It's been a while since my last newsletter, what we have now is 3 months worth of statistics to compare. We can see that the number of listings has been dropping throughout the summer, that is a trend that we see every year. There were 13,542 listings in July as opposed to 17,412 in May which was still during the Spring market. This means that there was quite a lot less for sale in July and obviously this created a bit more competition. We see a similar trend happen in January and February when most home sellers are waiting for the Spring to list and now, we have sellers waiting for the fall.
In terms of price, the 1.2 million mark has settled as the average for a detached home in Toronto. The last 6 months overall have seen a big increase in prices and many people who have been waiting to buy or were too afraid to jump into a bidding war to win are seeing themselves priced out of the neighbourhoods they were looking in. This pushes people further north, east, west and of course, the GTA is experiencing a fast increase in home prices as well.
As for the condo market, it has proved to be steady and sale prices have been more predictable than house prices. We see competition going strong for units with great layouts, proximity to transit and a vibrant neighbourhood, and unique features such as over-sized terraces or bigger bedrooms.
The biggest weapon buyers have in our current seller's market is speed. This means that a buyer needs to be prepared with financing and be ready to put in an offer on a property as soon as they see the one that fits their needs. In addition, there really, truly are some properties that sit on the market for weeks. Whatever the reason may be, a buyer should always consider them, this even happens with certain investment properties. There is a 2 unit (potential to make 3 units easily) property on Ossington Ave - superb location for price growth and for collecting good rents, that has been firmly sitting on the market, there was also a price drop, it's now in the mid 700s. It's rare, but it's possible, you have to know where to look.
Give me a call with any questions you may have about the market, I'm always happy to chat (647) 378-6086 or email me firstname.lastname@example.org