OCTOBER 2021 - REAL ESTATE MARKET UPDATE - YORK AND SIMCOE REGION

The Greater Toronto Area (GTA) housing market continued its adjustment to higher borrowing costs, with the number of transactions down on a monthly and annual basis. As has been the case with previous rate tightening cycles, some home buyers have moved to the sidelines to determine how they will reposition themselves in the marketplace given the higher rate environment and related impact on affordability.

“Based on the trends observed in the April housing market, it certainly appears that the Bank of Canada is achieving its goal of slowing consumer spending as it fights high inflation. Negotiated mortgage rates rose sharply over the past four weeks, prompting some buyers to delay their purchase. Moving forward, it will be interesting to see the balance the Bank of Canada strikes between combatting inflation versus stunting economic growth and related government revenues as we continue to recover from and pay for pandemic-related programs,” said TRREB President Kevin Crigger.

As I specialize in York Region and Simcoe County, these will be the multiplicities that I will break down for you. 

YORK REGION:

Compared to last month, the average sale price in York Region is down 3.99% and the average days on the market has increased to 14 from 12 days.

Overall, this month there were 1,100 sales which is down 10.57% from April when we saw 1,230 sales. 

Year over Year the average sales price increased by +5.80%.  

The number of units sold decreased by almost 50%, when we saw 2192 sales in May 2021, and the number of days on the market increased by a day from 13 to 14 days.

HERE ARE THE STATS PER HOUSING CATEGORY :

We can see the total price has increased Year over Year based on each housing category.

YORK REGION : CITY OVERVIEW

One of my Newest and Favourite reports is The City Overview. It gives you a further breakdown on the average sale price for each housing category, for each specific area, and where it stands Month over Month and Year over Year.

Do you have any questions about York Region stats?

Please feel free to send me a message, and I will be Happy to answer any questions you may have!

SIMCOE COUNTY: 

The average sale price in Simcoe county is up 3.71% from last month, and the average days on the market has increased to 15 from 12 days.

Overall, this month there were 230 sales reported by the Toronto Real Estate Board, which is down 4.96% compared to April when we saw 242 sales. 

Year over Year the average sales price increased by +15.71%.  

The number of units sold decreased by just over 45%, when we saw 421 sales in May 2021, and the number of days on the market increased to 15 from 12 days.

HERE ARE THE STATS PER HOUSING CATEGORY :

We can see the total price has increased Year over Year based on each housing category.

SIMCOE COUNTY : CITY OVERVIEW

Here is a further breakdown on the average sale price for each housing category, for each specific area, and where it stands Month over Month and Year over Year. 

Want to watch the video? 

Do you have any questions about Simcoe County Real Estate stats?

If so, Please feel free to send me a message, and I will be Happy to answer any questions you may have!

And if you are thinking of selling or just don't know where to start, Please reach out to me and I will gladly assist you.

I am Gemma Leggett with RE/MAX Hallmark wishing all the Dad's out there a Happy Father's Day this month!

TORONTO, ONTARIO, MAY 5, 2022 – The Greater Toronto Area (GTA) housing market continued its adjustment to higher borrowing costs, with the number of transactions down on a monthly and annual basis. As has been the case with previous rate tightening cycles, some home buyers have moved to the sidelines to determine how they will reposition themselves in the marketplace given the higher rate environment and related impact on affordability.

“Based on the trends observed in the April housing market, it certainly appears that the Bank of Canada is achieving its goal of slowing consumer spending as it fights high inflation. Negotiated mortgage rates rose sharply over the past four weeks, prompting some buyers to delay their purchase. Moving forward, it will be interesting to see the balance the Bank of Canada strikes between combatting inflation versus stunting economic growth and related government revenues as we continue to recover from and pay for pandemic-related programs,” said TRREB President Kevin Crigger.

As I specialize in York Region and Simcoe County, these will be the multiplicities that I will break down for you. 

YORK REGION:

Compared to last month the average sale price in York Region is down 5.89% and the average days on the market has increased from 9 to 12 days.

 Overall, this month there were 1,230 sales which is down 36 % from March when we saw 1,921 Sales. 

Year over year the average sales price increased by + 11.17 %.  

The number of units sold decreased by almost 50 %. Where we saw 2454 sales in April 2021. 

and the number of days on the market are the same as last year: 12 days.

Year over year: the average sales price increased by + 11.17 %.  

The number of units sold decreased by almost 50 %. Where we saw 2454 sales in April 2021. 

and the number of days on the market are the same as last year: 12 days.

Here is the stats per catergory: 

 Breaking that down further, we can see the total increase year over year based on housing type. 

YORK REGION: CITY OVERVIEW

One of my newest and favourite reports used this month is the city overview.

It gives you a further breakdown of the average sales price per housing type and where it stands year over year and month over month.

Condos are up month to month and year over year! 

Have any questions about the York region? Send me a message and I'd be happy to answer you!   

SIMCOE COUNTY: 

In April the average sales price was down 11.61% and the average day on the market is up from 9 to 12 days.

 Overall, this month there were 242 sales reported on the Toronto Real Estate Board, which is down by 30.26 % compared to March 2022. 

Year over year: The average sales price increased by 17 %.  

The number of units sold decreased from 525 properties to 242 which is 53.90 %. And the average days on market went from 11 days to 12 days.

Here is the stats per catergory:

Here is our City overview:

Have any questions about York or Simcoe County? Send me a message and I'd be happy to answer you!   

And if you are thinking of selling or just don’t know where to start, reach out and I will gladly assist you. 

I’m Gemma Leggett with Re/max Hallmark wishing all the moms out there an Happy Mother's day! 

With April underway, we can now look back on March 2022 Real Estate market stats for York Region and Simcoe County. I provide you with a simple breakdown of the most up-to-date, reliable sources of information directly from the Toronto Regional Real Estate Board.

There were 10,955 sales reported through the Toronto Regional Real Estate Board MLS System in March 2022, which represents a 30% decline from March 2021's record results of 15,628.

While that might seem like a substantial reduction in sales, March 2022 still reigned as the third-best March and second-best first quarter on record. Conditions continue to support a seller's market. However, we did experience more balance in the first quarter of 2022 compared to that of last year.

As I specialize in York Region and Simcoe County, these will be the multiplicities that I will break down for you.

YORK REGION:

The average selling price had slightly decreased in March compared to February in both York and Simcoe. Compared to last month, the average sales price in York Region is DOWN 4.52% and the average days on the market remained the same at 9 days. Overall, this month there were 1921 sales, which is up 15.65 % from February of 2022.

  ^{Above: March 2022 vs. Feb 2022}

Year over year, there was a steady increase of 19.79% in the average home sales price.

The number of units sold decreased by 34% and the number of days on the market seems relatively comparable with a 10% difference.

  ^{March 2022 vs 2021: Year over year difference per housing type.}

 Breaking that down further, we can see the total increase year over year based on housing type. 

YORK REGION: CITY OVERVIEW

One of my newest and favourite reports used this month is the city overview.

It gives you a further breakdown of the average sales price per housing type and where it stands year over year and month over month.

Aurora homes seem relatively similar when compared monthly. However, the average cost of a semi-detach-- dropped below 10% compared to other cities and home types.

   ^{Aurora: Year over year / month over month housing type breakdown.}

 Newmarket homes had a slight decrease in average sale price compared to that of February 2022.

Have any questions about the York region? Send me a message and I'd be happy to answer you!   

Simcoe County:

Let’s now talk about Simcoe. Last month, the average sales price in Simcoe was down 3.95% and the average day on the market was up from 8 to 9 days. Overall, this month there were 347 sales, which was up by 35.55 % compared to February 2022.

Year over year, Simcoe still has a significant increase of 28.03% in average sales price. The number of units sold decreased by 41% while the average days on the market increased from 11 days to 9 days.

      ^{Above: March 2022 vs. Feb 2022}

Have any questions about the Simcoe County? Send me a message and I'd be happy to answer you!   

WRAP UP

In March, two big events happened:

• The bank of Canada increased their benchmark interest rate to 0.5 % for the first time since 2018. This will affect your mortgage, line of credit and savings. The Bank of Canada plans to raise the rate a few more times this year. 
• The Government of Ontario hiked it’s Non-Resident Speculation tax from 15% to 20%.
  They introduced this tax in 2017 and although it cooled the market down back then, foreign buyers quickly realized that it was still a very good idea to invest in Canada. There are also many ways one could apply for a rebate and get money back in your pocket. 

That wraps up the March update for 2022. It looks to be another strong sellers’ market as there is still not enough supply to satisfy current buyer demand.

Now it is really important to hire the best negotiator you can to get you the most amount of money.  

And if you are thinking of selling or just don’t know where to start, reach out and I will gladly assist you. 

I’m Gemma Leggett with Re/max Hallmark wishing you peace, love and happiness.