Sales by mid February soared by 14% compared to same period last year! What fuelled these sales, though, were CONDOS!! Yes, that segment of the market that all the economists said we would have a glut …of (dangling participle excused)!
Average sale prices followed suit in the GTA and rose by 13% to $677.4K. In the city proper, however, the average sale price is now $720.8K (and this includes the generally more digestibly priced condos!).
Sales in 905 area code still outpace sales in the city by 2:1 ….there is still supply in 905.
Here are some pretty staggering numbers:
Condo sale prices in Toronto rose by 16% compared to 2015.
Condo sales soared by another 22%
The average detached house in the city costs $1.2ML up 13% compared to last mid Feb.
The average semi-detached house in the city now costs $883K a WHOPPING 23% increase.
I suppose we don’t know how high is too high until we get there! For the moment, there is only one direction in the Toronto housing market…UP!
If you know anyone who’s looking for a Realtor who cares MORE about focusing on you, your concerns, goals and the successful sale or purchase of YOUR individual home, than they care about their volume of transactions and awards, please let me know the best way for me to connect with them. I’d love to offer them my personal service. Contrary to that old adage (it’s nothing personal, it’s just business!) this IS my business and it is VERY 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.