Besides the seasons do you know what’s changed in Toronto since the beginning of the year? Real estate prices!
Though the average sale price for all home types are down across the GTA over last year, prices have appreciated by over 9% since January. If you were waiting for the lowest purchasing prices of the year, that time was January. Average selling price continues to rise month over month from January $736,783 to May average selling price of $805,320
Good news is that inventory of homes for sales are up, which is allowing buyers more opportunities in this still competitive real estate market.
See below for a breakdown of market activity downtown Toronto this past May by housing type:
Detached Homes
Average Price: $1,714,700
Year/Year Change: 1%
Number of solds: 4
Semi-Detached Homes
Average Price: $1,242,867
Year/Year Change: -10%
Number of solds: 18
Row Homes
Average Price: $1,188,898
Year/Year Change: 2%
Number of solds: 13
Condo Apartment
Average Price: $703,774
Year/Year change: 12%
Number of solds: 476
Condo Row
Average Price $815,571
Year/Year change: 1%
Number of solds: 16
What’s happening with rentals?
Our rental market prices are still on the rise. For those considering an investment property take a look at the average apartment prices in the city’s core. One and Two bedrooms in the downtown core can produce a high rental return which has the potential of covering mortgage costs and bringing in revenue.
What’s the take away for this?
Condo activity is still on the rise, with 476 units sold and an average selling price of $703,774. With fewer homes being but on the market and competitive pricing, buyers are looking at the condo market as the new second home “upgrade.” Condos have seen the highest year over year increase with a 12% rise, white semi-detached homes have dropped 10% in the last year. Why the drop? This is likely to do with new mortgage rules and rank increases. As the average selling price of a semi-detached home is 1.2 million, more family home buyers are turning to condos because of purchasing opportunity and value.
Lastly, I’ve mentioned this before and will again because I continue to get questions about the market being down “22%”. Be careful how you read news headlines, the number of units transactions are down. However, the average purchasing price is only down 11% across the GTA. If you’re confused about what you’re reading in the news, please don’t hesitate to reach out to me for more details about the current market. 🙂
If you have any questions, contact me here!