Brian Madigan LL.B., Broker
BRMadigan@iSourceRealEstate.com

RE/MAX West Realty Inc.,
Brokerage
Independently owned and operated

96 Rexdale Blvd. 
Toronto, Ontario 


Phone: 416-745-2300
Toll Free: 1-888-507-0817

 

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Toronto Market Slips in the Month of July 2016

July 21, 2016 - Updated: July 21, 2016

Toronto Market Slips in the Month of July 2016

 

Let’s have a look at the average price of a single family property in the GTA. This includes both Toronto (the 416) and the suburbs (the 905), across all types of housing, being detached, semi-detached, townhouses and condominium apartments.

 

Most of the time the Toronto Real Estate Board (TREB) will use year over year comparisons. That’s good to know, but five year or ten year periods would even be better.

 

But, sometimes you really need to look at the trends. And, as you would expect, the trends can reverse within a few days. This is why the half-monthly and monthly statistics are important.

 

So here are the numbers:

 

15 March    $693,825

31 March    $688,180

15 April      $730,330

30 April      $739,515

15 May       $758,626

31 May       $752,335

15 June       $758,507

30 June       $746,546

15 July        $707,303

 

You will notice that the current number is down significantly from the peak and likely approximates a number sometime in early April of this year.

 

The height of the market was 15 May at $758,626. We are off by $51,323 or 6.77%.

 

So, you can imagine some of the headlines, if we wanted to go negative:

 

              Average Homeowner Loses $51,323

 

              Toronto Market in a Downward Trend

 

              Toronto Market Off 6.77% from the Peak

 

Or, even my own headline here “Toronto Market Slips in the Month of July 2016”

 

While those types of headlines may be true in fact, since they can be supported by the statistics, they are slightly “off” since they don’t show the whole picture.

 

The consumer is much better to have all of the information available without the “spin” whether it be from TREB, real estate agents, financial institutions or politicians.

 

If you would like to discuss the market, please give me a call.

 

Brian Madigan LL.B., Broker

www.iSourceRealEstate.com


Tagged with: toronto market prices decline decrease downward trend statistics review treb july 2016
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Brian Madigan LL.B. Broker

RE/MAX West Realty Inc. Brokerage

Independently owned and operated

96 Rexdale Blvd. , Toronto Ontario,

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