Toronto Market Watch
Toronto’s real estate market continues to thrive. After a fabulous summer selling season, the market continues to strengthen as we head into fall. The heated market is thriving on record low interest rates and the unsettled stock market. Overseas buyers are also still readily investing in Toronto real estate as a safe place to hold an investment.
In the freehold sector, Toronto home sales are up 5% over last year at an increase of 10% year over year. As we have come to expect, there is tremendous strength in the low to mid range market fueled by the demand of first time home buyers and move up buyers. But the luxury market has also done incredibly well over the spring and summer giving a big boost to the year over year percentage increase.
The resale condo market has also taken off this summer. Over the last 2-3 years it has been typical for the condo market to only see a couple percent gain year over year. The last statistics show that Toronto’s condo market hit a 8% increase in July and August of this year. As with the freehold market, luxury condos have also stabilized and are finally back in demand.
Please reach out to me if you have any specific questions about your neighbourhood, property or future real estate goals.