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