Toronto Real Estate Insights
As we mentally prepare ourselves for the cold winter months and the majority of our time spent indoors, the value and comfort of our homes always feels to be at its apex. The Toronto real estate story is mirroring this sentiment with a never-ending narrative of increasing prices and low inventory.
To this point, October 2021's data from the Toronto Regional Real Estate Board (TRREB) reports the average selling price in the GTA for all house types combined went up a whopping 19.3% year over year to $1,155,345.
Meanwhile, in the Toronto market, the average price of a detached property climbed 21.2% while the average number of detached homes sold was down 12.15%. This competitive buyers market and record low mortgage rates continue to drive pricing. For more October 2021 Toronto market data... CLICK HERE.
Despite all of this, there is good news on the supply side. There is a healthy inventory of townhouses and condominiums and the overall competition in this arena is less fierce. So we consider this to be a good time to take advantage of this market segment, in an otherwise highly competitive marketplace.
It is still hard to know how rising interest rates and climbing inflation will impact the Toronto Real Estate market. According to Robert Hogue, Senior Economist at RBC Economics any significant shift in the Toronto Real Estate market is unlikely.
“You would need a combination of factors, one being demographics — you would have to see immigration collapse, for example, at the same time as you would have soaring interest rate, at the same time as you would have a huge building boom that created surplus housing,” he said. “It would take that sort of combination.”
If you're curious to see how the market is performing in real-time, and how that might be affecting your Real Estate decisions, don't rely on stats alone, call us directly, we are here to help.
