Posted in: Toronto Real Estate Market
Posted in: Toronto Real Estate Market
With the start of March break fingers crossed spring is around the corner. As you've probably heard in the media, Toronto's real estate market has been red hot. The Toronto Star captured the sentiment with it's recent headline, "Shortage of new listings fuelling desperation among Toronto home buyers." While overall sales were up in the Toronto market, they were primarily driven by condo sales where there is both a good supply of listings and buyers. In the freehold market a short supply of quality detached, semi's and townhouses kept prices increasing with the average price going up by 8.9% to $599,414. What's interesting to note is that for detached homes the average price increased by 15.7% to $955,314, while townhouses increased by over 20% to $545,043. Check out the infographic below for more details on what is happening in Toronot's real estate market.
October was another strong month for real estate sales in Toronto. Sales were up 19% and the average price of a home in the City increased by 9.3% to $593,807. We keep getting closer to an average price of $600,000, which is really leaving condos as the main housing option for many first time buyers. With the majority of downtown neighbhourhoods experiencing low levels of inventory (new listings dropped by 8.4%), and low interest rates, which the Bank of Canada has now indicated won't be going up anytime soon, prices remain strong.
Sales by price range broke down as follows:
Homes sales in this range between $200,000 to $600,000 accounted for 68% of all real estate transactions last month. The majority of these transactions were focused in the condo market as well as outside of the core in surrounding GTA communities. Alot of this activity can be attributed to first time buyers entering the market. In the higher price ranges the sales break down was:
Check out the info-graphic below for a quick snapshot of what happened in October and if you have any questions about the market or real estate trends, call, text, or email me :)
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