Have you been scanning the news headlines and wondering what’s really going on in the real estate market?
You might be reading something along the lines as “sales prices drop” or “January GTA home sales drop 22% from last year”. When reading news stories like this, it’s important to understand what the media is referencing. These articles are referencing the GTA as a whole, which does not reflect performance by neighbourhood or even municipality. We must remember that the GTA is pretty vast and very diverse.
With this in mind, I want to highlight central Toronto and how these areas differ from the “general” performance stats that the Toronto Real Estate Board publicly highlights. There are areas in central Toronto that have seen a bit of decline in both sales and price, but the downtown core is still performing very well.
Below is a breakdown of the average sale price, days on market, and sale to list price for all home types in central Toronto.
Good news is that all housing types in central Toronto did see a price increase year over year!
Below is a closer look at the Trinity Bellwoods, Little Italy, Dufferin Grove, King West and Queen West areas areas (otherwise known as C01 in Toronto Real Estate Board language).
For those looking in the Trinity Bellwoods and Little Italy area, there is still low inventory. We only saw 5 new detached home listings this January! But, for those looking for condos, there are a few more options out there for you, however, there is still not enough to meet the demand. This isn’t very surprising given the density of high rise buildings in this area. And we continue to see very strong growth in the condo sector.
As of the start of the February, we have an overall home inventory of 1.6 months in the central core. This means we are still in a seller’s marketing. Click here to learn more about what a seller market it.
My prediction is that condo will be front-runner all year long as buyers are priced out of the ‘detached home’ sector. If you have any questions about anything real estate related, including the stats for your neighbourhood specifically, please feel free to email me. 🙂