Hose Values Trend Upwards - Real Estate With Nico

August 2019 News & Views

Prices up in GTA Condo and Castle (Freehold) Markets

In the GTA single-detached home sales are rebounding upwards once again and it is contributing to an uptick in average home selling price, with more than 50 per cent of neighborhoods reporting an increase in detached housing values in the first half of this year.

Analyzing the trends and developments in 65 Toronto Real Estate Board (TREB) districts during the six months ending June 2019, detached home sales were up in almost 90% of markets, while prices were up in 51 per cent of markets, compared to the same period one year ago. The 905 area saw the greatest increase in home buying activity, with all 30 communities reporting rising detached home sales, and 43 per cent of 905 communities experiencing price appreciation. The 416 area saw  20 of the 35 districts experienced an uptick in sales, while detached home prices increased in 57 per cent of those neighborhoods.

Condo price growth in Toronto was especially apparent in the city’s extreme east and far northwest communities. Comparing unit prices from July 2014 with those from July 2019, the most dramatic growth was seen in West Hill, Centennial Scarborough. The 5-year increase in the average condo price was 147%, spiking up from $138,000 to $340,750.

In second place was the 140% growth observed in Scarborough Village, Guildwood. The area’s average condo price went up from $176,711 (2014) to $424,344 (2019).

Malvern, Rouge also accelerated significantly, with a 128% growth in condo price over the last five years. As of July 2019, the average condo value in the neighborhood was at $377,295.

Toronto’s downtown core saw its average unit cost rise by 55% during that same 5-year period. This was a huge change in real dollar terms, from $445,484 (2014) up to $692,592 (2019).

The City of Toronto’s overall average condo price experienced 66% growth, from $379,002 (2014) to $627,927 (2019).

TREB Data.

Market Stats for August to follow shortly

Aug 2019 Stats - GTA

Royal LePage Signature TREB Stats - GTA

August 2019

It has been a busy summer for Residential Real Estate, with interest rates creeping down, more buyers have entered the market driving the number of sales up over the summer, over 12% to be more specific.  The number we also watch in relation to this is the number of current active listings.  This number is down just over 11%, putting the months of inventory at around two months.  If the market were not to see another listing we would be sold out of homes in just over two months.

With this steady demand for homes and condos, prices continue to appreciate at a healthy 3% for the year.

The condominium market continues to be active with prices up 6.2% over the same period last year.  Sales volume also up over 3% as the condo market continues to be a more affordable way to enter the market for many first time buyers.