Well well well, looks like the 416 is still riding high!

Thought I’d deface our CRA tax assessment form to give you this month’s Toronto Real Estate market report. You’ll notice that I’m still sounding like a broken record with gains across the board. The detached home is now almost out of the picture for most buyers at a whopping $888,210 and we expect this to surpass the $900K mark for the first time EVER this month. While home ownership is attainable for most first time buyers in the 416, the dream of owning a house is slowly becoming less real for most which would explain the surge in condo and town-house sales of late. Here’s a break down:

Detached Houses in Toronto – Up 14.8%

Are very expensive…that is all.

Semi-Detached Houses in Toronto – Up 6.1%

This is an area where you need to take a deeper look into the neighbourhood you’re considering. This also shows how useless most “average price” figures are. If you’re looking in the Leslieville, Riverdale, Beach, Roncesvalles, High Park, Junction, Junction Triangle and other trendy neighbourhoods be prepared to cough up upwards of $800K for a semi detached house. You’ll most definitely be in competition with other buyers when making offers on this type of home in most of Toronto’s neighbourhoods right now so it’s very important you work with a local pro who’s in the know. With 16.6% less available listings across the board (up to 50% less in some neighbourhoods) we’re seeing droves of wannabe home buyers ploughing through open houses and private views on each and every new listing. We’ve got some gems about to hit the market, wanna see them first?

Townhouses in Toronto – Up 4.6%

This housing option makes a phenomenal Freehold House alternative. Town-houses in Toronto are often less expensive than Freehold houses and offer a similar amount of living space. You are making sacrifices though. Most don’t come with a backyard (but a terrace is likely) and of course you have a maintenance fee but that fee is mostly offset by much lower utility and maintenance costs associated with freehold houses. There are some Towns I wouldn’t touch with a ten foot pole due to savagely high maintenance fees. Don’t worry, I’ll filter those out for you during the search.

Condos in Toronto – Up 7.6%

Are doing amazing right now. I haven’t been able to keep a condo on the market for longer than a week since December! In November of 2013 there were 68 condos available for sale in South Riverdale. As of right now there re 36. That’s a 52% drop in inventory in a short amount of time. If you have a condo to sell, now is the right time to do it. When priced right, it will sell. Just last week we listed a place at 333 Adelaide and received 2 offers in 3 days. Haven’t had a multiple offer on a condo in a very long time. Nice to see the condo market gain some traction after a serious flat period.

Hope you enjoying this month’s NO BS market snap. We’ll see you next month. Any questions? Just ask.

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