Market Update for May 10
The Toronto real estate market is here with a bang! It looks like after two years of weak conditions the market is making a comeback. Though it’s off the dizzying heights of 2017, we are seeing a significant ramp-up of new listings and of course the corresponding increase in sales. On a seasonally adjusted basis, sales were up 10 percent in April and the average sale price for a home in the City of Toronto is $903,992. Inventory levels are still low which means that even those homes that otherwise would be “locationally challenged” are selling quickly.
The freehold market continued to see increases in inventory for the second straight week up 22%, spread out across all parts of the city. The number of sold properties was up a staggering 31% week-over-week, and a strong 70 percent sold at or above the list price. This is all good news and likely represents some catchup from a slow start to the year. The high-end market is moving at a slower pace. Currently, in the central core, there are 334 properties listed above $3 million dollars.
The condominium market in the Toronto core continues to shine. While there was only a 9% increase in new listings last week, sales increased by a whopping 44% and of those, 53% sold above the asking price. The average condo price for the City of Toronto is now at $637,181 up 6% from a year ago. Tight market conditions in the condo rental market remain in place. Average year-to-date rents for a one-bedroom apartment were up 7.3% to $2,150 and a two-bedroom apartment up 4.1% to $2,815.