Caledon Home Price & Market Report Update

March 28, 2019 · 0 Comments

Caledon – Happy Spring… The snow is beginning to melt and the Spring market is beginning to blossom. So exactly what are we experiencing here locally within our Caledon
community?

Caledon housing activity for the period between March 1st- 22nd saw a slight increase over February numbers as reported by TREB- The Toronto Real Estate Board. In examining the housing types of Detached, Rural Residential, Townhomes, Apartments, Link, Semi-Detached and Farm, 140 new listings entered the market during this period, for a total of 296 active listings. During this same period 49 properties sold of which 15 were listed as of March 1st. This number is up slightly from the reported 44 total sales for February. Month to date the average DOM is 34, down slightly from 39 reported for the previous month. As of the writing of this article there were still 9 days left for month end tallies which should support a slight overall increase in activity as is usually seen in Spring markets.

Townhomes and semi-detached are experiencing the fastest sales with the lowest DOM (Days on market) and median numbers of 14 and 2 respectively. These fast sale times can be attributed to the affordability factor. Both these housing options have median sold prices under $757,000. Although this price point is still relatively high, it is attractive within the Caledon community as it remains on the lower range of available price points, appealing to first time, move up and the downsizing homebuyer. With all the recent changes to mortgage qualifications over the past 18 months, buyers are finding it increasingly more difficult to qualify for a mortgage and thus the lower price points within the area, have become more attractive.

The Federal Budget was released last week and introduced two main initiatives to the issue of housing affordability. The first pertains to the increase in RRSP withdrawal limits for first time buyers, which was increased from $25K to $35K. This was the first change to the program in ten years. Secondly, the new CMHC “First Time Buyer Incentive” was tabled. Essentially this is an interest free loan option from CMHC who will lend an additional 5% down on resale homes and up to 10% down on newly built homes. This program covers a portion of the mortgage costs through a shared equity mortgage with CMHC, thus reducing monthly mortgage payments. Like everything else there are terms and conditions that apply. First time buyers to the Caledon area will likely not find much relief from this program, as combined family incomes must be under $120K and the purchase price must be under $500K and there is not much available in Caledon under that price point.

For a breakdown of what is happening in the Caledon Real Estate Market by housing type, refer to the table below where you will find a synopsis of listings and sales activity.

If you have any questions, or would like to know how your specific home value has been affected call Evelyn Lopes at 905-965-5902, sales rep with iPro Realty Ltd., Brokerage.

– Evelyn Lopes