"Commitment is the continuation of an activity in the apparent absence of results"
Thought we start off this month's communication with a reference to "commitment". All too often we get too anxious about seeing the results of our work quickly and lose sight of our commitment to continue doing what we do. We recently read somewhere that stare at an acorn and try and observe it becoming an oak tree. It will.... But it will happen at the speed of life. So if there's anything you're working on and feel passionate about, keep doing what you're doing. Remember, fruit is the last thing that grows on the tree. Hope June's off to a great start for you.
Talking about Commitment, this evening, we're hoping to see our team make history with their first of many NBA titles. So cheer for and give respect to this team that has represented our city beautifully across the globe. GO RAPTORS!!
Last month, we made a prediction, and we'll quote here, about the market in May & June. And this is what we said: "We believe that May and June (at least the first half) will continue to be busy times for home sales. It wouldn't be a surprise that GTA avg. sale price will be higher than $820,148."
Here we are in June with May numbers and so far we're happy to report that our analysis has been fairly in line with our prediction. Avg. Sale Price in the GTA is up 2.2% from last month, Number of New Listings is up, Number of Sold Properties is up, and Avg. Days on Market is down.
So what about June? While it's still early to say what June may have in store for us, we think the market will be somewhat mixed. The condo market continues to be fairly aggressive where we're seeing some resale units hitting over $1,100 per square foot in the core financial and entertainment districts. Click Here For Full TREB Market Report
May Stats By Area
Our usual 3 areas that we observe closely, the overall trend continues to look "balanced". Oakville prices seem to be fairly flat this year so far. However, we are noticing more and more buyers shopping for a home as opposed to last year. For instance, our most recent listing of a beautiful townhouse in the Preserve neighbourhood attracted a number of agent-driven showings as well as over 22 families walked-in during the weekend open house. The traffic resulted in multiple offers at the end which shows that buyers are more serious about purchasing a home this year.
Toronto and Mississauga continue to show healthy signs of growth with year-over-year avg. price up 7.85% and 2.95% respectively.
Bottom Line: The market will continue to move towards equilibrium over the coming months where the buyers and sellers' expectations will eventually be more in line with each other. We believe that Greater Toronto area has the capacity to withstand a few shifts in the market as the fundamentals (jobs, economy, small business, immigration, and more) continue to be strong. And of course, the Raptors, the Superfans, the Drake, are certainly adding some extra icing on the cake.
If you have any questions, we'd be happy to connect and discuss the market in detail.
Magnificent Stone Mansion
15 Oakley Place, Toronto, ON Listed By Our Colleagues at The Trilogy Team
List Price: $12,995,000 CAD
Originally built in 1922 as a palatial Cardinal’s residence, this stone masterpiece has been metamorphized into a showstopping, warm, seductive, and contemporary 8600 square foot (+ 2700 in the lower level) home. Read More
Oak & Co. Condos is a new condo development by Cortel Group currently under construction at 278 Dundas Street East, Oakville. The development is scheduled for completion in 2020. Sales for available units range in price from $455,190 to over $630,800. Oak & Co. Condos has a total of 750 units. Sizes range from 715 to 989 square feet. Connect with us for more info.