In the last few years, Toronto’s real estate market hasn’t had a smooth upward trajectory. It’s been a bit of a roller coaster, especially when we look at the micro-markets operating within each neighbourhood.
On a whole, the GTA showed promise in July. The average sale price rose to $806,755, up 3.2% over the previous year. This marked the fourth consecutive month of growth in the 416 and 905 regions and this improvement can be attributed to tighter market conditions, lower interest rates, and increased competition – especially in the entry-level market.
The detached market is the only segment in Toronto-proper that isn’t growing. This is especially true in Central Toronto, where the average price of detached homes was down 6.7% YoY. At the same time, the cost of semi-detached homes rose by that amount, while condo-apartments were up 4.6%.
The number of sales in the GTA were up 24.3% YoY (contrary to new listings which were down 9%). The City of Toronto specifically reported 20.8% more sales than last year, a big step toward the sales volume we saw in 2017, but still below the 5 year median.
August is typically a slow summer month for Toronto real estate, but it seems like there are still many committed buyers, perhaps thanks to the recent reduction in mortgage rates and ultimately the Stress-Test rate. The fall market, just a few short weeks away, is looking like it will be very busy, but let’s wait and see how the U.S/China uncertainty plays out.
With my experience of over 30 years selling residential real estate in Toronto, (yikes!) I’ve gained plenty of insight into navigating the market to achieve remarkable results. Let’s talk about a plan that makes sense for you. I’m a call away 416-566-7730.