Toronto Real Estate Forecast 2018 – 2019

Toronto Real Estate Market Forecast/Predictions 2018

April 5, 2018.  The February TREB report isn’t hugely informative, however it does reiterate the downward housing market in Toronto.  The Toronto housing market shrank 39% in March 2018 compared to March of 2017.

Strangely, home prices rose 2.2% vs February, so are we seeing the beginning of the turnaround?  Hope isn’t enough in a repressive market.  Change is needed and it looks like the factors will align this summer.

Although news reports suggest the market is stabilizing, there doesn’t seem to be a bottom in sight yet for luxury homes. They took a precipitous fall this winter. Those who didn’t sell last spring and fall may have been feeling sick all winter long.

Time to Prepare to Sell Your Home or Condo?

The monthly stats below and trends seem to be predicting this may be the best time to sell your home. I’ve predicted a boom after the election, and if we improve our trade agreement with the US, GTA home prices and the Canadian dollar should jump.




Recent reports have it that the City of Toronto could face a $1.4 billion deficit, due to the loss of the lucrative land transfer taxes. Toronto’s starry eyed spending may have to be reeled in thus adding to a cascading recession threat.

A lot of Toronto home buyers are likely cheering the price falls and this spring might be the lowest price point as we head into provincial elections in 2 months and the settling of the NAFTA trade disagreement. Homeowners may decide to hold onto their homes and wait for prices to return after the upcoming provincial election.

For the march report, TREB focused solely on the YoY losses and it is ramping up its election time rhetoric regarding the responsibility of government to foster a healthy housing market. They also believe sales will pick up this summer (post election) but didn’t offer a spring forecast.

Other than stats which you’ll see below, what are the real issues for the GTA market? TREB suggest interest rates and mortgage rules are disouraging home sales. Yet, condo and apartment sales are still strong.

When will prices bottom out? May, June, or next October?

A Change is Coming for Ontario

The real matter for Toronto prices and sales is psychological because the economy is uncertain. Home prices are trending downward strongly, NAFTA is troubled, world leaders are threatening trade tariffs, and the provincial election is coming.

Ontario’s provincial taxes have become crushing and the Liberals have shown no mercy. You have to be genius if you want to be a successful business person here. Yes we’re aging here in Ontario but there’s incredible intellectual capital that’s being wasted. We’ll see more people leave the province even with a new government.

The death throes of the Wynne government show that the people and the business sector can’t tolerate this behaviour and that a new, fresh attitude toward open markets and small business success must happen. If small business is represented in the NAFTA agreement, it could give Ontario a boost it has never seen before.

As Kathllen Wynne’s MPs give up, the wave for the PCs and Doug Ford grows. Screen cap courtesy of Vice.com and CBC

No one can predict what incoming Premier Doug Ford is going to do. Will he toss the market a parachute, open up development and then delete the repressive taxes? We sure hope so. The results for the economy will make news across the and we’ll go from laughing stock to free market leaders.

After the Storm

During uncertain times, buyers will not stick their neck out to purchase a  high priced home in a market rated as the most likely to crash. And theTSX? It’s been the worst performing stock market in the world for some time now. But that could change.

Home prices in Toronto actually rose, yet prices in Newmarket, Aurora, Richmond Hill, and Bradford declined strongly again.

TREB Outlook

TREB reiterated its belief in the role of housing and real estate sales in its yearly report . TREB suggests the GTA market is a key to economic health in Ontario.

On average, each residential transaction reported through TREB’s MLS® System in the GTA generates $68,275 in spin-off expenditures, … The real estate industry is a key contributor to our economy, with total annual spin-off expenditures close to $7 billion.

They went further to hint that without real estate sales and the taxes it generates, the government will have to get their tax money elsewhere! Voters may not want to hear that and it’s probably something Doug Ford will jump on to put the finishing nails in Kathleen Wynne’s guilded coffin. I’m sure HGTV will want to support the pro-development initiatives??

Wynne has killed the Toronto housing market, tax base, young people’s dreams, and as an election promise, is offering free day care, which the government will have to borrow to pay for. Wynne’s passing will generate a wave of relief which Doug Ford will surf on for many years.  With a few legislative changes, he could relaunch Ontario’s economy and the Toronto real estate sector.

The March 2018 TREB update reveals the damage to what should have been a strong and vital Toronto real estate market.

Screen capture courtesy of TREBhome.com

Toronto Forecast for 2018

What as the Toronto Real Estate forecast for 2018?  A gloomy winter/spring followed by lots of sunshine in June. All we need is the June sunshine and we got it 100% right.

Why so optimistic against all the negative reports coming out? None of them are accounting for the upcoming election in Ontario.  It’s to soon to celebrate but only 2 short months away, and we may see the boom I sort of suggested might happen:)

This chart from TREB shows the market 2 months ago in January. Numbers of house sales rose last month yet cond sales fell.  Notice condo prices are up $43,000 in March vs January. Keep an eye on the Toronto condo market.




The market seems very quiet right now, and as Benjamin Tal, CIBC’s chief economist said, “This is the most significant test the market has seen in recent years.”




Is this the best time to buy a house in Toronto? The answer to that may be yes. Prices may plummet further in February and March only to begin a strong rise in April. Why? The election in 4 months and the NAFTA fears will have abated.

Selling your home in 2018?  Should you sell your home and upgrade to a roomier one? Or perhaps you’ll be downsizing to a condo?  Condo sales boomed in 2017 and you’ll be competing hard for anything under $600k. Your Realtor will likely have to work a sophisticated marketing strategy to help you get your house sold and get you moved into a better one.

Are you a 25 to 35 year old first time buyer and hoping to buy a condo?  Is this the best time to buy a home? See the Toronto condo market forecast for prices and opportunities.




Is it a good time to buy a condo apartment in Toronto? Which are the best neighborhoods to buy one? Check the Toronto condo market page for insight.

If you’re looking solely for home prices, then see the detailed running home price stats for each town and district. This post has a collection of videos, opinion, stats, charts, of historic sales/prices and current stats to help you with the decision of whether to buy or sell.

The most meaningful Toronto housing market prediction: After a short depressed period this spring, there will be a fast growing increase lead by optimism with the new incoming Ontario government in July. The prediction is that the optimism of the new government will keep buyers and sellers optimistic until July.

With immigration high (300k new Canadians each year), migrants from other parts of Canada increasing, birth rates up, and Ontarian’s expectations optimistic, 2018, 2019 and 2020 will see strong demand for most properties. As you can see in the Toronto market stats below, some towns and districts in the GTA have seen very strong price growth.

Share the Toronto Real Estate Market forecast on FB or Linkedin.

Anyone buying or selling should have the best overview of factors.

 

Teranet Home Prices

Teranet released its market report on home prices in Toronto, Vancouver, Calgary and other Canadian cities and predictably we saw the final burst of buying before the stress test rules came into play.




Toronto Real Estate December Report

What happened in December 2017: listings up 50% but sales down despite the last minute stress test frenzy.  New housing starts dropped by 33,000 overall in Ontario in December, after a record amount built in November.  Condo apartments and townhouses are all the rage, due to the almost affordable prices.

This recent chart from TREB shown below, reveals prices are still up year over year.

 

 

Check the running Toronto home prices chart down below. Leave a comment below.

In December, the MLS® Home Price Index (HPI) Composite Benchmark was up by 7.2% over last year, and the overall average selling price was up by 0.7% year over year. — from TREB report.




Check out the Vancouver and Calgary forecasts too as it reflects on Toronto (And Share on Facebook!).




You Can’t be Serious! a Housing Boom in Toronto in 2018/2019? Royal Lepage predicts prices will rise 6.8% or $57,000. Only Las Vegas Nevada is forecast to be higher. With new homes sold and new development halted, supply won’t be sufficient in late 2018 or 2019. Speculators will love that scenario.

Royal Lepage predicts continued price rises even as domestic investors shift to apartments and condos.

Condo Prices Rose 23%

And the danger in the condo market might be the depressing effect of rental controls on new condo builds. As supply dwindles, prices and rents will rise which is positive for condo investors. The average rental price for a 3 bedroom condo in Toronto is now $3461 per month.

Condo prices were up 21% year over year in December.

Detached Home Prices in many Treb districts has plummeted from 18 months. In some cases, prices are down almost 50% as you can see in the charts below.



If the Toronto Real Estate market nosedives in January 2018, it will be interesting to see what impact it has on the Ontario economy as well as the Canadian economic forecast.

While the talk was about rocketing house prices in Toronto, the Toronto condo market is doing okay and the demand for new construction condos is still brisk.

1 Million New Immigrants Will Affect Toronto’s Housing Market Demand

Demand is never ending, in fact PM Justin Trudeau just announced a program to being in 1 million new immigrants over the next 3 years  along with a new national housing program to help with the housing availability crisis which will heat up demand and prices for Toronto apartment rentals.

So while the Ontario and Federal governments play a dangerous game of economic Russian roulette and await their political fate, homebuyers may be finding their homownership dream more distant than ever. It’s certainly not a good time for the homeless in Toront and area with the wicked cold snap coming through.

Will it be crash and burn in Toronto this year? Even the slightest economic slide in Canada could send nasty shockwaves through the housing market. Crashes normally happen after the euphoria period. Despite the government’s negativity toward home development and supply, the market should be good for 2018.

You can view the prices for each city and MLS district below.




TD Bank senior economist Michael Dolega is quoted last month as saying  the market looks good “after some near-term weakness, likely to last into mid-2018, activity should begin to rebound thereafter given the fundamentally supported demand related to strong job growth and strengthening wage dynamics.”

The upcoming mortgage changes in January means buyers are putting rush orders in now. Condos below $500k are selling well and will continue to do in 2018.  The key for Realtors is helping buyers find an affordable condo, or a house with rental income potential.



Rental Income Investment Property

Some smart buyers are looking at financing solutions that give them a shot at rental income. Real estate investors in Toronto, Vancouver and  even Calgary are focused on rental income investment properties. You should be too.

What is the most notable change? It would have to be Toronto condos. Sales dropped by 15% yet condo prices rose by 23% across the GTA.  When the selection of lower priced condos are gone, we’ll see a renewed surge in prices as buyers hunt the luxury market to see what they can get.

Rental prices are skyrocketing as rental apartments dry up because of the rental price controls.  Rents were up 12% more in the 3rd quarter. How much further will Toronto condos climb in price and how long will voters, many of whom are home buyering milennials with nowhere to go, tolerate Wynne and Trudeau?



Are you considering using a HELOC to do a house renovation?  With listings up, you’ll have to have to add some value to get your house sold. An educated Realtor might be a wise hire too.

Bookmark this page as it is updated very frequently.

Normally Toronto house prices slide back during the winter.  That could help solve the afforable housing issue.  Yet the market is 2 tiered – young buyers with limited financing and a rising group of detached houses that are well out of their reach. 2018 should be the year of the condo.  Contrast the Toronto market with the Calgary Housing Forecast for greater investment insight.

November 2017 TREB Market Update with Jason Mercer






Considering buying or selling? Take a look at some of home buying tips and home pricing tips posts and this new post on the best renovations to grow the price of your house for saleFirst Time buyers should remember that house prices always climb even through recessions as you’ll see in the graphics and housing data below.

Some recent reports from Toronto realtors have it that buyers are back in the market this fall, yet there aren’t enough listings. They feel Toronto House prices will rise again. However, buyers are probably gleeful at the drop in house prices over the last 5 months. If it continues, they might be able to find a great buy. The Toronto economy could boom for sometime if NAFTA is unaffected, yet CMHC beleives there are dangers lurking for this market.

New sales data from TREB’s Marketwatch report paints a telling story of what happened in Toronto Real Estate in the summer of 2017 and how 2018/2019 might look.  Buyers and sellers are wondering if the Toronto housing picture will mirror the Vancouver real estate forecast where Vancouver condos are king.  Vancouver seems to have held its own which means the Toronto market might be safe too.  Let’s not kid ourselves. A crash or a housing slide in Toronto remains a possibility (government).

Consider this your most up to date report on the Toronto Real Estate Market – lots of food for thought below. Enjoy the monthly price charts below which may help you decide whether it’s time to sell your house.  Also see the Mississauga real estate forecast if you’re out in Mississauga, Milton, Oakville or Brampton.

Do you know anyone who may be buying or selling?

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New Fed mortgage rules and a higher mortgage rate means buyers will need more money down and be forced to pay higher mortgage payments. The OECD and the World Bank are constantly nattering about Canada’s housing issues. What are they seeing that we don’t?

Most experts are calling for flat prices right through 2018, however there is still a lot of unsold new home inventory and governments are clear in their intent to suppress the housing market. Those considering putting up their houses for sale might be acting much sooner.

When Will You Put up your House for Sale?

Before it was all about finding a house for sale, and now there’s lots of houses for sale. It’s almost certain you’re going to get a much lower price for your GTA house in the next 4 months. As mentioned, the PCs will reconsider how the Liberal’s botched the housing crisis and how they might fix it.

That will change the market psychology. As soon as you and other buyers have somehwere to go, you’ll be putting your home up for sale. If you get prepared this winter and spring, you might hit it right before your neighbors sell theirs.

You’ll want to start reading my how to sell your home tips posts and a little on over asking bidding wars because even right now, multiple offers are still common.

The Toronto situation seems to mirror the US housing forecast only with troublesome government meddling in TO. Experts suggest it is government action that causes the markets to suddenly slide out of control.

Toronto Housing Market Predictions from the Experts

Let’s start off with the Swiss Banks review.

Is BNN’s “end of the housing boom” story valid? Does real estate drive employment in Canada?

CMHC keeps the red flag hoisted on real estate

Trump and squashed Canadian exports represent a big worry.




 

New MLS stats from TREB show sales in August dropped 34.8% year over year and the number of new listings on TREB’s MLS® System, at 11,523 which is  6.7 % lower than last year at his time. This is the fewest listings since 2010.  Prices did decline yet are still higher than August of 2016, and did not decrease evenly in all TREB districts.   




While some areas such as the 905 have seen big drops, (houses are sitting and have to be rented now) areas in Toronto have maintained prices.  These neighbourhoods offer a more reliable bet for sustainable property investment value. Many property investors have discovered the hard way, what the word sustainable means in bottom line dollar terms. Because of demand, two hot areas right now are rental property investment and student housing investment.

Adding to the story this month is a higher loonie, higher mortgage rates, foreign buyer withdrawal, new tax on vacant homes, and homebuyers losing interest. And in response, homeowners make a desperate attempt to sell at lower home prices. 

Condos were the Hot Story in Summer 2017

  • condo average price up over half a million dollars
  • condo prices have risen 28% from second quarter of 2016
  • average condo price in Toronto rose to $566,000
  • condo sales volume dropped 8%
  • number of new listings grew only 1%
  • condos in C09 district rose to an average selling price of $1.345 million
  • Condos in C08 and C01 have the highest volume of unit sales and an average price of $603,000 and $627,000 respectively — high volume translates to more availability and lower prices

The Best Toronto Neighbouhoods are Sound for Investment

TREB stats show specific districts or neighbourhoods in Toronto have not seen a price decline and these ones below have seen price increases:

w10 – Rexdale Kipling, West Humber Claireville, Kingsview Village, Vaughan Grove
w09 – Willowridge Martingrove Richview, Humber Heights
w02 – High Park North, Junction Area, Kingsway South
c02 – Annex, University, Yonge St Clair
c04 – Bedford Park, Nortown, Lawrence Park North, Forest Hill North, Lawrence Park South
c12 – Lawrence Park North, St. Andrew Windfields
c13 – Banbury Don Mills, Parkwoods Donalda, Victoria Village
c15 – Bayview Village, Hillcrest Village, Bayview Woods Steeles, Pleasant View
e01 – South Riverdale, North Riverdale, Danforth, Woodbine Corridor
e06 – Oakride, Clarilea Birchmount, Birchcliffe, Cliffside

Many of these Toronto neighbourhoods are in such strategic locations for employment, that given the housing shortage, urban intensification, poor transit and roadways, that the condos and homes in them will never see a significant price drop. The events of the last 3 months with the Liberal’s fair housing act was an acid test. These Toronto neighbourhoods look to be the best neighbourhoods for safe real estate investment.




US investors should continue to follow the Toronto real estate market as the low Canadian dollar continues to create better real estate investment value.

The Toronto Condo market in July on the other hand is active likely due to affordability. Condos are selling well at 2% to 6% over asking price and comprised 91% of all sales. New apartment and stacked townhouse sales grew 89% year over year, compared to a 72% drop in house sales. 

I suspect 2018 will bring moderation given the rhetoric around the NAFTA deal, tighter lending rules, higher loonie, and very high home prices. 

 

Share the December 2017 Stats and Toronto Forecast with your family and friends on Facebook

Almost everyone is interested in the direction of the housing market. It affects the GTA economy, jobs and business oulook.  This page is updated frequently.

 

A Look Back at 6 Months ago: TREB June 2017 Real Estate Report

Highlights from the June TREB market report at the end of the bubble:

  • Sales dropped 37% year over year, on top of May’s whopping 50% dive
  • residential listings were up 16%
  • Prices rose 6.3%
  • The MLS® HPI composite benchmark price up by 25.3% on a year-over-year basis in June
  • Home prices are down 1.1% month to month
  • apartment prices rose 1% month to month (higher rents)

What’s Compelling about the Toronto Housing Market?

Toronto is a high value housing market similar to New York City or the Bay Area of California, and TO is a city destined to be a super city.  It’s unlikely that a property purchase in Toronto will be a disappointment over the long run. If you see the Toronto home price charts, you’ll notice that prices have climbed in the last 18 months. So buyers have not lost their equity.

And detached house prices will rise much further due to a severe housing shortage, improving economy, and rising population. 

Despite the Ontario government’s new foreign buyers tax threat, demand for housing won’t fall. As the loonie falls in value, Toronto home prices turn out to be reasonable internationally, and may be a worthy investment for rising wealthy Americans. Canadian real estate is still a good alternative to US Real Estate in 2018.

While many buyers would like to live in Central Toronto, Oakville and Milton the prices in these cities is prohibitive. Instead, buyers are looking north to Vaughan, Newmarket, Aurora, Bradford, Barrie, Innisfil, and East Gwillimbury.




Share this detailed monthly home prices report with your friends.



Toronto MLS Real Estate Board Sales Stats for March 2018

Average Toronto Home Price – Detached Homes TREB – March 2018
City March 2018 December 2017 November 2017 October 2017 September 2017 August 2017 April 2016 Price Change Last 23 months Price Change Last 8 Months
Burlington $993,500 $959,071 $871,879 $895,457 $974,446 $944,564 $961,502 3.3% 5.2%
Halton Hills $852,500 $820,904 $790,683 $787,517 $706,500 $984,812 $828,719 2.9% -13.4%
Milton $868,300 $843,688 $841,998 $884,144 $853,790 $866,650 $765,973 13.4% 0.2%
Oakville $1,298,000 $1,356,888 $1,438,656 $1,482,620 $1,393,860 $1,314,363 $1,191,503 8.9% -1.2%
Brampton $796,600 $763,814 $776,280 $775,170 $766,132 $766,831 $660,015 20.7% 3.9%
Caledon $1,002,000 $1,185,182 $1,001,753 $952,466 $918,712 $1,028,591 $755,494 32.6% -2.6%
Mississauga $1,760,000 $1,140,965 $1,060,211 $1,034,338 $1,023,207 $1,066,015 $966,467 82.1% 65.1%
Toronto West $1,099,000 $1,039,022 $1,016,076 $1,102,379 $1,015,711 $919,916 $944,422 16.4% 19.5%
Toronto Central $2,100,000 $2,070,131 $2,109,070 $2,051,481 $2,302,146 $2,113,130 $1,983,187 5.9% -0.6%
Toronto East $969,000 $894,290 $889,002 $931,239 $961,805 $887,620 $860,814 12.6% 9.2%
Aurora $1,118,500 $1,033,353 $1,249,613 $1,280,888 $1,458,481 $1,144,094 $1,155,487 -3.2% -2.2%
E Gwillimbury $865,000 $769,624 $763,071 $1,013,350 $895,119 $966,047 $764,055 13.2% -10.5%
Georgina $526,700 $619,105 $542,792 $524,735 $600,791 $604,838 $548,886 -4.0% -12.9%
King $1,727,600 $2,129,286 $1,889,738 $1,887,696 $2,252,933 $1,768,333 $1,283,432 34.6% -2.3%
Markham $1,272,600 $1,497,330 $1,342,508 $1,468,221 $1,358,328 $1,319,860 $1,363,887 -6.7% -3.6%
Newmarket $854,600 $879,151 $946,465 $916,350 $895,191 $901,055 $841,593 1.5% -5.2%
Richmond Hill $1,400,000 $1,365,373 $1,526,836 $1,345,898 $1,401,922 $1,466,884 $1,412,443 -0.9% -4.6%
Vaughan $1,238,800 $1,245,480 $1,236,250 $1,280,906 $1,392,781 $1,348,649 $1,191,632 4.0% -8.1%
Whitchurch Stouffville $1,289,000 $970,236 $1,058,486 $928,551 $1,159,545 $1,024,941 $1,048,658 22.9% 25.8%
Ajax $700,000 $690,333 $710,440 $684,011 $696,604 $708,185 $646,370 8.3% -1.2%
Brock $570,800 $408,757 $445,829 $432,318 $513,579 $508,615 $419,758 36.0% 12.2%
Oshawa $559,900 $532,813 $524,422 $516,459 $516,904 $550,677 $467,981 19.6% 1.7%
Pickering $846,000 $812,035 $840,592 $790,733 $869,546 $812,643 $772,399 9.5% 4.1%
Scugog $697,000 $689,250 $726,898 $614,678 $594,062 $719,375 $545,804 27.7% -3.1%
Uxbridge $858,500 $720,557 $771,521 $1,031,295 $957,221 $792,233 $798,749 7.5% 8.4%
Whitby $718,300 $698,110 $669,922 $695,352 $745,222 $733,811 $618,032 16.2% -2.1%
Orangeville $585,500 $562,020 $575,349 $538,518 $594,636 $612,974 $490,825 19.3% -4.5%
Innisfil $644,600 $561,716 $599,443 $525,685 $541,274 $549,492 $476,756 35.2% 17.3%

Stats above courtesy of TREB Market Watch Report

A Look at Detached House Prices in Toronto’s MLS Districts

Toronto House Prices — MLS City Districts Home Price Comparison
TREB District City of Toronto Avg Price December 2017 Avg Price November 2017 Avg Price October 2017 Avg Price Sept Avg Price August Average Price April 2016 Avg Price April 2017 Avg Price Mar 2017 Price Change Since March 2017
Toronto W01 $1,639,475 $1,269,500 $1,709,593 $1,652,600 $1,146,500 $1,405,442 $1,506,333 $1,543,961 6.2%
Toronto W02 $1,403,750 $1,256,500 $1,273,391 $1,280,867 $1,172,250 $1,331,780 $1,538,546 $1,381,945 1.6%
Toronto W03 $701,000 $774,021 $741,391 $771,142 $692,125 $666,904 $854,316 $829,396 -15.5%
Toronto W04 $799,973 $819,469 $840,110 $850,621 $846,775 $786,951 $1,024,908 $1,073,531 -25.5%
Toronto W05 $826,750 $800,063 $874,660 $805,031 $823,767 $749,333 $930,876 $1,073,531 -23.0%
Toronto W06 $1,010,600 $914,017 $922,286 $992,023 $797,392 $795,840 $974,420 $1,128,584 -10.5%
Toronto W07 $1,200,571 $1,086,386 $1,474,725 $1,277,336 $973,250 $1,112,233 $1,484,406 $1,352,042 -11.2%
Toronto W08 $1,317,240 $1,378,995 $1,356,671 $1,247,374 $1,161,882 $1,204,013 $1,544,869 $1,610,163 -18.2%
Toronto W09 $1,005,500 $886,872 $975,778 $922,000 $1,139,211 $839,479 $1,197,627 $1,115,970 -9.9%
Toronto W10 $717,539 $691,261 $688,011 $661,357 $665,268 $613,488 $831,579 $802,909 -10.6%
Toronto C01 $1,412,000 $1,597,750 $1,393,875 $1,430,667 $1,005,000 $1,528,085 $1,646,240 $1,694,333 -16.7%
Toronto C02 $3,730,000 $2,109,010 $2,313,611 $2,242,400 $2,242,750 $1,580,181 $2,710,038 $2,170,853 71.8%
Toronto C03 $1,374,437 $2,327,333 $1,880,584 $1,742,200 $1,317,111 $1,761,787 $2,246,734 $2,473,608 -44.4%
Toronto C04 $2,237,414 $2,204,173 $2,220,546 $2,212,838 $2,200,398 $2,033,140 $2,583,667 $2,245,813 -0.4%
Toronto C06 $1,147,545 $1,293,688 $1,243,727 $1,327,467 $1,445,556 $1,318,750 $1,625,779 $1,811,183 -36.6%
Toronto C07 $1,693,958 $1,609,066 $1,741,987 $1,903,632 $1,776,771 $1,657,822 $2,004,585 $2,155,365 -21.4%
Toronto C09 $2,410,000 $3,538,371 $3,414,450 $2,916,750 $3,500,000 $2,998,401 $3,246,445 $4,481,000 -46.2%
Toronto C10 $2,375,000 $1,856,406 $1,807,154 $1,747,079 $1,473,125 $1,864,333 $1,945,104 $1,786,091 33.0%
Toronto C11 $1,807,500 $2,344,375 $1,895,636 $2,137,000 $1,547,000 $1,542,867 $2,275,117 $2,201,462 -17.9%
Toronto C12 $4,213,580 $3,729,125 $3,775,636 $5,160,518 $3,910,000 $3,141,244 $3,969,281 $4,420,370 -4.7%
Toronto C13 $2,002,400 $1,342,464 $1,520,151 $2,110,709 $1,788,465 $1,926,266 $2,606,111 $2,108,137 -5.0%
Toronto C14 $1,802,222 $2,235,856 $2,001,750 $2,249,879 $3,055,823 $1,996,137 $2,554,047 $2,673,112 -32.6%
Toronto C15 $1,915,292 $1,587,250 $1,944,667 $1,832,921 $1,602,033 $1,766,219 $2,144,120 $2,108,137 -9.1%
Toronto E01 $1,319,250 $1,102,667 $1,135,156 $1,196,542 $1,224,440 $1,164,343 $1,747,894 $1,206,359 9.4%
Toronto E02 $1,188,324 $1,457,515 $1,494,639 $1,625,074 $1,414,357 $1,333,475 $1,458,167 $1,507,090 -21.2%
Toronto E03 $1,008,987 $913,430 $1,023,487 $1,038,377 $956,448 $947,611 $1,099,537 $1,121,847 -10.1%
Toronto E04 $765,124 $777,377 $768,002 $794,523 $772,883 $717,890 $897,304 $889,018 -13.9%
Toronto E05 $929,943 $899,419 $1,019,362 $979,800 $995,190 $991,136 $1,249,824 $1,303,892 -28.7%
Toronto E06 $855,347 $822,917 $766,159 $926,615 $841,995 $766,782 $1,051,918 $1,102,286 -22.4%
Toronto E07 $888,969 $911,018 $897,653 $1,025,444 $922,600 $874,280 $1,164,819 $1,142,611 -22.2%
Toronto E08 $969,634 $930,974 $1,014,526 $852,070 $872,641 $810,560 $1,066,868 $1,092,667 -11.3%
Toronto E09 $752,919 $714,451 $739,871 $690,382 $699,646 $664,378 $855,363 $895,417 -15.9%
Toronto E10 $882,733 $821,381 $897,856 $944,666 $883,852 $821,126 $1,067,925 $1,069,906 -17.5%
Toronto E11 $666,136 794,238 $758,288 $778,100 $780,618 $720,672 $842,414 $851,750 -21.8%

 

Huge new housing developments in Bradford, Newmarket, Aurora, and Vaughan are still selling well, but the market in the 905 area code has cooled. That means bargains are waiting.

Will 2017 Sales in Toronto be a New Record?

2016 was a record year for home sales in Toronto, Mississauga, Vaughan, Newmarket, Bradford and Aurora areas in 2017 could well be even more intense.  

One district in Toronto saw its prices rise $1 million since Sept! See TREB charts below.

TREB forecasted another strong year for home sales via the MLS®.  Their outlook for the Toronto region was 100,000+ home sales for the third consecutive year. Between 104,500 and 115,500 home sales are expected in 2017, with a point forecast of 110,000. TREB’s districts include Mississauga, Oakville, Vaughan, Newmarket, Aurora, Richmond Hill, Markham Bradford, Scarborough, Brampton, Oshawa and Milton.

But what drives the Toronto housing market? Will it succumb to the same fate as Vancouver or worse?   If you’re a buyer, you’re wondering which neighbourhoods and towns to focus on and whether this market will tank. If you’re a seller, you’re wondering if you’re going to miss the biggest payday of your life by not selling. If you’re close to retirement, you may want to carefully review your choice not to sell. 2017 is a grand time for you to sell and move onto a better life.

The 16 Key Factors Driving The 2017 Toronto Housing Market:

  1. severe shortage of housing stock in the GTA region
  2. rising demand from buyers who have been renting
  3. restrictions on development land for housing
  4. Trump and NAFTA free trade deal and implications for Toronto’s automakers
  5. will the low dollar continue?
  6. will oil prices stay at current levels?
  7. rising numbers of millennials hunting for a home or condo
  8. bank of mom and dad continues funding kids home dream
  9. rising interest/mortgage rates
  10. Toronto and Ontario land transfer taxes
  11. rates of employment and income
  12. asian and persian home buyers and investors rush over?
  13. will China curtail its outflow of investment money?
  14. business investment in Ontario continues falling
  15. consumer debt loads and credit ratings
  16. further federal restrictions on first time buyers/downpayments
  17. commuting distances and new construction in York region and Vaughan

 

A look Bak at Toronto Home Prices for June 2017

This graphic courtesy of TREBhome.com illustrates how hot Toronto homes prices had been for each type of housing. (See the Toronto Condo market outlook too).

Sharing is Good for Your Social Health!

The Toronto real estate market is in a precarious state.  Help your friends and contacts who may be wondering if now is the right time to sell, before the housing crash. You can get your price in 2018.




How about the US? Different story for them. The US real estate market is ripe with opportunity with a minimal chance of a housing bubble or crash.

And from this telling graphic above, the shocking rise and fall of detached home prices tells us something is wrong with the Toronto real estate market. Could a Toronto housing crash occur? The renegotiation of the NAFTA deal may be the factor that starts the slide.  President Trump’s goal is US jobs and economic health and he’s already stated he wants a better deal with Canada. It makes sense that he would want auto makers and parts manufacturing to be done in the US. The Canadian dairy and lumber industries are just a distraction.

If there was ever a time to sell your home, this is it. Some have sold $1 Million over Asking.




Investment Rentals are Big Money — How About Rental Income Property?

Are you going to buy rental income property as an investment in 2018?  Check out cities in the US where there is a much better upside in profit. The US economy and housing market will be the top performer in 2017/18.

torontoforsale
Image courtesy of CBC — Hot Toronto Market Means Spending More

What do your realtor and local politicians say is happening in your local market in Toronto, Mississauga, Vaughan, Oakville, and York Region?  What’s their forecast? I’d like to know.

As we progress to 2018, emotions are going to run high as the critical factors you can read about below become intense. Could the Toronto economy collapse if home prices fall 20% (loss of taxes for governments among other fallout).

Below is an updated look at the March real estate market in the GTA. Recent trends show home prices are rising faster than any experts predicted. Will this be the excuse the government is looking for to upend the market? Or is demand for single detached homes simply too strong?

Government Values at Odds with the People and their Pocketbooks

Are the all too predictable actions of governments in Vancouver and Toronto foretelling what may happen in US markets such as Los Angeles, New York, Miami, and San Francisco? Is the battle over and treatment of land in all major urban areas simply an artificial means of inflating real estate prices or is there actually a land crisis?

If the Ontario government decreases available land for development, drives prices way up causing public furor thereby requiring draconian measures, will it end in a crash in late 2017? Will someone create a crisis to force a crash? We should be asking these questions if we’re investing or buying.

Scarcity of land is the primary driver of high prices in the Toronto real estate market. The biggest threat is unwise government manipulation.

BMO’s senior economist Benjamin Tal said in a Toronto Star report on October 14th, the Ontario Government’s Places to Grow program was primarily responsible for the fast rising prices in the GTA market. He also suggests other red tape factors worsened the situation. Prices in Newmarket, Markham, Mississauga, Richmond Hill, Bradford East Gwillimbury and Aurora have definitly crashed.

If land scarcity is driving prices up, then even a 15% foreign buyers tax and new mortgage rules for millennial buyers may not be enough to cool demand for housing or condos. The real factor may be the next recession, fueled by housing market mismanagement.

 

Please send this blog post onto your friends and neighbours because they should know as much about the Toronto area forecast factors as possible before they buy or sell.  It’s good to be helpful. Mistakes are painful.

March 2017 Price Index from Teranet – Index climbed right into August. October reports coming soon. Screenshot courtesy of housepriceindex.com.

What are the Causes of High Home Prices in Toronto?

The major factors that drive housing demand growth to Toronto: immigrant investors, better economy, low interest rates, increasing numbers of buyers in their home home buying years (millennials), and optimism all look on the upswing.  As mentioned in the Los Angeles Real Estate forecast post, here are the key factors that affect home prices:

Housing Demand – High overall demand – “all cash bidding wars” in some cases

Housing Supply – Throttled, supply is far from what’s needed

Developable Land – Throttled by government which is the single biggest factor

Builder Red Tape – Builders can’t build even if they have funding – high exposure to financial loss

Mortgage Rates – Continuing Low, especially in light of global economic slackening and with recent tightened lending rules

Down Payment and mortgage rules – these are being tightened this taking some pressure off of the purchase market and re-routing it to the rental market (people have to live somewhere)

Toronto Region Employment – moderate and remaining moderate despite Federal infrastructure

Taxes – rising quickly due to Ontario government and federal government spending

Buyer Income – moderate and not rising much

Home or Condo Prices – High and rising fast – out of reach for most buyers

Demographics – Millennials coming into family and home buying years and must begin to acquire their own living space

Number of Renters – increasing fast because of tight mortgage lending rules

New Home Construction: limited because of Green Spaces Act, but is a source of supply

Economic-Foreign Trade – Canada struggling and Free Trade agreements now being scrutinized because they don’t see to be working like they used to

Taxes on Sale of Home – huge tax burden for those selling in the city of Toronto

Some point to the Ontario government’s Places to Grow intensification plan as the major culprit in skyrocketing single detached home prices. Toronto condo prices haven’t risen like house prices have, yet condo demand is usually not spoken much about. It does look like a growing population want house to live in. A growing millennial family would certainly find it tough to live in highrise condos designed for adult living.

Share this post with your friends and clients. Everyone should know about the housing crisis factors and the economic spinoff from the Toronto Real Estate Market. It’s good and bad, but they should know the factors and help in the solution.

News posts in the Financial Post, Toronto Star, Globe & Mail, CTV, CBC etc, is often based on varied expert opinions and a few isolated market factors.  Why don’t we look at all the factors that comprise a realistic Toronto housing market outlook for 2017.

What are the Trends in Toronto Real Estate and New Housing?

Toronto Home Prices Historical
The only drop in Toronto home prices took place in 2008, in lieu of the great recession. Graphic courtesy of the Financial Post

ontarioeconomicforecast

ontarioconsumption

mortgage-rates-2006to2016

I’ve heard a number of convincing arguments for both a bubble and an extended period of growth in new housing development and resale housing price growth in Toronto. And I’ve heard before that money from China has no effect on the market, and from others, that today’s real estate market is driven by Chinese money. The banks and CREA just can’t get their stories straight and the media doesn’t report on how badly their forecasts were off the mark in previous years.

Was it All Driven by Chinese Buyers?

Fully 10% of new condominiums being built in central Toronto were going to foreign buyers, according to a survey released in April by the Canada Mortgage and Housing Corporation (CMHC); veterans of the city’s rough-and-tumble real estate market believe the vast majority are mainland Chinese investors  10% doesn’t seem like a big number and we’re told that Chinese buyers are only interested in luxury priced properties.

TREB’s own survey found that foreign buyers actually had little effect on the market, and it was the chilling effect of the fair housing act that destroyed what was a health Toronto real estate market.

foreignownership-toronto-cma
Graphic and data courtesy of CMHC

Strangely, CREA is forecasting a marked slowdown in housing start for 2017 to a flat market for Toronto, Mississauga and Vancouver. But they admit the market is still very intense. In fact, in my town, sold over-asking price stickers are on almost every sold sign. There’s not just a few bids on these homes, sometimes there are a lot. It would take a serious economic recession or government action to get rid of all those buyers. Given how troubled our economy still is, in Ontario, it’s unlikely any government would push it into recession.

If you can sell a new house for $600,000 or a Condo for $300,000, why wouldn’t developers be building as many as they can? With economic factors supporting growth, the problem must be political. A quick look at Ontario’s urban intensification plan might show us where the real core of the housing availability crisis and fueling high rent and housing prices.

A quick look at the US housing forecast and a small market forecast for San Diego tells you that the Americans are enjoying moderate growth now and all the way to 2020. That will help carry us.

In a low oil price world, the Toronto and Vancouver economies have benefited and that has to be the key factor.  And we haven’t benefited much because manufacturing jobs didn’t come back. In fact, even with the low loonie, jobs still moved to Mexico and China.

Expert Asks; Can You Believe Anything from Anyone Anymore?

We were told by the experts that the boom is only being experienced in Vancouver and Toronto, but the graph below tells a different story. If the US economy picks up, we could see all Canadian cities heating up.

Housing Demand Toronto Vancouver Montreal Calgary

The Usual Suspects?  Government

The upcoming jump in downpayment for mortgages will only hurt first time buyers who will still have to rent a condo or home somewhere, if they can afford it. There’s word the BC government may levy taxes against unoccupied homes and they’ve talked about harassing investors (background checks).  Of course, BC just levied the 15% foreign buyer tax and caught many unwary buyers offguard, resulting in extra costs of over $100,000 for some. That’s what happens when government starts meddling in markets – they don’t work anymore.

Ontario’s Urban Intensification Act appears to be colliding head on with the Greenbelt expansion plans by intensifying growth near the greenbelt areas and at the same time shrinking available land. Is this a wise move at a time of fragile yet positive economic growth?

Houses for Sale in the Sizzling Hot GTA Market

Housing markets such as Vaughan, York Region, and Central Toronto heated up considerably in 2017 and more people moving to these municipalities. No one looked at Aurora real estate in past years, but new housing developments, great lifestyle, along with a very limited supply of land within the town means speculators will be jumping on the bandwagon. Days on market for Aurora homes was down to 10 last spring — only Oshawa homes sold that fast, and for over asking price.

Homebuyers are willing to look beyond the green spaces belt, but they’ll look at Aurora, Bradford, Stouffville, and Newmarket first before heading north. The pressure from Toronto, Chinese, and Mississauga buyers should put much upward pressure on these regions.

 

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Home Selling Tips – How to Sell Your House for More | Growing your Selling Price and Buyers USA Canada UK

Home Selling Tips for 2018

Do we need home selling tips just for 2018? I think we do.

Our focus is 2018, the year of more competition and listings.  The economic circumstances, taxation issues, price trends, migration, create unique forecasts for each housing market in 2018. To sell at a good price in 2018, you’ll need some strategy and tactical sales excellence.

Even in the best cities, prices are flat and homeowners will have more difficulty persuading buyers or property investors to buy their properties.

The tax situation is less profitable, the US dollar is falling, new home construction is up, the stock market is wild, real estate investors wary, and the economy looks solid.

There won’t be a housing crash in New York, Los Angeles, Boston, Miami, Houston, San Diego, Seattle, and even the Bay Area forecast is excellent. All of these thoughts will be on buyers minds as they visualize a price for your property. If you keep the faith, then it comes down to what you can do to raise the perception of value to them. And these home selling tips should help greatly.




As you’ll read in the home selling tips, you can have your cake and eat it too. Let go of all the “compromise” talk and know that you can get the maximum prices your home, cottage, condo or land is worth. Everyone knows real estate is precious and governments are committed to constraining supply.

When is the Best Time to Sell My House?

Timing your home sale is important, and asking “when is the best time to sell my house” is a wise question. Make sure you know all the time related issues to seasons and the economic trends happening now.

How to Start a Bidding War?

At some point, you’ve quietly thought about how to start a bidding war. Selling at over asking price is common, but with top notch real estate marketing strategy and a knowledeable Realtor, you can ratchet up your selling price.



Tips to Sell at the Highest Price

These 14 tips to selling at the best price, are another view to your goal to get maximum value for your investment.  These are good times with prices high or rising and many babyboomers are enjoying how their house and property is fetching a good selling price.

Which Renovations Increase your Selling Price the Most?

When you’re planning the sale, you know buyers are hungry, but maybe during negotiations they cite how your house is not in good condition. Worse, maybe a good number of prospects online are turned off by its appearance? Instead of letting that happen, and just dumping your home on the market, you might discover which house renovations increase selling price. Make the most of your reno budget.



Should you Sell Your Home Fast or for a Higher Price?

Do you know how Realtors selling strategy? You have a choice when you’re working with a Realtor, whether to sell it quick or take your time with marketing and build interest to a larger pool of buyers. Most Realtors use a blitz type of selling strategy where they maximize the impulse or desperation of buyers.

They might push it all into one intense weekend showing where it’s organized like an auction. Buyers see each other want your home and they might get emotional and start ramping up their bids, well over asking price. It works and clients get the picture that the Realtor has done a fantastic job of creating buyers and whipping up frenzy.

However, if the property has all sorts of flaws, is in a weak neighborhood, and it’s not high season for selling, the home might not sell. If the quick blitz backfires, you could see your selling price rocket downward. Anyone can sell during high season, but the Realtor who can sell you house now, is a good one.

Online Selling Strategy

Should you hire an old school Realtor or the new digital savvy Realtors who use real estate videos and social media marketing? If your Realtor is a power online marketer, they may be able to build substantial visibility to targeted buyer audiences.

Consider getting that kind of Realtor, create a plan, and do a blitz over 3 weeks. The best buyer prospects will hang on if they know you’re doing a 3 week blitz. You won’t lose them and instead you could enjoy 3 times the buyers and bids (over that 23 day period). In fact, the collective effect on the final winning price could be staggering.

We’ve all seen homes sell for exhorbitant prices, even more than double the home’s value. You might want to tap into that craziness and get some extra money for your kids/grandkids education expense.

The above posts offer extensive home selling strategy and selling tips to help you reach a bigger, targeted audience, give them what they’re dreaming about, encourage more and higher bids, and help close the deal with a record high price. Hopefully, the media will report your selling success like you were a star Mega Millions winner!

 

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Seattle Real Estate Forecast 2018 Housing Price Predictions Condo Rental Prices

Seattle Real Estate Forecast 2018

Seattle Washington was rated the hottest city in America for real estate.  Migration (90,000 during a recent 12 month period), great jobs, and low availability of properties, is driving home and condo prices skyward.

Home prices were rising faster than San Francisco and the Bay Area and there’s plenty of talk of a housing crash in Seattle. With the new federal tax changes, some believe house prices will fall across the country.  So the question buyers and investors, and sellers too, is whether Seattle will be any different than the national housing trends through to 2020.

Being the home of Amazon, Microsoft, Boeing, Starbucks, Joint Base Lewis-McChord, Weyerhaueser, the Seattle region is a compelling place for business. and jobs.  The city is so prosperous and optimistic, buyers are certain to buy in the city.

An exodus of Asian and other International buyers from the Vancouver Real Estate Market has brought in an additional source of investors into the Seattle area. The forecast is for more foreign buyers taxes in Vancouver BC, so Asian buyers will Seattle, Redmond, Spokane, Tacoma and Bellevue alternatives.

Extra demand may come from Asian student housing buyers.

For rental property buyers, some are suggesting that there are still homes available in some Seattle neighorhoods. Those who know how to search for homes for sale might find that bargain.



The specter of a bubble crash is real however, so home owners would be wise to get a home evaluation and prepare to sell home for the highest price. If you’re considering selling, take a look at the best renovations to consider to generate more interest in your property.

Seattle’s job market is brisk and high paying.  The jobless rate is still 3.7% currently (up lately from 2.7%) and the $15 minimum wage rate isn’t enough to pay the rent. 50% of renters are feeling burdened by the rent they pay which may raise issues for landlords and property managers.

Seattle housing photo courtesy of flickr.com/photos/wonderlane/ Beautiful Seattle Home Seattle housing photo courtesy of flickr.com/photos/wonderlane

Strong population growth, a strong tech sector, diverse economy, educated workforce, enticing geography and diverse recreation opportunities are drawing more new residents at twice the national average. Seattle is consistently named as one of the best cities in America.

Festivities on Lake Washington

For property investors, rental income suites will be in continuous demand throughout 2018 and 2019.  For homebuyers however, the day may have passed to find an affordable home in Seattle. If that’s the case, you may want o investigation the Boston real estate market, New York Real Estate market, Vancouver Real estate market, Houston real estate market, or the Miami real estate markets.




Sizzling High Home Prices Continues

The demand in 2018 will push up sizzling high housing and condo prices and it’s raising talk of a housing bubble and crash. Experts are calling for futher growth from 2018 through 2021.

Yet is this any different than national housing forecasts for cities like Los Angeles, San Francisco, Miami, Boston, Houston, or New York?

The HappyHome Team Gives their Outlook on the market

Seattle Realtor Christie Kinneard provides a quick update of the Seattle market, and condos, and where there are opportunities. She is changing her price points on the market because luxury homes are getting expensive and it’s all scarce.

In fact, experts called for growth under 3% but Seattle has outpaced that by far.  This trend to underestimation might continue as experts aren’t getting the national trends or the demand from property investors.

Although new housing construction is growing nationwide, availability is squeezed, even in Washington State. And with a lack of construction workers, there won’t be any easing of detached home prices or rental housing here. And with some Asian and other foreign buyers being locked out of the Vancouver housing market, they’re finding Seattle is a great place to park their money.

Zillow’s Predictions

Zillow predicts home prices in Seattle will rise by 6.2% in 2018 and average home prices will hit a lofty $702,000 by the end of the year. With multiple offers the norm, sellers won’t need bidding war strategies to get a record offer on the table or worry about the best home renovations to grow ROI.

Seattle Neighborhoods Average Home Price
East Queen Anne $821,600
Downtown Seattle $676,500
Denny Triangle $551,600
Eastlake $549,500
Capitol Hill $543,300
Westlake $513,500
Belltown $443,400
Uptown $382,800
First Hill $364,600

Metro Seattle Cities Average Home Price
Bellevue $730,000
Redmond $675,400
Seattle $592,200
Lynnwood $392,900
Renton $391,800
Kent $327,200
Federal Way $308,400
Everett $292,000
Tacoma $230,600

Seattle Home Prices fastest Rising in the US

According to a report in the Seattle Times, Seattle’s home prices have been on a scorching pace in the last 12 months.

1. Seattle +13.2%
2. Las Vegas +8.6%
3. San Diego +7.8%
4. Detroit +7.2%
5. Denver +7.2%
6. Portland +7.2%

The Seattle market is hot so the question is whether you should be buying a house or renting an apartment? And is the right time for property investment?  Zillow reports that nationwide, there are 12% fewer homes available than last year.  And this past summer, homes for sale fell 21% from 2016.

Rents have skyrocketed accordingly. The current average rent price in Seattle is over $2600.

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Boston Real Estate Market 2018 ⌂ Home Price Forecasts Boston MA Metro Newton Cambridge Quincy

Boston Real Estate Market 2018

The housing market in Metro Boston is back on track and looking healthy for 2018.  A number of factors are driving this recent growth. The prediction is that prices will rise in 2018 as they will in most of the US housing market.

The reason for the unusual late season surge is due to a big pent up demand from homebuyers and plenty of foreign real estate investors. Low mortgage rates, a strong economy, and the inventory of homes for sale is bolstering sales.

The 1,101 single-family detached homes sold in October 2017 was the fourth highest sales total on record for the month and was a 14.3 percent increase on the 963 homes sold in October 2016 – GBAR report.

Home prices in Boston in October according to GBAR rose 8.2% and condos rose 6.6%. According to Zillow, home prices are forecasted to climb another 5% in 2018.



Home prices grew 3.1% over the last 12 months in Metro Boston and 7% in the city of Boston itself. NAR reports the average home price was $633,000. Zillow has the average detached house price at $544,000.

As the graphic below shows, prices have been rising fast since 2013. The trend looks the same for the next 12 months based on housing constraints, demographics, and a positive economic forecast.




This chart below courtesy of Realtor.com shows home price growth in Boston’s largest communities.

Town Avg Home Prices Average Home Price 2014 Forecast Price end of 2108
Newton $895,200 $723,000 $978,000
Cambridge $669,200 $515,000 $746,000
Somerville $559,200 $427,000 $622,000
Boston $504,200 $406,000 $584,000
Quincy $393,600 $330,000 $431,000
Lynn $276,900 $227,000 $335,000
Lowell $240,800 $200,000 $267,000
Brockton $232,600 $186,000 $272,000
Lawrence $218,000 $176,000 $254,000





Take a good look at this heatmap of rental prices, and it might give you a good idea of home prices as well. The further you go from Downtown Boston, the more likely you are to find affordable homes. Be forwarned of Boston’s congested, time consuming commutes to which I can attest are as bad as any.

Boston Home Prices Not all That Severe Compared to California

Too many reports have it that Boston’s real estate is extremely unaffordable, but take a look at prices in Los Angeles, Washington DC, and New York. Compared to the Bay Area and LA Home prices, Boston’s real estate looks very good, even for buyers.

See what’s happening in southen US cities: Miami Real Estate forecast , San Diego Housing forecast, and the Houston Real Estate forecast for 2018. And compare to the super hot city of Seattle Wa. Who is going to win SB52? SuperBowl 2018 Predictions.

Investors might want to review properties outside of Boston city such as Easton, Lawrence, Worcester, Lynn, Salem, Stoughton, Framingham, Brockton, and Dedham. They’re nice communities and there’s plenty of property to build on.




However, it looks as though home prices are about to rise in Boston. So the questions: “should I buy a house?” or “should I sell my house” in Boston aren’t easy to answer. To help with a sell decision, see the post on selling tips and on best renovation for ROI.

What Supports the Boston area Economy?

Boston has a strong regional economy bolstered by transportation, tourism, financial services, and increasingly venture capital. Boston is becoming the Silicon Valley of the north with major influx of funding for startups in FinTech, MedTech and EduTech. Ultimately, all decisions to buy a home in Boston relate back to the US economy, US housing market, and the Massachusetts economy.

Boston’s Powerful Economic Engine

Boston’s economy is a power house yet restrictions on immigration will retard its output. Retiring babyboomers (although many are continuing to work) and a full employment situation mean growth will be constrained by a lack of workers, including skilled workers from other countries.

It’s good news for workers in other cities and states who need jobs. If you can find somewhere to live in Boston, you should have little trouble finding a great job.

Employment and Wages in Massachusetts Will Rise in 2018

Good news for workers is that wages are expected to grow 4% which will result in higher home prices. The unemployment rate will fall to 3.7%. Higher costs for wood will push home prices up further. A good strategy might be to buy soon because all factors point upward.

The real estate market et al, is expected to grow 2.2%. All of this will heat up the Boston market making housing more unaffordable. And just like California, workers will be willing to relocate further from the city to buy what they can afford. And Millennials do want to buy homes or condos with their growing wages.

Finding a Home In Boston’s Many Neighborhoods

If you’re thinking of a move to Boston, you’ll want to scout out the most affordable neighborhood for you and your family. Prices vary a great deal. NAR reports these recent prices:

Area Units For Sale Units For Rent Median
Listing Price
Back Bay 172 324 $1,499,000
Beacon Hill 70 98 $1,200,000
South End 186 226 $1,295,000
Back Bay East 85 148 $1,550,000
Downtown Boston 100 165 $1,125,000
Brook Farm 64 31 $619,000
Back Bay West 52 118 $1,399,000
North End 59 104 $849,000
Telegraph Hill 61 105 $679,000
Columbus 74 82 $1,380,000
Washington Park 26 23 $549,000
City Point 60 74 $839,000
Columbia Point 56 89 $569,900
Shawmut 70 79 $1,399,000





With the Boston housing market looking so good for 2018, and with employment/and economic strength so positive, it might be a no brainer to move to Massachusetts in 2018.

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Miami Real Estate Forecast – South Florida Housing Market Spring 2018 2019 Predictions Sales MLS Listing Data

Miami Real Estate Forecast 2018 2019

The spring 2018 forecast for Miami and most of South Florida is very good.  According to the Miamirealtor.org, the spring outlook is bolstered by a strong US economy, growing tourism,  and strong employment.

Hurricane Irma is history and the rebuild is still underway and after the current lull, the growth will continue. And given a strong economy, rising wages, and that Florida’s no tax status is still alive, buyers and investors will find value in buying Florida real estate. See the Housing Market in Florida 2018 report.

According to Zillow, the average price of a home in Florida should rise to $221k by end of 2018 and the average price of a detached house will be $230k. Condos are forecasted to rise to another price to $169k. Compare these to home prices in Houston, home prices in Los Angeles, home prices in San Francisco, and home prices in Seattle, and you can see homes in Florida are a relative bargain.

After this winter and spring’s price dip, luxury home prices should rise back to an average of $392k.  In December, the market for condos and homes in the Miami Dade & Broward County region remained a little flat, although house prices have risen 7%.



October Sales: Miami existing condo sales increased in October and luxury home transactions posted double-digit gains as Miami real estate returned to normalcy after Hurricane Irma-related tree debris and power outages delayed inspections, appraisals and closings the past two months, according to a PR report from Miami Realtors.

The number of single-family houses listed fell 4.8 % (307 units) in October to 6,152 homes last month. New house listings fell 9.3% and those offered at less thatn $250,00o dropped severely.  That spells a housing shortage.

The number of condos for sale rose 5.6% to 15,222 listings during the same period in 2016.



Rental prices have been falling, so real estate investors will have to look harder to find good performing properties in Miami. The market for high priced luxury condos in Miami is suspect, just like it is in many luxury markets.  Moderately priced properties continue to be in high demand.

It looks like a buyers market for condos in Miami Dade County. This graphic below might tell you a lot about condo availability here in Miami.  This might be the time to invest in a Miami property.




The trend nationwide of course is to rising house prices due to constrained availability. The latest US housing report shows consistent strength in all major housing markets. San Francisco, the Bay Area and New York have lead the way with strong rises. Miami, Florida placed 9th in prices in the US, according to a report from Zillow.




The Miami housing market for 2018 and 2019 buyer profile are very similar to what you’ll see in the Boca Raton South Florida real estate market forecast.  Recent events have affected foreign interest.

The biggest event here to affect buyers, and therefore prices, is Hurricane Irma, and several other hurricanes that passed through.  If we’ve seen the worst of the impact, then housing is likely in for a good period from 2018 to 2019.

There was a lot of doom and gloom talk about the hurricane’s wiping out the South Florida economy, but it looks like they’ve already been a boon to it.  Perhaps money has been diverted from buying new and resale condos to reconstruction of homes in the greater Miami area?

Worried about the jobs outlook?

“After analyzing 52,866 job postings from Miami, Tampa, Orlando, etc., we found that not only has hiring rebounded it is actually surging dramatically beyond normal 2017 demand for at least 13 kinds of jobs,” said Kushal Chakrabarti, co-founder and CEO at TalentWorks of Berkley California. – from report floridapolitics.com.

Home Sales Prices Levelling Off

Home prices have consistently risen over the past year. The momentum look strong. Screen capture courtesy of Miamirealtors.com

On the other hand, a big decrease in cash sales show a traditional type of buyer is missing from the market right now.



Miami – Good Time to Buy?

Is this a buyers market?  2+ bedroom condos are decreasing in price and rents have fallen 1.5% in Miami. Contrast this with condo price increases of 8% to 9% in Washington DC, San Jose, and 13% in Denver Colorado and you have some perspective. Prices in Honolulu, Houston, and Chicago have plunged in comparison.

The real estate district of Miami includes the communties of Coral Gable, Cutler Bay, Doral, Homestead, Brickell, Medley, Miami Springs, Palmetto Bay, Pinecrsst, and Sweetwater. It doesn’t not include Fort Lauderdale which is a separate MLS board.

Check out the neighborhood profiles on Neighborhood Scout. They include price appreciation, demographics, and more for Miami’s best neighborhoods and all the districts.  Very helpful.

Looking to buy a condo or house in the Miami area? The typical buyer of homes in this region come from around the world, from New York and Toronto, to Dallas and Houston, to Dubai, Singapore, Beijing, Hong Kong, Sao Palo, Rio De Janeiro, to London UK. A good portion of buyers emanate from Venezuela, Columbia, Argentina, Brazil and Canada. Colombia consumers are mosted interested in Miami real estate this fall.

According to Miami Realtors.com, interest in Miami is strongest from buyers in

  1. Charlotte, NC
  2. New York City, NY
  3. Atlanta, GA
  4. Chicago, IL
  5. Los Angeles, CA
  6. Houston, TX
  7. Dallas, TX
  8. Auburn, VA
  9. Boston, MA
  10. Simi Valley, CA




NAR reports that almost 40% of residential property is purchased by foreign buyers.

Buyers Forecast 2018: The Miami’s Herald’s buyer survey revealed the buyers forecast that residential home values will fare over the next 12 months, 36% believe they’ll rise, a third think prices will remain flat while 21% believe they will depreciate.

You can discover more about Buying in Miami via the Buyer’s Survey from Miami Herald

Graphic courtesy of the Miami Herald

The Miami Herald undertook an informative survey of buyer attitudes and the opinions definitely point to the buy side.

Miami’s beauty, incredible climate, business opportunities and proximity to Europe and the Caribbean make it a key position in International business and trade. With condo prices subdued currently, now may be the time to pick up a bargain before prices rocket again.

Book mark this post and return next month for another update.



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Houses For Sale – How to Find a Better Home for Sale ⌂ Los Angeles Phoenix New York Texas Florida Illinois

Find Houses for Sale with this Super Strategy 

Shop online for groceries, car insurance, or houses for sale, you’ll get better results by searching. In the case of home shopping, you’re going to save tens of thousands of dollars and get the home you want in the neighborhood you want.

That’s the beautiful thing about the Internet — a boundless number of sites that compete for your business.  There is no one single source for condos and houses for sale. They all compete but they don’t cooperate.

Below is an integrated home search strategy that will your make your house for sale search quest exciting and help you find the best property. You can still use a Realtor, but with this you’re still in charge and your Realtor will have to work to represent you.




People have so many hopes tied to acquiring a house (and dream home) yet most homes available for sale are a poor fit and a bad investment. You don’t have to setlle. When you limit your search, you ruin your chance to be happy. Google is a great help. Lots of help in finding open houses. But first, create a home search plan.

Seriously? A Home Search Plan?

Those who don’t plan, plan to fail. A bad choice has such serious consequences in money and happiness.  Take your time. And some selection criteria are more important than others.  List the must haves in your search and don’t deviate too far from. Here’s a few examples:

  1. which specific zip codes or neighbourhoods are right for your family? Find zip code neighborhood ratings and eliminate those with high crime ratings, no green space, recreation, inconvenient shopping, poor roads and utilities, poor schools quality
  2. excessive commute times? (how much can tolerate?)
  3. what size home do you need? How many bedrooms and bathrooms do you need?
  4. age and condition of home? (headaches and heartaches)
  5. what price range do you qualify for? How much for house, how much for renovations to improve bathrooms or create open concept layout?
  6. what downpayment should you have? (private financing)
  7. what payments can you manage? (house poor and depressed?)
  8. what will you absolutely not accept? (bad neighbors, viscious dogs, radio, swearing, drugs, drinking; and now you’ll take your time to make sure these awful things aren’t next door to you and your kids.)
  9. how much capital gains will you need over ten years? (you’ll eventually sell this house)

Realtor Systems are for Creating Sales

You’re not a transaction, you’re a family with a future. Keep in mind that Realtor type systems aim to sell you a house fast, not to let you get picky.  They might not even know about recent crime in the neighborhood or the condition and cost to upgrade the home to healthy.

You may need to go online, or use social media listening tools to learn of bad things in the neighborhood. At some point, your kids will come to face to face with them.

  1. setup a separate, new email address for the house hunting project only
  2. find your own home inspector
  3. use all the home finding sources below

Check out the housing markets in Los Angeles, San Francisco, Seattle, Houston, Boston, and Miami. The Florida housing forecast should be of keen interest to northern retirees and investors weighing the value of rental properties.




It’s understandable that you want to get right at it, and search for a few possibilities online or just call a Realtor™. That’s not wise. It’s far better to create your own web of contacts and resources. This big machine will help you tap into the biggest pool of homes and leads. I have a collection of home search resources that will give you better results than any Realtor™.  And you’ll find 16 tips on homes for sale searching below too — a pro researcher’s process to help you scan for the best homes for sale online and select the right one. We’re going to get you on the sure path to your dream home — a powerful investment and a launchpad to a happy life.




Sharing is Good for Your Social Health

Please share this huge list of amazing property listing sites that have homes for sale below with your friends and family. Help them get the best and avoid the worst. This could be life saving!

Whether as a home or as a property investment income generator, you’re smart. It’s the one investment that creates additional streams of revenue from renters to solar roof panels to tax write offs.




With these tips and resources you can search and drill down to find the best homes for sale, including those not listed on the MLS. Google alerts can help you find new property listings that appear on websites, pages that aren’t very well promoted, because the real estate agent doesn’t want to spend money on Internet marketing.

Don’t rely on lazy Realtors — take massive action to find all potential properties for sale and work with winners.




17 Tips for Home Searching – Online and Offline

  1. visualize the type of home you want and avoid buying whatever the market has up for sale
  2. list your home feature priorities as a guide to keep you on track (e.g.,# of bedrooms floors and washrooms, square footage, distance to school or park, price point)
  3. research the best cities and zip codes with good schools, low crime rate, lower taxes, and lower density
  4. check out the home price history in the city, neighborhood/zip code, comps for similar houses, and the frequency of sales in the neighborhood
  5. do an online search of the street, neighbors, and see what comes up
  6. get preapproved and know how much you qualify for and how you will manage paying the home loan payments for years — don’t waste time searching for homes $100k above your budget
  7. search for the best mortgage deal online – don’t get stuck with a local mortgage agent who sweet talks you into a less than ideal solution
  8. find a good home inspector you can rely on to give you the best insight into the home’s condition
  9. search online for a good realtor, and do not just call one and settle — ask questions about experience, marketing skills, sales and negotiation experience, references, communication skills, and check their website out thoroughly — is this someone who is really into being a Realtor?
  10. connect with many different Realtors since each of them have their own connections and opportunities — the more the better
  11. search online using a variety of sources and get alerts from many Realtors and Google alerts on new properties
  12. before you go to a showing, create a spreadsheet chart that lists each feature you must have and below some nice to have’s and give them a 1 to 3 rating each – bold the top 3 must haves.
  13. measure your furniture and list them on a piece of paper and when you arrive at the home, sketch out the home layout and its dimensions – you can review them later when you have more time to think about everything you need in this home — don’t be impulsive but instead be critical, because if you like it, you’ll get your endorphin boost later
  14. pretend you’re a home inspector and walk around the property and the neighborhood — get a feel for this location and whether you feel comfortable, and take note of the attitude of your neighbors — you’ll be seeing them often
  15. take lots of photos inside the home – zoom in on the kitchen, bathroom, so you’ll have these for future reference when you’re comparing homes
  16. ask to see the actual tax statements and utility bills
  17. check the homeowner’s social pages and Google them thoroughly




Is the home you’re searching for Tech Friendly?  Even Millennial aged buyers forget this factor when attending open houses or showings. Tech-friendly is in.

Infographic courtesy of Porch and https://www.pinterest.com/pin/569142471629698008/

Before you buy, make sure you learn more about the housing market, (e.g., Los Angeles, San Diego, New York, San Francisco, Phoenix, Dallas, Charlotte, Seattle, and Vancouver). These are exceptionally hot markets where you’ll find high priced properties. For other lower priced markets see the cities page. Learn more about cities at city-data.com.

 

Best Places to Search for a Home

Looking in all the wrong places? There’s a cure for that — the right places. Take your time and peruse all of these so you craft a better understanding of the home search process.




  • Homes for Sale in Los Angeles – Search for dream properties in LA – owners list in Dream Homes Magazine to reach the wealthy clientele.
  • Homes for Sale in San Diego – Dream Homes has the best coverage of San Diego.
  • Luxury Homes for Sale above $10 Million+ For the world’s wealthiest 1%, Mega Dream Homes is the place to visit. Find a super luxury home real estate agent.
  • Homes for Sale in New York – Zillow is one site you need to use more often. They operate outside of the MLS system and can help you find additional properties.
  • Homes for Sale Silicon Valley CA – Sothebys has its own set of luxury home listings in the lucrative market in Silicon Valley.
  • Homes for Sale San Francisco – Century 21 is yet one more channel to search in the scarce San Francisco market.
  • Luxury Homes for Sale San Jose CA – Luxury Portfolio has additional opportunties you should get connected with.
  • Homes for Sale Seattle – Redfin could be an aid to your search in 2017.
  • Find new homes for sale in Canada at Buzzbuzzhomes.
  • How about a new home in Phoenix via the New Home Source?
  • Check out Boston’s hot home market with Coldwell Banker Realty
  • Search for Bargains in Calgary Alberta – The Saudis are already jacking up the price of oil and guess who has oil? Calgary Home Boys know the Calgary market.
  • Movoto is yet another resource to help you find homes in Chicago.
  • Homes for Sale Salt Lake City – How about Ziprealty for a unique selection of properties.
  • Denver Home search – should foreclosures be a part of your search?
  • Condo investments in Miami – Are condos good investments?
  • I wouldn’t recommend Craiglist real estate to find Atlanta homes for sale right now, however in a few years, it might be a relevant source.
  • How about searching an FSBO site for Homes for sale in Denver?
  • Find a home in Houston with Better Homes and Gardens
  • Dallas homes searches using an auction service?
  • Keller Williams is yet one more search option in Philadelphia
  • Search the scarce listings of homes in Vancouver for sale on Point2point.
  • If you’re patient and want a lower initial investment point in your home investment strategy you could keep informed with distressedpropertiessale.com
  • Find the best bargain properties via the Times Picayune in New Orleans.
  • Looking for investment property in San Antonio? Asking an experienced income property investor could be helpful.

 




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Bookmark this page and return for further housing market forecasts, predictions, expert opinions and market data for most major US cities including  Los Angeles, Phoenix, Denver, Seattle, Chicago, Boston, New York, Dallas, Houston, San Antonio, Austin, St Louis, Minneapolis, Green Bay, Charlotte, Tampa, Miami, Orlando, Toronto, Vancouver, Montreal, Ottawa, Oshawa, Hamilton, Newmarket/Aurora, Richmond Hill, Oakville, Calgary, Kelowna,Mississauga, Anaheim, Beverly Hills, Malibu, San Diego, San Francisco, San Jose, Fresno, Santa Clara, Sacramento, Mountainview, Palo Alto, Portland, Washington, Atlanta, Irvine, Nashville, Sunnyvale, Salt Lake City, Riverside, Rancho Cucamonga, Costa Mesa, Thousand Oaks, Simi Valley, Raleigh, Albuquerque, Glendale, Oceanside, Long Beach, Huntington Beach, Carlsbad, Santa Clarita,  Henderson, Mesa, Temecula, Kirkland, Redmond, Kansas City, St Louis, Stockton, Scottsdale, Palm Springs, Indianapolis, Columbus, Colorado Springs, Fort Worth, Chula Vista, Escondido, Santa Monica, Miami Beach, and Honolulu.

Real Estate By Zip Codes

Search Homes for Sale By Zip Codes 

Real estate investors and home buyers alike are becoming a little more savvy about searching for good investments and properties in the best cities.

Searching for properties via zip codes adds variety and a new perspective to your home search or pursuit of that great income investment property. You want the real picture, and you may access new and needed information searching by zip code.

While you can search by State, County, City, neighborhood or suburb, a search for homes by zip code lets you zoom into those neighbourhoods you are most interested in, not some general category such as Denver, Seattle, Houston, LA, or New York, which is actually confusing.




Zip Codes are a Great Way to Search for Homes

  • drill down into the neighbourhoods that matter
  • find additional information is available only in relation to zip codes (census and marketing data)
  • zip codes let you see community boundaries easier
  • breakdown of important features via zip code
  • lots of deep demographic info available on zip codes because shoppers give their zip code when buying locally at retail stores
  • gives you different search results




Zip codes give us additional cues or signals about homes for sale, neighborhoods, potential, forecasts, and home price trends in the areas we’d like to invest. Zip codes are used by car insurance companies when quoting rates, and Facebook uses zip codes to target ads just to you.

Nielsen Research has a demographic profiling service which marketers use, based on zip code. It provides lifestyle, income, age and other info on the residents in those zips.



zip code researrch

In this previous post, you learned the top 80 best cities to invest in income properties. Great info for investors who want the best zip codes across the US for a return on investment. There are over 32,000 zip codes in the country, and according to research from realtor.com, there are hot zip codes to pay attention to.

Of course you may not be an investor, and instead are looking for homes for sale in specific communities (zip codes) and you can search with the search box below. Begin with a city and then drill down into the specific zip code you’re interested in. Then all you need to do is find the best time to buy a home in your city.




Any sharp real estate investor knows to look beyond their own city or town to look outward to other cities where property values are rising, where the local economies are strong, and where further positive growth factors exist.

Yes, you’re more interested in the houses and condos, but don’t forget that homes are about lifestyles, neighborhoods, local shopping, schools, medical services, transit, safety, green space, and the economy.  A bad neighborhood can ruin a good home.

Searching aimlessly for homes? Frustrated, demoralized, confused?  You need to get focused and avoid wasting your valuable time.

 

Homes for Sale – The Ultimate Home Search Source

Share the Home Finding Machine — the ultimate source for searching for Homes for Sale anywhere in the US or Canada. Help your friends find their dream home.




7 Factors that make the Best Zip Codes so Attractive for Investors

1. home prices are projected to rise faster than other areas
2. positive outlook for employment
3. local economy is predicted to be better than other areas
4. more of the right properties are available
5. there is a strong housing shortage in that area
6. there is a strong commitment to neighborhood improvement
7. there are good schools nearby

Best Real Estate for Investors – By Zip Codes

Realtor.com conducted some research recently to find the best zip codes in the country. They chose a stat you might think is insufficient as a guide to invest — solely on demand.  Their list is based on a) the time it took properties to sell, and b) how frequently homes are viewed in each ZIP code.

There are other factors that go beyond current demand such as overall housing forecasts, specific features, crime rates, commuting time, types of properties, and more which will impact whoever rents your property or buys it.




Here’s a cool graphic from homesnacks.net that you’ve probably never seen before. It maps out all the zip codes according to these factors:

  • Population Density
  • College Degree Holders
  • Unemployment Rates
  • Household Incomes
  • Short Commute Times
  • Home Values

Looks like they give the thumbs up to Seattle, Southern California, Wisconsin, New England, and the core of Texas.

That’s a different ranking of zip codes, and it may help decide on, or avoid investing in properties in specific regions.



Realtor.com’s top 50 Real Estate Zip Codes:

Rank ZIP Code Community, State
1 76148 Watauga, TX
2 94523 Pleasant Hill, CA
3 80233 Northglenn, CO
4 80916 Colorado Springs, CO
5 78247 San Antonio, TX
6 94954 Petaluma, CA
7 2176 Melrose, MA
8 63126 Crestwood, MO
9 97222 Milwaukie, OR
10 92104 North Park, CA
11 40242 Louisville, KY
12 66204 Overland Park, KS
13 48072 Berkley, MI
14 95123 San Jose, CA
15 37214 Nashville, TN
16 78749 Austin, TX
17 94585 Suisun City, CA
18 14625 Rochester, NY
19 49508 Kentwood, MI
20 58103 Fargo, ND
21 46804 Fort Wayne, IN
22 95678 Roseville, CA
23 43214 Columbus, OH
24 95376 Tracy, CA
25 98105 Seattle WA
26 83705 Boise, ID
27 68144 Omaha, NE
28 27511 Cary, NC
29 90230 Culver City, CA
30 93906 Salinas, CA
31 59102 Billings, MT
32 93004 Ventura, CA
33 67209 Wichita, KS
34 80603 Brighton, CO
35 95062 Santa Cruz, CA
36 32707 Casselberry, FL
37 95368 Salida, CA
38 93720 Fresno, CA
39 50010 Ames, IA
40 14150 Tonawanda, NY
41 28273 Charlotte, NC
42 30269 Peachtree City, GA
43 55423 Minneapolis, MN
44 53005 Brookfield, WI
45 23226 Richmond, VA
46 66617 Topeka, KS
47 75495 Van Alstyne, TX
48 33624 Tampa, FL
49 7066 Clark, NJ
50 80501 Longmont, CO




Zip Codes with the Lowest DOM

According to Realtor.com, it takes 53 days less to sell a home in the top 20 markets. That means these zip codes are in much greater demand.  Will this demand continue through the next 10 years? The answer to that tough question might be found in state and region migration trends, demographics, types of industries, and other economic data, such as I discussed in the San Diego and Los Angeles and San Francisco real estate forecasts.

Investors might be very focused on where millennial aged buyers/renters might be living and where they’re likely to move to. Places like Longmont, Colorado might be head scratchers, however these might be very attractive locations for younger buyers.




For example, the migration away from Silicon Valley in California is one such trend that could last 10 years. The San Francisco, San Jose, Santa Clara region has all the earmarks of overheating such as in-migration, positive economic outlook, and a lack of residential land.

Any towns such as Pleasant Hill (#2) and Petaluma (#6) and others in between Sacramento and San Francisco could have huge potential for price growth.

For those interested in sunny California, take a look at Realtor.com’s hottest markets index in this graphic below.  Look deeper for specific zip codes and neighborhoods that have the best potential. Think 5 years ahead.

California’s Best Zip Codes

Once you’ve found the best zip codes to buy real estate in, you’ll need some guidance in how to actually carry out that investment. You might want to look for property investment experts who have the insight into all the nitty gritty stuff you’ll be encountering.

Search for a Home Via Zip Code

Major real estate web sites are still behind the times when it comes to zip codes.

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Vancouver Housing Market Forecast 2018 ⌂ Richmond Burnaby City of Vancouver Surrey Richmond BC

Vancouver Real Estate Market 2018 and 2019

Prices were up and sales were up, and listings are down in the greater Vancouver housing market last year.

GVREB reported that the MLS® HPI composite benchmark price for all residential properties in Metro Vancouver
finished up 15.9% at $1,050,300 compared to December 2016. Home listings rose 44% over 2016, and sales to homes ratios hit a whopping 14% for detached homes, 38.8% for townhomes, and 59.6% for condominiums in greater Vancouver.

While there’s much talk about the depressing effects of Federal increases in interest rates and stress tests, it remains to be seen if it has any impact on the market, since those affected are unlikely to qualify to buy Vancouver’s high home prices anyway.

The December home market sunk by a whopping 28% from November’s totals and this will hardly spur new home development. It’s likely price pressure will return later in 2018. In fact, Phil Soper, President of Royal Lepage brokerage says Royal LePage predicts prices will rise 5% to 6% to $1.3 million on average across all home types in Greater Vancouver.




Just as in the Toronto real estate market, the condo market is where the focus is. That’s due to prices and the fed’s new stress test mortgage rules. With everyone bidding on lower priced condos in both cities, we should see big price increases, especially as borrowers hunt for new mortgage financing. Demand can disappear for a while, but it will return because so many people need a place to live.

Richmond and New Westminster bucked the downward trend with price growth of 2%. Richmond, Squamish, Whistler, Coquitlam, Burnaby and New Westminster also saw gains in apartment/condo prices in December.

December also saw the lowest level of home listings. The 20% decline is scary, making a 2018 housing forecast for Vancouver difficult.

Valiantly, Vancouver home builders are building multi-tenant buildings yet it looks like a losing battle. They issued permits for 263 units for all of Vancouver in October. It’s a market that’s run out of gas but the prices haven’t declined as governments had hoped.

Are you looking for good opportunities for rental income property? Or just wondering when the best time to sell your home in greater Vancouver? Take a look at the best best renovation ideas and plan your selling strategy.




The Vancouver housing market is reflective of a strong BC and Canadian economy and the outlook for spring 2018 is positive too. As the King of unaffordability, Vancouver is suffering from a crushed housing market, big immigration, increased global trade, growing poverty and stagnant wages. The monthly stats send the same message each time.

This same situation exists in the Toronto housing market which is enjoying a stronger fall season as well. In fact, a few are sensing the beginnings of continued housing boom after a weak late winter 2018 season.

The Real Estate Board of Greater Vancouver (REBGV) reported that sales of detached, attached and apartment properties reached 35,993 on the Multiple Listing Service® (MLS®) in 2017, a 9.9% decrease from the 39,943 sales recorded in 2016, and a 15% decrease over the 42,326 residential sales in 2015. — from GVREB 2017 Year Report.




Vancouver remains perhaps the most unaffordable city in North America based on home price vs income. With new mortgage rules coming in 3 weeks, more Vancouverites will find themslves stuck in the rental market which is also not getting any better. Ask any post secondary student about housing.

The sales to listing ratio for the all important condomnium market was an astonishing 68%, up 7% since September. Cheap condos are hot, and going for way beyond what they’re actually worth.

Check out Realtor Steve Saretski’s November report and this key revealing graphic that foretells of 2018 and 2019 markets:

Maple Ridge and Port Coquitlam had big prices increases of 3.8% and 4.2% price growth in apartments. Single family houses in Squamish grew 3% in price this last month.

Share this report on Facebook. Sharing is good. People need more perspective because what’s being done in the Vancouver market is not working.

Given the fate of the Liberals, the NDP government may not be too eager to go the market killing route. However, the new plan being proffered by the Gregor Robertson’s city government, may be the thing I’ve commented on many times – that governments start economic and housing crashes, not the markets themselves.

Robertson is quoted as complaining about Vancouver’s amazing prosperity as “hit us like a ton of bricks.”  Those aren’t the kinds of words investors and homebuyers want to hear.

But should a local mayor be fiddling with strong global and national economic forces? Is he way overmatched, just like Wynne in Ontario?

One outrageous goal for Robertson may be to restrict ownership of Vancouver real estate by non residents. Seriously, in this era of open trade, he is actually considering it. Maybe Robertson will opt out of all trade deals and cross border business too since that just fuels demand for real estate?



It could be BC voters have learned that despite terribly high prices, that the BC economy is more important. And the strong Canadian economic forecast will push house prices higher. The solution is big investment in housing not in meddlesome government actions. When a politician fusses with administrative red tape, he’s telling us a lot.

The Need is for More Housing

Breaking News: PM Justin Trudeau has just announced a program to bring in one million new immigrants over the next 3 years. How many will choose Vancouver?  The influx will almost certainly impact Vancouver’s housing availability. Most newcomers are to come from Asia. Many immigrants are already here as students and there’s no housing for them.



House and Condo Stats in November

Sales in Vancouver were up 7% from September and up 35% from last October. Prices rose .5% over September and  12% over October 2016. Buyers have more million dollar homes (up 14%) at an average price of $1.6 million and a DOM of 41 days. Vancouver condos / townhouses prices 14%) in October. The sales to active listings ratio was an incredible 67% in October. Prices rise when that ratio surpasses 20%.

Experts believe rising mortgage rates and more restrictive stress tests will deflate the market. Fewer middle class earners will be able to qualify. That will put more pressure on the Vancouver rental market which is approaching zero vacancy rate. Incredibly, housing starts are down  and that will put upward pressure on the resale market.

BCREA in its 4th quarter report, forecast home sales might decline 10.4% to 91,700 units in 2018, after an expected 8.8%. A record 112,209 unit sales were recorded in 2016.  But these drops in sales are just drops in financial transactions. Prices of condos and houses aren’t falling.




It would be difficult to rationalize lower prices given a strong, growing economy and a lack of housing in Vancouver.

It’s All About Condos in Vancouver, Burnaby, Surrey, and Richmond

Demand for places to live and for investment properties is being funneled into the Greater Vancouver condominium market.

As of the first half of this year, HPO had received registrations for 1,788 new Vancouver condos, down from 2,488 units at the same time in 2016 — from a report in the Vancouver Sun.

Homes for sale scarcity combined with eager buyers, means demand is being focused on condos, townhouses and apartments. 3043 property sales were recorded in August 2017 which was 2.3% increase over July’s numbers. And it represented a 22% increase over August 2016 sales.




Condo Sales Driving Vancouver’s Market

While sales of detached homes dropped in August 2017 compared to July sales, and compared to August 2016 sales, Vancouver condos are in hot demand.  More than 4200 condos and townhouses were listed for sale in August. The decreased availability and rising prices are putting big pressure on International students studying in Vancouver.  UBC has 6000 students on their housing waitlist. Huge investment opportunity in foreign student housing.

Are you an investor? The August 2017 sales report shows townhouse/condo/apartment prices are rising fastest in Pitt Meadows, Squamish, Port Coquitlam, Burnaby East and Whistler. Mapleridge saw a big increase in apartment prices likely because the average price is only $252,000.

REGBV’s August 2017 report shows home and condo prices are rising. Any home for sale in Metro Vancouver between $350k and $750k are still subject to multiple offers. The big change is in the number of Vancouver area homes for sale which plummeted 19.2% since last month. Overall, the number of properties for sale dropped 4.2% since last month.

Check out the Calgary housing forecast and the Toronto housing Market for comparison.

REBGV President Jill Oudil stated the detached home market has achieved a balanced state and that buyers have more homes to choose from. That may contradict the reality that the volume of homes available for sale has plummeted. The truth might be that there are fewer buyers of homes above $750,000 which comprises most of the homes in Metro Vancouver. It’s a split market like Toronto.

The Federal Government has just raised the prime lending rate to 1% and hinted at further rate increases, and this will likely cool demand for higher end homes. The demand in Vancouver is still present, and the buyer target is condominiums.

Vancouver is host to tens of thousands of foreign students studying here, and they have an impact on condo prices. Currently companies such as CIBT specialize in student housing investment.  They purchase properties such as hotels to fill this big demand in a Vancouver housing market that is near to a zero vacancy rate. Check out the student housing investment opportunity yourself. The forecast here is for more demand.

Vancouver’s Housing Forecast Remains Positive

The last 8 years have been a real awakening for the city of Vancouver and for the rest of BC.  BC is now is perhaps the hottest province economically in Canada. This has spurred tremendous construction, entrepreneurial, and employment opportunities.  The demand for housing speaks for itself.

The BCREA reports that housing starts next year will jump dramatically. However, is 2,000 more units sufficient to quell the overheated market for rentals and buyers?

Screen Capture Courtesy of BCREA

This new tax, good for the BC government, may squash employment growth as Asian buyers look to live and buy elsewhere. Although this is a downer for Vancouver, it’s brightening the forecast for Calgary and theToronto housing market, where new investment is predicted to grow. Judging by the number of people visiting my site looking for info on Toronto, the demand is changing.




Post tax implementation: The average composite price for a Vancouver home was $938,000 in July which is still 33% higher than one year ago. The BC government has its worked cut out for it. The BC provincial government was already collecting $1.6 Billion dollars in taxes and the new tax will create a ridiculous opportunity for government spending in 2017. Do you cheer or jeer?

Here’s a look at the historical price trends in Vancouver contrasted with Toronto pirces. You can see the Toronto real estate forecast here.

The total numbers for July and August of 2017 haven’t been reported but we’d have to guess at $10 Billion for the two months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver totalled 2,489 in August 2016, a decline of 26 per cent compared to the 3,362 sales in August 2015; 10.2% fewer than the 2,771 sales in August 2014; and 1% less than the 2,514 sales in August 2013. August 2016 sales also represent a 22.8% decline compared to last month’s sales. –  From the latest market report from REBGV on Sept 2, 2016.

The forecast is for fewer sales and perhaps lower prices, yet because of the foreign buyers tax, it might look more precipitous right now than it actually will be.

bcreasales2017f

Regarding Vancouver condos, it looks like demand has slackened for cheaper accommodation and apartments and condos. REGBV said “Sales of apartment properties reached 1,602 in July 2016, a decrease of 7.3 per cent compared to the 1,729 sales in July 2015. The benchmark price of an apartment property increased 27.4 per cent from July 2015 to $510,600.”

BC Economic Outlook

Although employment growth and GDP will moderate, BC residents and homebuyers will have much more disposable income. These facts plus an expected 5.5% rise in retail sales will definitely perk the attention of businesses everywhere.

bcreaeconomy2017f

Running out of Land in Greater Vancouver

BC lower mainland real estate is doing well, in stark contrast with Northern BC which saw its sales volume drop 8% and total sales volume drop by 25% compared to January 2015. It will be much worse in August and September.

The Greater Vancouver area saw its sales volume rise 73% to $2,788,099,000.  That was actually overshadowed by the 101% rise in sales volume in the Fraser Valley year over year in January.  The valley had a growth of $427 Million. Chilliwack and Powell River saw significant gains too, as affordability issues are forcing more BC residents out into the burbs.  The condo market in Vancouver showed a shocking increase of 50% year over year.

What it means for BC is a rare moment of sunshine where it is leading Canada in prosperity. Add that to BC’s more progressive and optimistic culture, and you’ve got an exciting mix. We can only hope it will last for a few more years before the Conservative wet blanket kills the party.

Vancouver Island enjoyed 50% growth in sales volume and the city of Victoria grew in sales to $260 Million in January. The south Okanagan region had a surprising growth of 44% in sales volume as well. It’s hard to argue that the Okanagan has not benefited from real estate and migration.

mapoflowermainland

Yet, this market isn’t the hottest on record for BC, which was even more heated in 2005. Should this non-record high real estate market be snuffed out?

While politicians are jumping to suppress sales in BC, no one can argue that the deluge of real estate investment money is creating unheard of opportunity in Vancouver. The province is drawing migrants from Alberta and Saskatchewan who are looking for jobs at a time when Alberta is facing its biggest crisis ever. The worst hasn’t even hit Alberta yet, as oil sunk to touch $25 a barrel last week.

As far as the shadow flipping controversy is concerned, some believe the privacy issue in transactions will ensure the practice of flipping will continue unabated.  Others suggest the inflow of Chinese funds into BC will be terminated by the Chinese government and price rises  would then abate.

What is Shadow Flipping?

The Vancouver real estate forecast is glowing and is not headed upward, and Vancouver’s economic resilience has been tested by low commodity prices. Still, these good times never last so BC residents should revel in their wealth of opportunity. It’s a good time to be an entrepreneur in Vancouver.




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Are you a Vancouver real estate agent selling condos in Vancouver or detached homes struggling with online exposure? You’ve come to the right place. Have a good look at the best realtor digital marketing program available anywhere.

* BCREA is the professional association for over 19,000 REALTORS® in British Columbia Canada. BCREA focuses on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Houses for Sale in Miami Florida | Fort Lauderdale Miami Beach Homes

Houses for Sale Miami

Looking for a home in the Miami , Boca Raton or elsewhere in Florida? Perfect, because the houses for sale widget from Zillow below will lead you to a selection of nearly 1000 detached properties.  Whether to live in or invest in, houses in the Miami area are in high demand.

From Coral Gable, to West Miami up to Boca Raton to Miami Shores, you’ll discover a wealth of extremely beautiful Florida homes, the kind everyone dreams about. Prices range from $239,000 to $8 million or more. It’s not quite correct to say you can’t find a home comparable in quality to Los Angeles, San Francisco, Phoenix or Denver. Search hard with a good home search system, and you might find a gem.

Realtor.com has an incredible 7,000 homes for sale on its site, about a quarter of all property listings. Zillow has about 1000 detached home listings. Currently, the average home listing price is just over $400,000.




Typical beautiful House For Sale in Miami

Spectacular Waterfront home in beautiful Miami Beach

Real Estate Investment Opportunities

Are you looking at houses for sale as a rental income opportunity? The ROI is tremendous in a number of cities including Miami. You may want to look north to Canada as well. The Toronto real estate market and Vancouver real estate market are ripe with income potential. The condo market in Toronto, Vancouver and Mississauga is very promising.  Take a look at pre-construction condominiums too.

Los Angeles, San Francisco and San Diego California are excellent rental markets, however the cost of the property might make you think twice.  See this video from a real estate investment advisor on properties with a high return potential.

Of course real estate investment is always speculative so ensure you have a professional advisor to weigh in on your choice.  Don’t limit yourself to your own location.  Most often, the best returns are in another city or perhaps another country.

 




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Toronto Condo Market Report – Update and Forecast 2017 2018

Toronto Condo Market Forecast 2018

While the Toronto housing market in 2018  is overshadowed by severe house supply shortages and ultra-high prices the condo market in Toronto and Mississauga is an attractive alternative for young buyers.

Sales of condos particularly in the under $500k market are rising and prices have risen as well. The latest Toronto condo market sales report from TREB has ben released. While TREB doesn’t publish stats on the condo market specifically much anymore, you can see the averages for each district below.

Toronto Central, Milton, Oakville, and Peel region continue to enjoy strong market demand while other areas have seen a decline in price since last fall.

The new mortgage rules now enforced means many buyers will only qualify for a much lower mortgage.




You likely have your own opinions about government meddling in the markets, however such interference can be a housing crash factor in itself.

Should you invest in a new or resale Toronto condominium? The Canadian economic Forecast and Toronto economy in particular look very good. That means condos new and old will be in demand next spring from fully employed buyers who have had time to save the big downpayments and meet more stringent lending stress tests.

As mentioned in the Toronto housing report for October, prices for Toronto condos are up 24.5% in the city of Toronto year over year.  Some of this rise is due to the coming mortgage chages. If you need a monster mortgage, you need to get hopping and call a real estate agent.

The issue of whether to buy is one of affordability for Millennial-aged buyers and as many are saving, there will be plenty of demand next spring, putting upward pressure on prices.

Millennials Are Driving The Toronto Condo Market

They’ll need more creative mortgage financing and improved condo searches to find something they can afford. Although the mortgage changes in 2018 will put an extra burden on them, and force them to stay in the rental market, they will likely have more money in the spring to buy a condo.

There’s big investor demand for condos too. Student housing is in a severe crunch in Toronto and Vancouver. Investors are well aware of the rental potential of condos and many may be investing in the Vancouver condo market and here in Toronto because of so much rental demand.

If you can’t earn a profit on capital appreciation, you can still make it on rental income.




Toronto Rents Are About to Rise

A report from BNN shows how rental income properties, including condos in Toronto. See where the big rents are.

Why are Toronto Condos such a Draw?

Toronto Condos offer higher cap rates and a larger growing pool of potential renters and buyers. And at this point with severe shortages of detached houses and townhouses, buyers are buying condos. Barry Fenton, President & CEO of Lanterra Developments, a major condo developer suggested Toronto Condo prices could could have risen 40%. They have reached 20% over this time last year.  The detached housing shortage is still alive.

When foreign investors look to escape their own country’s currency nightmares and leverage our weak loonie, they like the Toronto market. Note: If you’re a foreign real estate investor, people often refer to Toronto as being the greater Toronto area encompassing Oakville, Mississauga, Vaughan, Richmond Hill, Scarborough, East York, Pickering and even out to Oshawa. The Newmarket, Bradford, and Aurora regions are included in TREB’s housing sales reports.




Toronto Condo Prices 2017

TREB District Toronto Condo Prices March 2018 Toronto Condo Prices October 2017 Toronto Condo Prices Sept 2017 Toronto Condo Prices August 2017 Sept 2016 March 2012 Price Change over Last 17 months
City of Toronto $651,100 $555,004 $554,069 $550,299 $561,376 $361,800 13.78%
Toronto West $494,400 $446,794 $450,485 $434,218 $487,061 $286,366 1.48%
Toronto Central $656,000 $620,322 $615,654 $615,680 $682,427 $422,396 -4.03%
Toronto East $411,000 $407,775 $395,859 $403,028 $467,689 $237,909 -13.79%
Halton Region $465,300 $478,611 $519,348 $528,579 $485,128 $442,625 -4.26%
Burlington $520,300 $553,029 $514,755 $476,222 $497,800 $370,667 4.32%
Halton Hills $486,300 $516,450 $294,500 $446,971 $381,017 21.65%
Milton $432,000 $413,808 $418,219 $427,594 $406,300 5.95%
Oakville $442,100 $419,438 $606,131 $523,507 $513,682 $485,800 -16.19%
Peel Region $423,600 $389,587 $385,588 $395,188 $461,830 $433,780 -9.03%
Brampton $360,000 $354,618 $336,091 $350,401 $374,596 $351,500 -4.05%
Mississauga $435,000 $395,683 $393,441 $402,344 $485,240 $453,250 -11.55%
York Region $507,000 $495,973 $481,138 $500,456 $544,528 $537,903 -7.40%
Aurora $477,000 $608,750 $562,500 $685,874 $532,785 $525,000 -11.69%
Markham $509,000 $503,796 $486,369 $503,455 $554,643 $527,518 -8.97%
Newmarket $536,000 $416,260 $444,250 $400,340 $496,125 7.44%
Richmond Hill $475,400 $452,319 $446,505 $470,076 $542,470 $596,667 -14.11%
Vaughan $531,000 $532,144 $513,618 $521,400 $593,725 $554,211 -11.81%
Durham Region $407,800 $399,687 $365,297 $376,250 $317,855 $274,350 22.06%
Ajax $396,000 $337,317 $397,125 $379,431 $378,180 $281,688 4.50%
Oshawa $358,000 $302,333 $226,347 $315,075 $243,000 $210,667 32.12%
Pickering $501,000 $448,036 $384,300 $402,316 $396,301 $340,667 20.90%
Whitby $410,000 $448,036 $395,633 $457,143 $344,461 $294,350 15.99%

The Toronto Real Estate Board covers a huge area and below we’ll zero in on communities that may represent the best ones for you to research.

Barry Fenton, President & CEO at Lanterra Developments joins BNN to discuss the Toronto Condo market. He suggests the market is aggressively priced and complains a little about how competitive it is. He says prices will rise 40% but he has a few misgivings about the Toronto Condo market.




Big Demand for Condos as Entry Level Homes

Most home buyers in the Toronto area can only hope to own a condo. Homes are averaging over $1.5 million in some areas in the GTA. And condo developments are offering more for tenants. And perhaps the key feature of Toronto condos is their proximity to work, leisure, restaurants and shopping and freedom from the grinding commute that many Torontonians face each day. So there are good reasons to buy a condo in Toronto.

But the condo investment landscape has recently been darkened by Ontario premier Kathleen Wynne. Her government’s new foreign buyer tax might hit the condo market the hardest, but most credible experts expect demand to return. It’s a short term blip (and as of Dec 2017, the demand for condos did indeed return).

Oddly, the condo market in Toronto is much less volatile than the single housing and townhouse market in Toronto. Her foreign buyer tax and rental price controls look like they’ll miss the mark.

Lets’ take a look at the most recent Toronto condo market prices and then look onward to 2018, 2018, 2019 and 2020. This blurb from the latest TREB condo market report says it all about what’s happening right now in April of 2017:

 

What else is supporting condo sales is proximity to work. Commute times are awful, gas prices are very high, and young millennials are having trouble handling rent/mortgage/ and car payments. Something has to give, so workers are choosing to move into the city near their jobs.

Where are Toronto’s Best Investment Condos?

As the graphic above shows, the top location is Toronto Central (where home prices are highest too), Toronto West and Mississauga. The bulk of these listings are in huge mega-sized condo towers and there are more of them being built. Toronto Central is also close to the U of T, Ryerson, and other colleges where off campus housing is in hot demand. It’s the same situation for Vancouver condo rental and investors should take note.

Toronto’s C02 district is your million dollar listing area. With an average price of $1,050,000 these are your Toronto luxury condos. This area is located just north of Downtown/Bloor st, near the University of Toronto. This suggests that proximity to U of T and downtown offices may be the primer driver of Toronto condo prices and may drive sales of Toronto homes as well.

Screen cap courtesy of the Toronto Real Estate Board. See more at trebhome.com

How Much Have Prices Risen in the Last 5 Years?

Should I Buy a Condo in Toronto?

Should you buy a condo in Toronto, Mississauga, Scarborough, or Brampton?  Demand for condo purchases is rising, the Toronto economy is strong and positive, and rents are rising fast.  At some point, you have to jump in, or you’ll never build homeowner equity.

What to Consider Before you Buy a Condo

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