June | 2019 | Toronto Real Estate Market Report
After a fairly slow start to 2019, we have seen a drastic uptick in sales compared to last year (19% increase) for the Toronto real estate market as more people continue to see the strong long-term investment value in the Greater Toronto Area!
Condo's continue to take the lead with 6.6% appreciation over last year and an average price now reaching over $640,000 for the City of Toronto while Toronto Central has an average sale price of roughly $720,000.
Luckily we are seeing a bit of relief in terms of inventory for the condo market, however the large amount of backed-up demand continues to play a factor in the constant rising prices these properties are currently receiving
The townhouse sector remains extremely active throughout the city with an average purchase price approaching the $800,000 mark and an annual appreciation rate of 6.2%, putting it just slightly behind the condo market for fastest growing sector in the city.
Overall the amount of townhouse listings for Toronto Central has stayed quite low with just 189 active listings for May 2019 which has further pushed prices up as a result of the low supply.
Demand for these types of properties continues to increase as many families are now priced out of the semi-detached market which has an average sale price of over $1.05 Million, leaving larger condos or townhomes as the only viable option they have left.
If we take a further look at semi-detached homes, there has actually been a slight reduction in the average sale price (down 0.2% from 2018) as a result of a fairly good amount of listings (552) coming onto the market in the month of May which led to a 35% increase in sales over 2018. This influx in inventory has given a bit of relief to buyers in this sector, primarily in Toronto East.
Lastly, detached homes saw a slight increase (up 1.5% from last year) with an average price reaching $1.38 million for the City of Toronto. These types of homes experienced fairly large growth in sales with a 30% increase over 2018 and a total of 1180 homes being sold for the month of May.
What do you think is in store for the Toronto real estate market for the rest of this year?
Let us know in the comments section below :)