December 2017 - Newsletter
The uptick in urgency to purchase before the end of the year is undoubtedly being driven by the OSFI mortgage changes starting January 1, 2018. For a quick rundown and review of what will be happening, check out our recent blog post HERE. If you are buying, you have had the added bonus of seeing a 37% increase in inventory to choose from throughout November.
Condos continue to be very HOT, and are currently holding up the Home Price Index (HPI) composite benchmark price by 8.4% on a year over year basis.
The benchmark uses a +/- system to try and establish a consolidated market price for all types dwellings. It's an interesting metric, but is important to note that market conditions have not been uniform across all segments. As you can see on the chart below, the average selling price for all home types combined was in fact down by 2% versus last year. Confused?! Simply put, more expensive detached homes have made up a smaller share of the sales mix, versus what was being sold last year.
Overall we are still seeing predominantly seller conditions for townhouses and condominiums in many neighborhoods, versus a more balanced market for detached and semis. If you happen to currently own a condo that you may have outgrown, the next six months will present some very favorable buying conditions to upsize into a bigger home.
We've been keeping a close eye on a few of our favourite neighborhoods, our featured listings are updated daily, to check them out click . Wishing you and your families the very best this season.
Get Out and Enjoy Your City this Winter!
December 8th - March 18th
Grab your crew and head on over to Ontario Place and take in a wide selection of feel good winter activities:
Winter Light Exhibition - experience 12 illuminated displays by local artists that will project, shape, transmit, reflect and contain light.
Skating - being in Toronto, and not able to count on the weather, Ontario Place has installed a synthetic rink, complete with skate rentals, snack and one can only assume hot chocolate!
Bonfire - on the waterfront, need I say more?
The Cinesphere is BACK! - Who didn't check out their first IMAX experience at this bad boy in the 90's?! And for the kids, the mystery of Toronto's giant white ball will finally be revealed!
Featured Listing: 101 Harvie Ave.
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