Hi there! For those of you that don’t know me, I am Danielle Demerino a Toronto real estate agent reporting to you on the latest trends in the Toronto real estate market. Buckle your seatbelts, here we go!
As you can imagine, the market prices are still up in Toronto real estate. That’s covering all asset classes such as detached homes, semi-detached, town houses and condos. We are actually up about 10 percent year over year. The average price of a house in Toronto is $1, 025,000 and volume is up 7 percent as well. Most of these gains were made in the single family home and I hate to say it but the condo market is still suffering. They are basically flat from last year, up .08 percent.
There is a ton of inventory on the market and as you may have heard from the headlines, people are looking at this as an opportunity to switch up their life a little and take a chance. Good for them! This, however, has lead to a lot of empty condos, a higher vacancy rate and a lot more months of inventory for the condo market just sitting there. We are in a little bit of a lull, but hear me say it, this is temporary.
The government of Canada has promised to bring in 1.2 million immigrants over the next three years and where do you think they are going to dig in their heels? The three places they go most, Toronto, Vancouver and Montreal. New immigrants will tend to eat up that lower end market as that is what they can afford and they have private ownership.
We saw a lot of people moving out of the city to places like Oakville, Durham, Brampton and York. These areas saw great gains in all of categories. We saw a 20 percent increase in the detached department, even an increase in the condo market, which is rare at the moment. Things are changing. Investors are selling off their condos. It’s a great time for you to take advantage of the price points.
Evaluate what you have in your future? Are you going to be working from home? Can you move outside of the city? Where is your dream location? If you are a risk taker, now is your time to shine. This year and next year, until we find a vaccine, condos are going to stay flat and houses are gonna stay high. Stay strong, stay safe and we will see you next month.
