Toronto Luxury Real Estate September Market Update
September Toronto real estate average sales price for the entire Toronto Market including the GTA rose 6% which is a little disturbing as wage and salary increases are only 3.5%- 3.8% which causes concerns about affordability. The Central Toronto Market (416) rose only 4.3% which shows that the 905 area has corrected to the point that value is seen in those areas.
We continue to have a lack of inventory down 4% year over year with just 17,254 properties listed for sale in the GTA which is just 1.9 months of inventory. The average days on market for properties listed is just 23 days in the GTA and just 19 days in Central Toronto (416) area.
It is also interesting the the Toronto Average Sale price is getting quite close to Vancouver and actually the average sale price for condominium apartments in Toronto and Vancouver are virtually the same $650,000 in Vancouver and $636,000 in Toronto ($719,00 in the central core). Semi Detached command a higher average sales price in Toronto $1,069,119 versus $767,000 in Vancouver. Detached homes in Vancouver are just a hint higher at $1,406,000 vs $1.360,623 in Central Toronto (416). Toronto will soon have the most expensive real estate in Canada!
There have been quite a few significant sales in the Rosedale, Leaside, Annex and Forest Hill, Lawrence Park areas. If you would like an update on recent sales in your area I am happy to provide full details for you and some have traded off market that I am aware of.
Chestnut Park Real Estate, Sales Representative
Chairman’s Award 2016, 2017