Bathurst Manor Toronto 3rd quarter real estate sales analysis 2019

Bathurst Manor Toronto North York Real Estate

Market Analysis 3rd Quarter 2019

Detached Semis and Townhouses Sold

Real Estate Market Synopsis

When we want to compare how a market is doing we should compare it to the same time period of another year. So, we have compared this quarter to the same quarter of last year. Traditionally the summer market is a quieter market of the year due to it being a holiday time and kids being off school.  The 3rd quarter in real estate covers the months from July to the end of September.

In the Bathurst Manor, the average number of homes sold increase from an average of 29 homes sold to 36 homes sold , an average increase of 24% from last year. The average selling price went from $891,541 to $1,007,758 which was an increase of about 13% or over $110,000 (This was more than the average sale price increace of 4-6%) this was quite extreme. We must keep in mind that in the Manor although all the homes are approximately the same age and on approximately the same size lot, there are some homes in their original condition from over 50 years ago and also some newly renovated homes and those that were torn down and rebuilt. In this case there must have been a lot more renovated homes sold to have such a huge increase in housing price.  The number of homes on the market decreased from 35 homes last year to 28 homes this year, which was a decrease of about 20%; however the  number of new listing taken increased from 55 homes last year to 66 homes this year or a increase of 20%. The number of days it took to sell a house went down from 30 days  to 27 days and the percentage that it sold for went up from 96% of asking price to 98% of asking price.

So to compare this market to that of last year, you can see that it was a stronger market. Sales were up as were prices. The inventory of homes decreased meaning more were sold and new listing increased.  According to the laws of economics, when supply goes down prices go up, which is what happened. It took a shorter amount of time to sell a house and it sold for 2% closer to asking price than they were selling last year.

Our housing market is continuing to move strong in the Bathurst Manor. The houses may not be selling for way over asking price, however if they are priced right, they are still selling for within 5% of asking price. Also because the inventory of homes is so low the demand for homes in the area will continue to be there.

There are main reasons for the houses continuing to sell; first is foreign investors:  The foreigner are changing their currency to U.S. dollars and bringing it here. Because the U.S. dollar is standing about 25-30% higher than our currency they are purchasing houses as a bargain rate of 30% off. Also people keep immigrating here and need to have a place to live; immigration is not stopping. Interest rates still remain quite low and are not expected to significantly increase. We have strong foreign investment. A low rental rate, which is causing people to buy investment properties and rent them out. Housing has always been a sound investment. So if you are thinking of buying a property, what are you waiting for?

With rates being low you have more buying power and its a great time to invest after the market has had a price adjustment. Also if rates do going up prices could go down so it is also a good time to sell.

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