The trend that we experienced in the first quarter of 2018 has continued through the second quarter of the year. Overall market data is showing that broadly, the Greater Toronto Area has experienced a decline in freehold home prices while condos continue to show consistent growth.
In freehold territory, for those interested in selling, it’s not all negative. As we have mentioned previously, in higher-demand neighbourhoods in Toronto, houses continue to hold value, and in many cases, appreciate. For instance, in the market area of W01 (High Park-Swansea, Roncesvalles, South Parkdale), both detached and semi-detached homes have increased in value when comparing January through June data in 2018 versus 2017. Detached homes have increased in price by 4.4% while semis have increased in price by 8.2%.
We continue to believe that the ongoing slowed growth in the freehold housing market presents a great opportunity for buyers. If you’re in a condo, now might be the time to take advantage of the narrower gap in pricing between condos and houses in the city, and consider a move up. If you’re not sure of what options are available in different neighbourhoods of Toronto, please call, text or send a message. We would love to discuss this with you further.
The average sale prices for homes sold in the first quarter of 2018 in the City of Toronto, as reported by TREB*, are:
| Average Selling Price | Year Over Year Change | ||
| Jan – Jun 2018 | Jan – Jun 2017 | ||
| Detached | $ 1,342,408 | $ 1,513,463 | -12.7% |
| Semi-Detached | $ 1,017,368 | $ 1,054,874 | -3.7% |
| Condo Townhouse | $ 657,084 | $ 633,192 | +3.6% |
| Condo Apartment | $ 590,375 | $ 546,060 | +7.5% |
For information specific to your neighborhood or your own home, please contact us.
*Source: Toronto Real Estate Board. City of Toronto from January through the end of June 2018.
