By: Rita Alexander

August 2016 Toronto Real Estate Market Update

Tags: market update, house prices, condo prices

It's the end of the summer market and August was a frustrating month...listings were down, people were away, brokerages were closed, however, the prices kept climbing. In comparison to last year's August, we've had a 18.3% change in price for detached homes, 16.4% change in price for semis, 16.9% change in price for townhomes and a 9.8% change year over year for condo prices. Quite a steady market increase for all home types. The total sales during the month figure can be further broken down to 3,416 ("416" the numbers are mocking us..) sales in Toronto and 6,397 in the rest of the GTA. With a huge number of buyers looking in Toronto proper, 3,416 sales is a pretty low number to find a home for all those looking, so competition remains fierce. 

However, I'm starting to notice more and more laziness both by Realtors and home owners on the selling side. Those who try to take the short road when selling usually pay the price (by losing thousands of dollars because the property is overpriced or is terribly prepared and marketed by the Realtor). For my buyers, these are great opportunities to consider. 

The biggest problem that we all continue to face of course is the lack of listings. If you know of someone looking to sell soon, make sure to connect us! I've got a number of buyers looking for all types of properties (east end homes, mid town detached, downtown Toronto gems (either condos or unique properties) and many more) 

Of course, I'm always happy to chat real estate, call or text anytime (647) 378-6086 or email rita@ritaalexander.ca


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