Sales in June were up 10.4% over June of last year as the Toronto Real Estate Board reported 8,860 sales through TREB’s MLS System. The overall average selling price in June 2019 was $832,703 up by 3% compared to the average of $808,066 in June 2018 and up 7.9% from the start of 2019!
The continuing increase in prices are a direct result of continued demand as well as a shortage of supply, as the number of homes available for sale dropped by 5.7% over the same period last year.
Toronto’s employment opportunities, multicultural diversity and low cost of real estate compared to other major cities continues to attract investors and job seekers alike from abroad as well as other parts of Canada. The result is increased prices and rents. Unfortunately demand continues to outpace the creation of new housing units, with no solutions on the horizon.
There seems to be a misdirected feeling that the market is slow. It is in the $2 million - $10 million price range which is down in price on average by 10%. Over $10 million, prices are up 10% on average! Other than luxury homes, we are in a hot, hot market, with less than 2 homes available for every sale.
The bottom line? Great opportunities exist in upgrading your existing home or buying an investment property as rents are at an all-time high.
Give me a call and let’s discuss the opportunities!
Have a great July,
Your Friend in Real Estate.