October Market Update
As we find ourselves midway thru October, it’s going to quickly become primetime to view the changing landscape and watch the leaves change right here in our own backyard. The 7 best places in Toronto to see this beauty are: High Park, Toronto Islands, Humber River, Beach Boardwalk, Trinity Bellwoods, Evergreen Brickworks, and Mt. Pleasant Cemetery, located within some of the best neighbourhoods in the city. As we wade into the final days of the election, we have seen a slowdown in sales both in the freehold and condo markets. While we feel the outcome of the election has little bearing on home values, some buyers are taking the wait and see attitude towards buying right now. We shall soon see who reigns supreme.
The freehold market continues to follow the long weekend pattern. After taking a breather for Thanksgiving, as expected the listings were up 38% week over week. Sales have dropped dramatically by 46% as the election is fast approaching. The east end is still leading the pack with 75 percent of sales sold at or over the asking price, with plenty of bully offers as well.
In the condo market new listings were also up by 25% from the previous week with the central core leading the way again. The units sold were down by almost 30% from the previous week. Condos that sold above their advertised price represented 41% of the total sales for the week and this is a number that has remained fairly consistent throughout the fall market.