We’re seeing an increase of sales along with an increase of the average price as compared to last year with a large number of buyers active in the marketplace relative to the number of homes for sale. This isn’t a new story and has been the theme throughout the year. As a result of a shortage of listings, average prices have continued to rise particularly for low rise market segments (detached houses, semi’s and townhouses). Even though the condominium market is better supplied there are enough buyers relative to the number of listing to prompt modest to very strong average price growth in many Toronto areas.
- September 1-14 sales up 8.3% compared to 2013 during the same time frame
- Year-to-date sales up by 6.6% compared to YTD 2013
- September 1-14 average price up 8.1% to $555,890 compared to last year same time frame
- Average year-to-date selling price up 8.5% year over year to $562.244
- Strongest growth – single detached + semi-detached houses
Now and Moving Forward…
1) We are seeing and will continue to see a very large migration into the city from the outlying areas.
2) Gridlock will drive prices up as time is our most valuable resource and people recognize that and will want the convenience of living downtown possibly giving up their cars.
3) Equity Markets in the US are strong.
4) High end market is strong with considerable movement.
5) Manhattanization of Toronto – All eyes are on Toronto. We never used to trade with NYC, London or Paris 20 years ago the way we are now.
6) Housing inventory will come from the many sectors – older people downsizing, people upsizing and immigration particularly from countries such as India, Iran and Russia.
7) We expect the fall market to be busier than in recent years. Prices will stabilize only if the number of listings increases.
8) The condo market is stable. Around the Air Canada Centre, over 1200 new rental listings are coming onto the market as buildings move into occupancy.