The average selling price for homes in the GTA was up “only” 7.5% in July, compared to July 2013. Condo apartment resale prices were up 5.3%, while the average price of a detached house in the City of Toronto was up 11%. About 10% more properties were sold during this month than in July 2013.
These figures pretty much resemble those from previous months this year. The high demand for detached homes has had its spill-over effect on the price of more affordable semidetached homes and condo apartments.
Still a few weeks till fall!
In Toronto, the fall market usually picks up steam in the second week of September, and runs into early December. While not as long as the spring market, the fall usually produces comparable peak prices (see the chart above). For buyers, the last weeks of summer can be a pleasant time to search for good values!
Real estate is local
The ratio of bidding wars varies in different areas. It also typically shifts during the year. At this time, fewer downtown homes are selling over asking, compared to the spring or fall markets. In some other parts of Toronto, this ratio has stayed more or less constant during the summer weeks. We run charts on many areas in the GTA, to track the hyper-local trends!
If you’re thinking of buying or selling this year, this is the right time to contact us! You can email us, or call James and Joanne at 416-483-8000.