Toronto C08 Overall Average Price is up 13% Year over Year!
The C08 area which encompasses our neighbourhoods of the St. Lawrence and East Bayfront has done extremely well year over year in July. The overall average selling price was $831,271 in July 2020, compared to $734,951 last July, which represents an uptick of 13%. This should come as no surprise to active sellers or buyers and their agents – as the market is forging ahead despite all odds, including in the east end of the city.
The month of July 2020 ended with a total of 220 resale transactions in C08 as reported through TRREB, which puts the market back on track for healthy sales numbers with a 23% boost year over year. Note that; condos are starting to come back too with a 18% sales uptick in C08 year over year.
Supply and Demand levels in C08’s real estate market (Balance Market):
The months of inventory(absorption level) points to a balanced market at 2.8 months for July 2020. This important to note for buyers – although prices are on the rise there is actually more to choose from when compared to this time last year. Last year was a strong seller’s market at 1.4 months of inventory.
Condo prices up in C08:
Condo’s see a healthy gain in July 2020 with condos up 7.5% year over year. The total average selling price for Condos in C08 was $765,214 compared to $711,403 last year. This is great news because it’s not a completely out of control spike in prices and healthy price numbers keep neighbourhoods steady and potentially safer from the other side of the curve.
If you want to delve deeper into the micro level of the C08 market and get building-specific information we would be glad to provide that as well case by case for you.
How is the rest of the Toronto Condo market?
Toronto’s Real Estate Agents wrapped up the month with 2,423 condo apartment sales in the past month through the Toronto Real Estate Board MLS system.
The number of condo apartment sales in Toronto fell by approximately 7% compared to last year amid CoronaVirus (COVID-19). And, the average price of a condo apartment in Toronto went UP by almost 8% to $635,778 compared to the year before. It’s a good time to be a Condo buyer in Toronto so please be aware and get in touch if you’re looking.
What will happen to the Toronto real estate market in the near future:
The job market in Toronto seems to remain stronger than in other areas of Canada. In a province like Alberta, the overall employment is very dependent on Oil, whereas in GTA we are mostly service-based.
A big number of buyers that we are dealing with in Toronto’s real estate market on a daily basis are End users, those who need a home to live and or raise their families, or are already in the market shopping for a home. Some investors are also out there looking for deals! On the other hand, the level of standing inventory is shrinking. All these translate to more competition and more bidding wars on remaining properties.
And as we had predicted 4 months ago, the Rebound would be much quicker than the plunge. However, we still think that there would be ups and downs till we reach a balanced market so be creative when searching and find the right home with us.
We’ve mentioned this before to our buyers and sellers, “the time it takes for a buyer to enter the market is much faster than when a seller prepares and puts their house on the market”. And when those buyers on the sidelines enter the market, the demand would be higher than the inventory. As well interest rates are historically low and should remain this way for the foreseeable future! And that’s what will and has continued to cause the multiple offers and uptick in prices!
We strongly recommend that you set a strategy with your us now, if you are planning to buy or sell any time soon!
Questions? Email us @ firstname.lastname@example.org or call 416 205 0355 and ask for Mark or Ari.