Will this Rob Ford fiasco effect Toronto Real Estate prices? Short answer: NO. Sure he’s made Toronto a laughing stalk on a Global scale but people still want to live here. We’ll see how the numbers react in November but here’s what went down in October 2013.
Looks good across the board but the biggest jump was with Toronto condos. Haven’t seen a leap like this in quite some time but don’t let that over inflate your confidence. Most cookie cutter condos are struggling to sell in less than 90 days while their lofty counterparts are doing much better. We did see more activity in the higher end condo market which would explain the jump in average price. We won’t get too excited about this number until we see it happen over 3 consecutive months.
While the condo market continues to stress out buyers and sellers with its unpredictability, houses (of all kinds) are still shattering records netting Sellers loads of cash in under a week in most cases. Expect this trend to continue through the remainder of Q4 as upward pressure on interest rates is forcing on-the-fence buyers to pull the trigger quicker than expected.
That’s all for now, folks. Want more info? You should probably call us for the: truth, the whole truth, and nothing but the truth. That’s just how we roll.
Written by: Ara Mamourian – Broker of Record