July 7, 2016
Toronto Real Estate Fast Facts | June 2016: The Struggle is Real
The Toronto Real Estate Board released their monthly stats, and the data shows a lot of the same as in previous months.
Although the average price dropped by about $5,000 from May, and there were 100 less active listings, neither of those numbers give us much food for thought. It’s possible that the market is plateauing, although that’s unlikely, given that the Brexit decision will likely produce a stronger US dollar, lower mortgage rates, and generate foreign interest in our market, thus driving prices even higher.
If we look at the comparisons to this time last year, we shouldn’t be surprised to see that prices and interest has only continued to increase. With 4 less days on market and an average home price of over $106,000 more, year-over-year, GTA buyers are feeling the Toronto real estate heat this summer. And don’t forget that these high costs ripple into surrounding areas, including the Hamilton real estate listings.
That said, sellers should be diving into this market, as it’s unclear when this bubble will pop—or if this is a bubble at all.