07 May 2016

April Numbers Are In And They’re Pretty! For Sellers anyway…

Poor Buyers 🙁

Infographic Below

Semi Detached homes in Central Toronto experienced the most gains increasing just over 30% over last year landing at $1,169,426. Every other housing type showed double digit gains except for Central Condos and lofts which only jumped 4.2% from this time last year.

The below average performance of Central Condos is actually further proof that smaller urban communities around the core is where Townhouse, Condo and Loft buyers are headed leaving their Central counterparts in the dust. For the first time in a very long time we’re even seeing multiple offers on one bedroom units outside of the core…more specifically one bedroom loft spaces in conversions like this one we listed for $420,000 and sold for $490,000 with 6 offers. That’s well over $800 per square foot which allowed us to set a new record for East of the DVP. We expect this trend to catch on for the typical one bedroom condo as housing gets even more expensive in the 416.

It’s impossible to get a home in good living condition in these prime areas for under $825,000. The magic number seems to be trending up to $890,000 for a basic semi detached house…

Communities East of the DVP to Coxwell (Riverdale, Leslieville, Riverside) and the communities bound by Ossington – Bathurst (W/E) Bloor – Queen (N/S) are leading the pack in terms of Buyer demand. Seller inventory continues to be an issue in these areas specifically as new listings are down 29.6% driving prices even further up. It’s impossible to get a home in good living condition in these prime areas for under $825,000. The magic number seems to be trending up to $890,000 for a basic semi detached house in these neighbourhoods. Even more if the home offers income suite potential and almost always fetching a million if it is fully renovated with parking.

We’re trying to drive buyers with smaller budgets to communities along St. Clair West, and East to the Birchcliffe, Cliffside, Cliffcrest and Guildwood communities as we’re seeing great growth potential there. We’re also driving our condo Buyers to the Canary District and Regent Park Area for the most potential future gains.

Are you a Buyer in this market? We’d love to chat with you for a story we’re working on so email us or comment below and we’ll connect. Remember, if you’re not under contract with another Broker give us a call. We’d love to show you how our Local Intelligence and Radial Transparency will help you save a ton of time when Buying and net you a ton more cash when Selling.

That’s all for this month, folks!


April Update

 

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