Toronto Area Market breakdown

Despite slower activity, buyers are out, and they are buying. In June, the average home sold for 100% of the asking price within 20 days of pricing the home at market value. More interesting information is that the average home price, after the first 6 months of 2024, was $1,130,744, up .4% since the start of the year, signifying that prices are not dropping the way naysayers have been predicting.

Please note that those are average prices! Several segments of the market are not holding up as well, so great opportunities exist in the marketplace today. Condominiums in 416 are down .9% year over year and down 2.6% in the 905 area. There are also a lot of condos for sale, a 6-month supply, vs other home types with only a 3-month supply. Put a different way, only 1 out of 6 condos are selling vs 1 out of 3 other types of homes.

We have information on all neighbourhoods in the Toronto area. If you want information about a specific neighbourhood let me know and we’ll provide it to you.

This market represents a great opportunity for first time buyers, those looking to downsize and those who are looking to purchase investment properties. If you have a child who will be moving out to go to university, now might be a good time to explore your options. And speaking of student housing, we know of an excellent pre-construction condo project in Hamilton, walking distance to MacMaster University with the first two years of rental income guaranteed by the builder. Send us a note to max@remaxwynter.com if you want more information about that project.

If you are looking to buy, know that not only is there a good supply of homes available, but great opportunities exist in the market. Don’t get stuck on the sidelines because interest rates will drop, and the market will get hot again! And, if you know of anyone thinking of buying or selling, we would appreciate your referrals.