05 Oct 2016
September 2016 Market Report – Buyers Focus On East/West Urban Communities
Freehold Is Now Unaffordable For Most Torontonians.
Infographic below
Hello! and welcome to the Sept 2016 Spring Realty Market Report! (need to come up with a better name for this) anyway, the numbers are in and if you’ve been following the market at all it won’t come as a surprise to you that the numbers are generally up across the board with the exception of a couple product types.
First, we drill down into the data in Toronto’s urban communities South of Bloor/Danforth so if you’re looking for stats mid-town/up-town or in the burbs…find another broker. We just don’t work there.
I sound like a broken record here but I’ll say it again. Buyers are being forced out of the freehold market every single day (even more since Monday’s BoC announcement) and moving towards larger condos and townhouses. Honestly, the cheapest renovated semi detached home can be found in East of the DVP up to the Beach and into the Birchcliffe/Cliffside area starting around $820K but averaging $918K as you get into more prime areas. Considering a semi in any other urban community West of the DVP will cost you over a million dollars on average and a detached home will set you back a minimum of $1.2mm up to $2mm in central communities.
Townhouses continue to be a hot ticket as they offer a similar experience to freehold at a much smaller price tag. You’ll notice a huge jump in price in West end TH’s mainly due to the flood of new TH product just added to the West End marketplace.
We really want you to pay attention to the massive spike in East End condo values. We’ve been pumping the tires of the East side for so long now and we’ve always been right with our predictions. Condos and lofts are spending 30% less time on the market and selling for 15% more than this time last year. Depending on the building, we’re seeing sales as high at $750/sqft and family sized condos/lofts literally swimming in offers. You can expect this trend to continue further driving up prices as even more families are priced out of townhouses and freehold due to the new mortgage changes.
Hope you’ve gotten some value out of this and if you have any questions, please call or comment below.
