A Mixed Bag Summer Of Real Estate
The summer is always slower than the Spring and the Fall. That said, this summer has been a mix of hot and cool. Depending on the area, the pricing strategy, and the state of repairs. Riverdale, for instance, has been strong. While the Annex has been slower, it gets our opportunity of the month award – there are some excellent buying opportunities in the Annex and South Annex. The value is superior to East-end homes, for example.
When an agent stumbles with this listing strategy, the seller suffers. We see this as one of the most significant issues facing sellers. When you have 72,000 Realtors in Toronto, you need to be decerning. It’s too easy to become a Realtor. But it’s challenging to become a skilled Realtor, and it’s too much effort for the masses. This isn’t about harping on the average Realtor in Toronto; this is about peeling back the reasons why some houses aren’t selling effectively (for more money and less time on the market.) Errors in pricing and listing strategy are deals killers, sorry sellers. Also, houses that are ready to move into are on fire compared to those that are tired and need work, those that are sitting. Why? People can’t afford the additional borrowing costs to renovate, find good tradespeople and pay for the higher cost of goods. This is why turn-key homes sell for “too much” to many of us.
We expect several sellers to hit the market in the Fall. So there could be a window of opportunity for the discerning buyer. Understand the market and snipe the worthwhile properties. We are still believers in Toronto real estate for the long term. There could (should) be bumps ahead, but we don’t see these lasting years and years like in the 90s. More likely a year or two remaining at most. There is too much buyer interest in Toronto housing for the market.
Toronto Real Estate Market Report – June 2023
June 2023 was extremely quiet in Toronto’s central areas. There were only 1349 sales. Toronto’s real estate has begun its recovery. Our overall annual markers will provide a better sense of value increase, which you can reach out to us here to discuss.
Detached Home Values
There were 149 sales in central Toronto in July 2023. The average home sold for $2,244,863, Up 16% since July 2022 (we are now seeing the year over the years values come into place, there is no doubt that the correction has taken hold of our real estate market.) The average home was on the market for 20 days – below the Toronto average days on the market – this tells us that active buyers want to buy today.
Semi-Detached & Townhouse Values
There were 136 sales in central Toronto in July 2023. The average home sold for $1,354,692, down 3% since July 2022. The average home was on the market for a relatively short time compared to the TRREB days-on-market average of 11 days.
➤ Check out our top reads for anyone thinking about living in Toronto:
- Why Parents Should Invest In Toronto Condos For Their Children
- This Is the Year For Buyers To Buy In Toronto
- Selling A Home In Toronto
Toronto Condo Values
There were 595 condo sales—the average central Toronto condo sold for $840,645, up 2% from July 2022. The average condo was on the market for 23 days – condos are beginning to move more quickly as buyers accept the interest rate hikes. Note that the correction has not impacted Toronto condos as much as the freehold housing market.
Contact us here and read through our blogs to learn more about Toronto real estate.
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