Earlier this week the Toronto Real Estate Board released their February Real Estate Market Update numbers and to no ones surprise, the numbers didn’t look good.
Never mind the fact that home Prices in Mississauga and Toronto have remained steady and in some cases even risen over the past few months, with blinders on the media focused in on the one statistic that would create the day’s news cycle.
Sales and Prices are down compared to the same time last year
Well no kidding ‘Sherlock’!
It doesn’t take a genius to figure out that when you compare the craziness that was last year’s real estate market to a more tempered real estate market that we’re in today, that it wouldn’t look good.
What I find ironic is that nobody (at least from what I can see) bothered to look at the bigger picture, that the downward adjustment in house prices happened over the summer of 2017 and since then we’ve actually seen an uptick in market activity. If someone actually took the time to do the research and add ‘context’ to the subject consumers would be a lot better off, something that most reporters and most real estate professionals can’t seem to understand. I actually shot a video about this exact subject in 2015 and it still rings true today.
Instead of taking a balanced approach, most write sensational headlines that over exaggerate the truth, in order to get a few extra clicks. And realtors don’t get off the hook here either, most are willing to regurgitate the same information without looking at the numbers themselves, I mean it’s hard work to actually think about it!
There you have it, my take on the Toronto Real Estate Market Update, if you have any comments or concerns, feel free to contact me!
