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!
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.