June 2017 Toronto Real Estate Market Report
There has been a welcome cooling off of the Toronto real estate in June with a drop in the average sale price, down from the high seen in April of over $900,000 to $793,000. Year over year however the average sale price was up 6.3%. The volume of sales was also softer with 7,974 properties sold versus the record volumes seen in June of 2016 of 12,725 properties sold. We did discuss this week at our office meeting that the July weekly sales reports from the Toronto Real Estate Board show a stabilizing of the average sale price of just under $800,000. For full details on the Toronto Real Estate Market please click the link to the Chestnut Park Market report. We are monitoring the weekly average sale prices to see if in fact we have stabilized.
The Toronto Real Estate market is still seeing some healthy sales in desirable neighbourhoods. In June a Yorkville condominium sold north of $10,000,0000 and a signature Rosedale home has sold just under $10,000,0000, in addition to a few other Rosedale sales over $5,000,000 in the past few weeks. The luxury Toronto real estate market remains sought after. Quality properties in good areas are selling well however this cool down provides the perfect opportunity for buyers to step in during this market lull.
For further details on how the market is behaving in your neighbourhood do not hesitate to contact me. I am happy to assist you whether buying or selling.