June home sales in the Greater Toronto Area totaled 54,813 homes, up 19% from the start of the year. Based on historical sales patterns, total annual home sales are projected to be around 100,000 homes, down from the record 113,000 homes sold in 2016. However, the author believes there is still potential for record home sales in the fall market. Factors driving the strong housing market such as demand, affordability, economic strength, immigration, and investment opportunities remain robust. While prices softened since March, well-priced homes are still receiving multiple offers. The author recommends that buyers consider purchasing now while inventory levels are higher before the fall market brings more competition.

1. July 2017.
Dear Friend,
June’s sales of 7,974 homes brought the year to date total to 54,813, at an average
price of $870,106, up 19% since the start of the year. Historically, 53.97% of the
year’s sales are done by June 30, so it looks like 2017 will have 100,000 homes sold,
down from the record breaking 113,000 of 2016.
Having said that, I must admit, that I would not be surprised if we experience a
record number of sales, (not prices), in the fall market.
Why? None of the factors that have created the GTA market over the last 5 years
have changed. Demand, affordability, strong economy, high immigration and
Canada’s position as a great country to invest in, remain stronger than ever.
The market slowed as people took a rest from the 30% price increases in March, and
the Ontario Fair Housing Plan, announced on April 20, put some buyers on the
sidelines, waiting to see the impact. Here it is.
The next 2 months are, I believe, an opportunity to buy without the same level of
pressure experienced last year. While prices in some areas have softened since
March, well priced homes are still getting multiple offers and selling overnight.
Buyers have adjusted to the new prices, and recognize good value when they see it.
I know it sounds self-serving, but if you are considering buying, I strongly
recommend the time to be now, while inventory levels are a little higher and others
wait to see what the fall market brings.
Give me a call, let’s talk, after all, you do have a friend in real estate!
Have a great July.
Your friend in Real Estate
Franco Aquino