Toronto Summer 2014
Yes, sales are up, again, by a staggering 19% in Toronto! The average price of a detached home in the 416 is pushing a million dollars.
http://www.huffingtonpost.ca/2014/05/20/toronto-house-prices-soar_n_5359659.html?utm_hp_ref=canada-business
The number of detached homes sold last month were 1300 with a year over year appreciation of 13% in value.
[Flash back 4 years] http://youtu.be/mu269xorKBY Same Media Perspective.
Sales in the 905 are selling 3 times as many for houses with 3,500 units but the individual price is averaging $645K. Simply put, you are driving till you can afford it.
Sales in tony neighbourhoods like Roncesvalles Village and Bloor West only numbered 57 and 91 units respectively fueling multiple offers approaching $966,000 as an average sale.
While the House Prices are up, Condo prices are flat with values that reflect 2009 pricing as more units become available.
Skyrocketing house prices are forcing more first-time buyers into condos, just to get a foothold in the housing market; only 53% of Toronto home buyers can afford detached houses.
Why is the number of average homes declining?
Seniors (Baby Boomers) are not selling but are instead IMPROVING and Renovating their homes for a long term ownership and are sitting on their real estate assets. This further constricts the supply.
http://www.theglobeandmail.com/news/british-columbia/boomers-sitting-on-163-billion-in-real-estate-holdings/article18770674/?cmpid=rss1
Rentals are also softening their prices with a vacancy rate of 1.5% but bare in mind 70% of Condos in Toronto are Owner Occupied. (MacLeans)
http://www.macleans.ca/society/life/condo-hell/
There is a huge pool of singles, both young and old that live alone. Condos feed that need and lifestyle. Although sales numbers seem high, this market is in temporarily oversupply. In a few years time there will be fewer and the dynamic changes again.
If you would like to discuss what's happening in the Toronto Real Estate Market I invite you to add your comments here.
If you would like to buy or sell Give me a call.
647 218 2414
I answer my own phone
David Pylyp
Showing posts with label Remarkable Homes. Show all posts
Showing posts with label Remarkable Homes. Show all posts
Thursday, May 22, 2014
Monday, January 20, 2014
Toronto Real Estate Forecast 2014
2014 will continue to see price increases and competition for detached homes in Toronto.
Last year the Toronto Real Estate Board sold 87,000 units. That's over 85,000 in 2012.
The average price of all types of Homes in Toronto was at $520 thousand. This is up a collective 9% year over year, the average price of a detached house in the 416 is topping out at $864 thousand, and there are 5% fewer available for sale. This is going to cause
more price increases, multiple offers and competition this year. The average price of a house in the 905 have moved itself to $627,000 dollars .
Many are opting to compete in the downtown Toronto core for rental properties,
There is currently a 1.4% vacancy factor in Toronto. People are downtown as families, not as expected as singles and retirees.
Seniors are staying in their homes longer by making them suitable to their long term occupancy. This adds to the lack of inventory that's available for sale.
Affordability is playing a huge factor in the housing market.
There is so much information available for you online. From Hood Data Reports by postal code, to finding out the house History with
Verified Home Reports, to actually buying Condominium Insurance to guard against a Special Assessment.
You need someone to sift through all that data. Someone to help you interpret the numbers. If you have a sincere real estate challenge, a problem to deal with, give me a call. I've got 25 years of experience.
I available at 647 218 2414
https://plus.google.com/u/0/+DavidPylypToronto/posts
Last year the Toronto Real Estate Board sold 87,000 units. That's over 85,000 in 2012.
The average price of all types of Homes in Toronto was at $520 thousand. This is up a collective 9% year over year, the average price of a detached house in the 416 is topping out at $864 thousand, and there are 5% fewer available for sale. This is going to cause
more price increases, multiple offers and competition this year. The average price of a house in the 905 have moved itself to $627,000 dollars .
Many are opting to compete in the downtown Toronto core for rental properties,
There is currently a 1.4% vacancy factor in Toronto. People are downtown as families, not as expected as singles and retirees.
Seniors are staying in their homes longer by making them suitable to their long term occupancy. This adds to the lack of inventory that's available for sale.
Affordability is playing a huge factor in the housing market.
There is so much information available for you online. From Hood Data Reports by postal code, to finding out the house History with
Verified Home Reports, to actually buying Condominium Insurance to guard against a Special Assessment.
You need someone to sift through all that data. Someone to help you interpret the numbers. If you have a sincere real estate challenge, a problem to deal with, give me a call. I've got 25 years of experience.
I available at 647 218 2414
https://plus.google.com/u/0/+DavidPylypToronto/posts
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