Brian Torry


January and February 2019 - Market Update

28 February 2019
B Torry

It seems that the beginning of every year brings us a new excuse for why the market is off to a slow start; Too much snow, too hot, too many holidays, the Realtors are all on vacation… And every year just around March break and Easter the market really does start to take off.

So how has the Roncesvalles market started this year? With only 6 freehold home sales in the first two months it is safe to say this is one of the slowest starts to the market Roncy has seen in a long time. The 6 sales represent the slowest start since 2011, where there were also 6 sales in the first two months, compared to the average of 11 sales in the first two months over the past ten years. This year is also the first time since 2011 that the TDSB has closed its schools for bad winter weather (see excuse #1 above).  There have also been 4 condominium sales in the first two months of the year which is also below last year where there were 7 sales in the same time frame.

Average prices are pretty much identical in the semi-detached home category and down slightly in the detached home category but with so few deals it is easy for the numbers to be skewed by one very high or very low sale. One thing that has changed from last year to this year are the number of properties that are being sold at or above their listing price.  So far this year all 6 properties have sold at or above their list price compared to only 60% of the sales in 2018 (see chart 1).

With the lack of listing inventory, it is not a surprise to see that sales are down and that those homes that are selling are doing so quickly and in bidding wars. With March Break in full swing and Easter coming late in April there will be a month-long window for listing and selling that will really show us how our market will fare this Spring. If you are thinking of selling or buying this year, please contact Brian directly at 416-569-3702 orbrian@briantorry.comto set up an appointment to discuss your real estate needs.