After a somewhat respectable start to the market in Q1, the market will likely continue to heat up as we head into Spring and Summer. So far, prices are up in the single-family housing segment of the market, particularly for semi-detached houses. Listings continue to rise.
In Bloor-Yorkville fashion retail news, Brooks Brothers has returned to the neighbourhood! Now open at the intersection of Avenue Rd. & Bloor St. in the historic Lillian Massey Building. Located where Queen’s Park begins, across from the ROM – in the previous home of Club Monaco.
Important to note: the Bank of Canada announced Wednesday that it would hold the key interest rate at 5% again. We’re seeing a balanced market in the City, with greater supply and prices nearly even year-over-year. Sales are on the rise!
A note on prices in the 416: there was a reduction of -9.7 per cent from December 2023 to January 2024, and prices were down -2.8 per cent year-over-year. I’ve been seeing some interesting new properties come to market in and around the Annex recently. Home sales in January 2024 increased by over one-third compared to January 2023.
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Home sales volume across detached, semi-detached and condo apartment segments was down -11.2% from the same time last year. Year-over-year, there was a 16% decrease in new listings, and a +2% increase in average home prices in the City of Toronto.
To get the most favourable results when selling luxury real estate, it is crucial to be up-to-date on current market trends, pricing strategies, and in-demand lifestyle features. Understanding the mindset of the luxury buyer means presenting more than a property, rather a complete experience.
Year-over-year, there was a 32% increase in new listings, and a +4.3% increase in average home prices in the City of Toronto (vs a slightly lower increase of +3.5% in the GTA). … Desirable location, premium quality, thoughtful staging, strategic preparation and professional support all add up to a formula for success in the current landscape.
Year-over-year, there was a 45% increase in new listings, and a +4% increase in average home prices in the City of Toronto. Home sales volume across detached, semi-detached and condo apartment segments remained even from the same time last year. Notably, sales volume for the GTA was down -7.1% in that same period, demonstrating stronger demand in the 416.
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A quick look back at a selection of recent deals: all the hard work and hustle is worthwhile when I make my clients happy and help them fulfil their dreams! At the end of the day, that’s what it’s all about.
Home sales in the City of Toronto were nearly even (+0.05%) and there was a slight increase in average home prices (+2.4% across detached, semis and condo apartment segments) from the same time last year. Although new listings were up +14.4% from last August, TRREB notes that overall listings are down substantially compared to last year, when looking at 2023 thus far.
: In July, we saw the traditional summer slowdown in the Toronto market, with sales down -33.4% and new listings down -11.6% from the previous month. Meanwhile, sales were up +2.9% and new listings were up by +16.5% from last year, representing a reduction in the supply crunch. Year-over-year prices in the City remained somewhat flat for semis (down by -0.9%), and condo apartments (up +1.3%), however prices were higher by +8.3% detached homes. Also of note in July, detached homes averaged just 15 days on the market vs the overall average of 24 days across home types.
Once again last month, we saw sales outpace new inventory in Toronto real estate by a substantial margin. Market conditions continue to remain tight, with June 2023 representing an increased supply crunch relative to last year. Year-over-year, sales were up +13.76 per cent, with new listings up just under +1.0 per cent in the City. Prices rose +2.78 per cent for detached homes, +4.85 per cent for semis, while condo prices remained virtually even. Month-over-month, overall prices were down -4.2 per cent.
Sales continue to rise, yet supply is not keeping up to demand. Year-over-year, sales were up +22.6 per cent and New Listings were down -16.6 per cent. This is bringing increasing competition among buyers, causing prices to continue their upward shift across all segments in the City of Toronto. Between April and May, prices increased 5.5 per cent for detached homes, 5.5 per cent for semi-detached homes and 4.4 per cent for condos.
Pricing took an upward turn in the City of Toronto last month, across all segments. Price increases for detached homes and semis were up 4.6% and 5% respectively. Demand is up relative to supply, resulting in greater competition among buyers.
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Competition between buyers is on the rise. For the first time in 10 months, the average sale price was above the average list price in the GTA. In addition, sales accounted for an increased share of listings compared to a year ago.
There’s so much to look forward to as we head into this new season. I hope that the sunshine and scenery will uplift your spirits! This long weekend, perhaps you could experience a local staycation and spend an afternoon exploring one of the multitude of scenic spots around our beautiful city. If you are observing Easter, Passover or Ramadan, sending you good wishes. Enjoy Spring in Toronto!
