Heading Into Fall
Every once in awhile I come across a great diagram that highlights the rising property values around the city. I love this photo from the Huffington Post. It is a great snapshot of the value of living on the subway line. This map is the average cost of a detached 3-bedroom home surrounding each subway stop.
The TREB resale data for the month of August is impressive. This August the number of transactions were up 23% over last year. Speculation was that the implementation of Vancouver’s foreign home buyer tax would boost the resale results in Toronto. This drastic lift in transactions does suggest that speculators were correct.
Keeping with the trend, property values continued to rise with with the average price in the GTA up 17% over last August. In the City of Toronto, the average cost of a detached home is now $1,206,637. Detached sales are up 18% over last year. Semi detached and townhomes are both up 16% over last year.
The Toronto condo market, which traditionally legs behind the freehold market, posted tremendous results. 33% more units sold this August compared to August 2015 and the average price increase was 10%. A typical increase in the condo market would be closer to 3% making these results exceptional. A possible factor playing into the increase in condo sales/value would be the fact that many first time home buyers are settling into the condo market as freehold properties are no longer financially attainable.