Happy Spring Everyone! The Toronto housing market has outdone itself again! Here are the basic facts you all need to know as we compare March 2016 to March 2015.
*Sales are UP by 16.2% in the GTA
*Average monthly Sale prices rose by 12% to $688K
*Total monthly listings are unbelievably down by almost 20%…so older inventory is being ravaged by hungry buyers!
*Average days on market are down by 20% to 16 days. This includes condo sales which always take longer to firm up due to lawyers signing off on Status Certificates! ….this pace is unheard of!!
I can only imagine what montly sales would have been like IF there had been supply that could meet demand. Clearly, low interest rates are driving this train, along with extreme interest in Toronto housing from foreign buyers.
Detached homes are at a premium and are selling 4 to 1 in the 905 area code, vs. 416. (They too will run out of supply soon…unless new construction is on track to meet demand).
Average sale price for these homes in the city is now $1.2M but in the city core, a detached home sells for a WHOPPING $1.9MILLION! This is where the higher end, luxury buyers (often foreign but not all) come into play. I did some “drilling down” on the stats and found that:
26% of March sales were of properties were ABOVE $1 MILLION in price! Basically 1 in 4 listings sold for over $1 Million. A stunning Statistic!
CONDO SALES UP 21% in the city with an average monthly sale price of $416K. This is only a 4.3% increase in price from last March. This is a healthy market and serves an important millennial crowd who’s only entrance to the market is via the condo product. Being able to interpret these stats for your particular needs is one of my specialties. Please connect if you have any questions or concerns.
If you (or someone you know), are looking for a Realtor who cares MORE about focusing on you, your concerns, goals and the successful purchase or sale of YOUR unique home, than they care about their volume of transactions and awards, please let me know the best way for me to connect, as I would love to offer my highly personal service. Contrary to that old expression, not only IS this business, but it IS personal! And, please, I encourage you to ask me any questions you may have about this post. I value your input and appreciate the time you took to read it.