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the Frenzy of sales in Toronto

Timeline; Toronto Summer 2014

Yes, sales are up, again, by a staggering 19% in Toronto! The average price of a detached home in the 416 is pushing a million dollars for an updated home in a good neighbourhood.



http://www.huffingtonpost.ca/2014/05/20/toronto-house-prices-soar_n_5359659.html?utm_hp_ref=canada-business

The number of detached homes sold last month were 1300 with a year over year appreciation of 13% in value.

[Flash back 4 years] http://youtu.be/mu269xorKBY   Same Media Perspective.

Sales in the 905 are selling 3 times as many,with 3,500 units, but the individual price for a detached property is averaging $645K.  Simply put, you are driving till you can afford teh picket fence and private yard

Sales in tony neighbourhoods like Roncesvalles Village and Bloor West only numbered  57 and 91 units respectively fueling multiple offers approaching $966,000 as an average sale.

While the House Prices are up, Condo prices are flat with values that reflect 2009  pricing as more units become available.  More Rollbacks than Walmart

Skyrocketing house prices are forcing more first-time buyers into condos, just to get a foothold in the housing market; only 53% of Toronto home buyers can afford detached houses.

Why is the number of average homes declining?

Seniors (Baby Boomers) are not selling but are instead IMPROVING and Renovating their homes for a long term ownership and are sitting on their real estate assets. This further constricts the supply.

http://www.theglobeandmail.com/news/british-columbia/boomers-sitting-on-163-billion-in-real-estate-holdings/article18770674/?cmpid=rss1

Rentals are also softening their prices with a vacancy rate of 1.5% but bare in mind 70% of Condos in Toronto are Owner Occupied. (MacLeans) 
http://www.macleans.ca/society/life/condo-hell/

There is a huge pool of singles, both young and old that live alone. Condos feed that need and lifestyle. Although sales numbers seem high, this market is in temporarily oversupply. In a few years time there will be fewer and the dynamic changes again.

If you would like to discuss what's happening in the Toronto Real Estate Market I invite you to add your comments here.

If you would like to buy or sell Give me a call.

647 218 2414
I answer my own phone

David Pylyp

David Pylyp

Etobicoke Real Estate Agent

Accredited Senior Agent for York Peel and Halton Regions

Lives in Toronto and promotes Giving Value

As we move forward It would be good if you also circled me on Google +
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Comment balloon 0 commentsDavid Pylyp • May 22 2014 05:47PM
the Frenzy of sales in Toronto
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Timeline; Toronto Summer 2014 Yes, sales are up, again, by a staggering 19% in Toronto! The average price of a detached home in the 416 is pushing a million dollars for an updated home in a good neighbourhood. http://www. huffingtonpost. ca/2014/05/20… more
Run to Show anyone? Or Qualify the Prospect?
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As soon as they phone on your listing, do you run to show the property? Do you ask any qualifying questions? Can you afford it? Have you been qualified by a Lender. When do you need to move. Are you under contract [Buyer's Agency… more