May 2019 - Spring is here!
April was a great month in Toronto Real Estate. There was a lot of grumbling earlier this year but the tide certainly turned in April and I said just look out for April stats and here we go - The market is up 16.8% year over year and 11.1% from March 2019 in the number of transactions! We went from 7,744 transactions in April 2018 to 9,042 in April 2019.
Average price is up 1.9%, which is the biggest move this year thus far. The HPI Composite Benchmark is up 3.2% which is the largest increase in a year.
I expect continued growth throughout the year fuelled largely by condo segment which outpaces the freehold market primarily due to price point. Inventory is still an issue throughout and as demand increases so will pricing, especially in high demand areas.
Rental market is still very competitive and tight and lease prices are expected to climb due to high demand, low inventory and upcoming increased immigration (340,000 in 2020 - up an additional 100k from 2019). Good time to become a landlord!
Foodie Tip: Northern Dumpling Kitchen located in Times Square Richmond Hill off Highway 7. Not the most stylish joint around but great dumplings, spicy peanut wonton, fatty pork with onion pancake (you make your own little sandwiches with green onion and hoisin), and arguably one of the best spicy braised beef noodle soups around. Has a unique tanginess I have never tasted before which is great! Follow me on Facebook for pics!