Toronto Real Estate Market Watch 02/18
January has come and gone, and it appears the media is compelled once again to convince us that the sky is falling and the bubble is bursting.
What you’re seeing in the media is a comparison between January 2018 and January 2017 which is like comparing apples to mayhem. We thought it’d be best to share data throughout the years and let you come to your own conclusions.
As such, we’ve taken a more of a historical view of the market. If you take a look below you’ll see that it’s not all doom and gloom.
While the average price from January 2017 to January 2018 is down 4%, it’s still up 17% from 2016 and up 33% from 2015. Not too shabby.
More doom? Average days on market is up 68% or 32 days vs. 19 days year over year. But when you compare to 2016 it’s only up by three days and for 2015 it’s only up 1 day.
The other thing to consider is relativity. If you are buying and selling in the same market, the effect of any market changes are dramatically minimized.
Consider the big picture – real estate is still a great long term investment. Further, it is a tax shelter if we’re talking about your principal residence.
We’re here to help navigate the market so feel free to chat with us today…