The latest market report from the Toronto Real Estate Board (TREB) delivered all around good news for the Greater Toronto Area real estate market. Both selling prices and the number of sales saw increases from month to month and year over year.

In the condo market, prices rose in June, continuing a months-long trend. In the 905 region, prices were up by 3.4%, bringing the average price to $450,672. In the 416, the increase was more dramatic at 9.5%; the average price rose to $605,530 in June. As similarly observed in May, condo sales in the GTA were down in the month of June. While the number of sales of detached and semi-detached homes in the GTA rose by 5.5% and 8.1% year over year, the number of condo sales was down by 5.3%. New inventory of all home types also saw a year-over-year decline of 18.6%.

Taking into account factors such as the stress test requirement and higher borrowing costs, entering the market remains difficult, especially for young and first-time buyers, who historically have turned to condos as a more attainable home ownership goal. Market conditions could be causing prospective buyers to hold off on making a purchase, while low inventory could create more competition between those ready to make the jump.

“It is likely that issues surrounding the supply of listings will persist,” says Jason Mercer, the TREB’s director of market analysis. “This suggests that competition between buyers could increase, exerting increased upward pressure on home prices.”

     Average price for one bedroom condo apartment :

  Downtown 

 Dundas/University:  $597,000

Liberty Village:          $544,003

West of Toronto 

The Junction:          $468,417

High Park North:    $559,500

Swansea:               $447,269

Mimico( Lakeshore and Park Lawn ): $475,214

Mississauga

City Centre:                                         $399,000

Port credit:                                          $505,000

Clarkson:                                             $483,700

Wondering How Much Your Home Is Worth?

How much are other homes in your neighborhood selling for?

Just give my office a call for a no-fuss, professional evaluation.

I won’t try to push you into listing with me or waste your time.

I’ll just give you the honest facts about your home and its value.

Alla Poltavski

Sales Representative

Direct :416.735.3158

Office :416364.2036