July 2016 stats are in and this report’s featured photo represents the emotions of Toronto’s buyers trying to get in on the home-owning action!  The hopelessness of winning the top bid at the offer table, the despair of FOMO (fear of missing out), the angst of a never-ending search SOLO (stress of losing out).  Here’s why the deck is stacked against them:

*Sales UP by only 1.8%  reached almost 10,000 units but the LION’S SHARE took place in 905 where there is still (some) supply!  Sales for detached homes, for example, took place outside the city at a ratio of 4:1!

*But Average sale prices in the GTA are UP by 17% compared to last July to $710K  A scorching stat!

*Total listings DOWN by 32% …another scorching stat!

*And average days on market DOWN by 27%…to SIXTEEN DAYS across the entire GTA!

 This was one HOT HOT JULY in the Toronto Real Estate!!!SOLD OVER ASKING

July 2016 Average sale price for a detached home in the city is now over $1.2ML (almost $2ML in the core)

You will have to pay on average $856K for a semi ($1.1ML in the city core)

Condos in the city are now at $427K in the city, an 8% increase over last year! ($580K downtown)

August should ‘cool down’ but only because supply will be so poor and I think buyers will try to take a break and demand will therefore soften.

When you need some real help with your real estate decisions, (and you will need some help), feel free to connect.  I’m confident I can guide you safely and carefully through these “frothy” real estate waters!  I did for my clients who actually bought their homes in JULY 2016, and I can for you.

 

 

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