Toronto’s real estate market got off to a hot start in the first quarter of 2015. An analysis of resale activity in Greater Toronto Area neighbourhoods by Realosophy Realty Inc., Brokerage for The Globe and Mail shows properties selling faster, and for more – relative to the seller’s asking price – than they were last year, says Realosophy president John Pasalis.
“Overall, prices are up 8 per cent over last year and sales are up 6 per cent,” he says. “We are seeing strong demand for both houses and condos – with condo sales up 10 per cent over last year.”
“New condo completions have pushed the average price down in some neighbourhoods. Increased activity in some outlying areas [like River Oaks and Royal Orchard] was driven by their relative affordability – they both offered younger buyers good value.”