Toronto Real Estate Market Report - June 2016
Toronto Real Estate Market Report - June 2016 [All statistics via Toronto MLS Market Watch]
With June behind us, we can get an overview of how the first half of 2016 is performing in the Toronto Real Estate Market.
June 2016 has been the best June on record for home sales reported through TREB.
In relation to other parts of Canada, Toronto and Vancouver continues to take the lead with the highest price growth according to the National composite house price index, with Toronto at 34.6% and Vancouver at 19.5% respectively.
The Toronto housing market continues to benefit from the robust job market, low unemployment rate, and low mortgage rates, which explains why we are on track for the second consecutive record year for home sales.
From Blue Elephant Realty's June Market Report summary, we can see the average sale price year-to-year percentage change to be 12.01%. The condominium market continues to take the lead for the highest number of transactions. Depending on your area, the average days on market to sell can vary. Typically in the hot downtown Toronto zones, if the property is priced right and shows well, the home could sell in a few days to 1 week. The most competitive Toronto housing types with the highest demands are still the low rise sector. Year-to-year price growth for detached homes, semi-detached homes, townhouses, and even condos are well above the inflation rate. Obviously, rapid price growth paired with lack of housing inventory is not necessary a good thing. That said, different levels of government of Canada will be meeting to discuss different housing policy alternatives for the second half of this year.
With the upward trend in prices in a strong Seller's market and lower listing inventory, many buyers find themselves battling to find a home, with many priced out of their original budget. It's important to work with an experienced Toronto market expert to come up with a strategic plan for your home search within the time frame you want to work with, and find a property that meets your needs. If you are not sure whether to sell your house first before you buy a new one. in this real estate market, I will be happy to sit down ad evaluate how much your home is worth, and tailor a plan to your needs.
If you would like a more comprehensive report based on your neighbourhood or building, please don't hesitate to get in touch to obtain a customized report through me.
Sign Up for Regular Updates, Instant New Listings Notification and Toronto Monthly Market Reports.