand Bayview Northeast. 2,000 Sqft Per Builder Of...

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87 Kirkvalley Cres, Aurora, Ontario L4G 7P9 | Michael Tough Realty Group

Stunning Updated Townhome In Demand Bayview Wellington. Open Concept Living/Dining. Spacio...

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15450 Yonge St 103, Aurora, Ontario L4G0K1 | Michael Tough Realty Group

Welcome To "The Victorian" Elegance*On Yonge Street In The Heart Of Aurora*Updat...

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167 Baywell Cres, Aurora, Ontario L4G7M5 | Michael Tough Realty Group

Overlook The Park In Popular Bayview Wellington*Spacious Semi-Detached Offers Open Concept...

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320 Maplegrove Ave, Bradford West Gwillimbury, Ontario L3Z1V7 | Michael Tough Realty Group

Affordable Family Home In Desirable Neighbourhood With School Just Up The Street. This Sem...

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50 Mill St, Aurora, Ontario L4G 2R9 | Michael Tough Realty Group

Welcome To A Wonderful Part Of Aurora Charm And History*This Superb Century Home Offers A ...

Read More

 

Curious What Your House Is Worth In Our Market?  CLICK HERE!

Just Want To Chat And Explore Your Options?  CLICK HERE!


WHAT'S HAPPENING IN YOUR COMMUNITY


Aurora

Innisfil

Newmarket

East Gwillimbury

Bradford