Some serious gains across the board but what’s most surprising is the year over year spike in the average condo price. Up a whopping 10% when compared to this time last year. That’s two months in a row of big gains for the box in the sky. Now keep in mind that not all condos are realizing such favourable increases. Some may even be down. The average price of a condo in Toronto is $385,968 but keep in mind that that number is $100K higher in some neighbourhoods.
Leading the pack in gains are detached homes with a gigantic 16% jump over this time last year. With the average price (we hate discussing averages but hey, trying to make a point here) of a detached home in Toronto at $855,188 where are these Buyers’ finding the money? Many of these near million dollar buyers are first timers too. The Bank of Canada’s decision to leave lending rates alone for the 10th time in a year is contributing to the buying frenzy as money is still relatively cheap to borrow.
Semi-Detached homes are also way up with an impressive 9,9% increase over this time last year bringing the average Semi Detached home in Toronto to $640,208. Generally Semi’s are the more affordable option when looking for a freehold property but for the second time in a year a Semi in South Riverdale’s Leslieville fetched over a million dollars! With the sheer lack of inventory in prime urban neighbourhoods, Sellers are laughing their way to the bank. Seriously, not sure why people are always talking about “waiting till spring to sell” the weeks approaching the Holiday season have always lacked inventory and we’ve always seen prices spike. Now is most definitely a great time to be on the market.
Last but not least, Toronto Townhouses realized a less impressive 6.4% gain when compared to the above but this is one of the largest gains for TH’s we’ve seen all year. TH’s are a unique property type with some attached to condo buildings (and massive maintenance fees) and others that are more freehold style with only common element expenses. The common element condo (some call it freehold with an asterisk) usually perform better in the long term but cost more to get in.
Overall, the market is a good one for Sellers of Houses (all types). Important to remember that although condo numbers are up overall some are not performing well at all. There are many factors that influence the value of a condo and no two buildings are alike. Condo sellers should expect 30-90 days on the market while House sellers will likely sell within a week if priced property and the home is liveable. Selling? let’s talk.