If you have been thinking the Toronto real estate market is dead, it's not! 6100 homes sold in July, at an average price of $1,051, 719. 45.8% of those were detached homes which sold for an average of $1,361,660. 26.4% were condominiums which sold for an average of $678,278. 2134 homes or 35% of the sales in July were over $2,000,000. In other words, sales are happening across all price ranges. What is most obvious, is that homes priced at the "current market value" sell quickly, while those that are overpriced sit around with little activity until the price is adjusted to today's values.
The good news for buyers is that the number of homes available for sale (30,000) gives buyers an opportunity to truly find the home that they like versus buying the only house available for sale.
While interest rates have dropped and improved the ability of many to buy, the fear of the impact of tariffs on our economy is making many take the "wait and see attitude". It's a safe attitude but once the fear is gone, housing prices will continue to increase as our population continues to grow.
It is an excellent time to upgrade your home or to buy an investment property. With summer here, you might feel that you want to postpone your decision to the fall, unfortunately many have the same idea, creating more competition in the fall.
If you have some questions about the market, give me a call, let's chat. I'll be happy to give you all the information you need.
Have a great August!
