It is no great secret to anyone that the winter months are a bit slower for real estate, and that things pick up in the spring time. 2019 seemed as though it might just challenge that idea, given how slow April was. May, however, has showed that the Toronto and Greater Toronto Area real estate market has come to life much like the blooms on the cherry blossom trees in High Park.
April saw a total of 5,368 active listings in Toronto, while so far in May there are 9,613. That is quite a jump! What is more encouraging is that the listings are of a much higher calibre. April saw many old listings being relisted at a lower asking price (after failing to sell), while May has shown the marketplace some excellent new properties.
Prices are also springing to life. The average price in April 2019 was $903,992, compared to April 2018 which was $866,168. Breaking that down, detached homes sold for an average of $1,355,764 in April 2019 compared to $1,355,949 in April 2018 (a slight drop). Condos, unsurprisingly, increased in value from an average of $637,181 in April 2019, compared to $601,971 during the same time period last year.
It is clear that Toronto real estate is strong, and not slowing. Condos continue to dominate, as the clear choice for first time home buyers and real estate investors. With 2,323 condo listings on the market so far in May, buying a condo in Toronto is clearly the popular choice amongst most Toronto real estate buyers. If you want to get into the market, now is the time to do just that. First time home buyers, don’t wait. Real estate investors, make your money work for you now. Property values continue to go up each year, so waiting just means you end up paying more. Real estate in Toronto is a very strong investment. Call us today! We can help!
Interested in buying real estate in Toronto & the GTA, or perhaps investing in Toronto real estate? First time home buyer? Moving to Toronto? Are you part of a Toronto relocation with your employer? Our real estate sister company – MAC Real Estate Services Inc., Brokerage – can help you with all steps of the process, from finding a new home, temporary accommodations in the meantime, destination services, settling in services, move management, and so much more. So many steps of the move can be handled in advance, so when you arrive we can get you settled much faster. When moving to Toronto, we can help with all aspects of the relocation.
We’d love to hear from you, so call us today to book your complimentary private consultation.
Once you are all settled into your new home, let us help you with a relaxing Caribbean get-away with a private luxury villa rental in St Martin/ St Maarten, St Barth’s or Anguilla. Caribbean villa rentals are a cost-effective way to travel. Ask us how!