Sales Up! Prices Up! Toronto Real Estate Starts the Climb Once Again!
Wednesday September 12th, 2018
Tight Supply Still Exists in Toronto Bringing Prices Up. House Sales Starting to Climb Again too!
August 2018 - 6,839 sales changed hands, an 8.5% increase in sales compared with this time last year.
Average selling prices were up by 4.7% year over year. Prices are slowly starting to tick up again compared to the previous months of this year.
Condos are still gaining value year over year with large increases over last year. Unlike Traditional Houses the Condo market is very much in demand right now. Average condo values are up 6.4% in Toronto as inventory remains extremely low!
On that topic - Inventory is still very low on all fronts and Quality new listings are not lasting long on the market. Properly priced and staged condos are selling in 1-7 days and for top dollar.
Condos are now starting to increase in value by a higher percentage compared to houses. This represents a shift in the mind of the buyer. Condos are now viewed as the more realistic home choice for buyers to not only live and grow in but to get a foot hold into the Toronto market.
Although in decline for the last while we're finding now that traditional detached or semi detached homes have started to gain value once again!
Now might be the perfect time to sell if you're looking to move up. Contact me to see if its the right choice for you!
Contact me for more details: gaelen@gaelenpatrick.com or direct at 416-801-9265
Check out the full detailed report here...
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