As your local real estate brokerage, we strive to always provide valuable information as it relates to your largest investment. At the beginning of every month, we work to compile statistics relating to both Toronto proper and the larger GTHA region. Simply provide your contact information below, and we'll be sure to send our infographics your way every month until you tell us otherwise. Enjoy!
MARKET UPDATE FOR THE WEEK ENDING JULY 23RD, 2021
The average Toronto condo price keeps on climbing, surpassing $720,000 in the second quarter of this year. A new report from the Toronto Regional Real Estate Board found that although condo sales dropped slightly this quarter compared to the last, prices continued to trend upwards, pushing the average Toronto condo price to $721,109. This is a significant increase from the first quarter of this year, which averaged $675,844, and is much higher than the current GTA average of $686,312.
The number of condo sales over the past three months fell from 6,475 in Q1 to 6,053. But, as to be expected, Toronto was responsible for the overwhelming majority of the GTA’s 8,793 sales during Q2. The condo market across the entire GTA was slower to recover than other real estate market segments after a market drop last year, but the number of sales is expected to rise in 2022 as immigration picks up.
Condo apartment sales by price range (all areas)
HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:
Few people working in Canada’s real estate industry shed a tear when Evan Siddall stepped down as head of Canada Mortgage and Housing Corp. in April after seven years spent lecturing them about, among other things, their greediness.
The two-bedroom waterfront Port Carling property had been the summer escape for a Courtice, Ont., couple for decades. They purchased the property in 1965. During their years at the cottage, they were fondly remembered as avid sailors who would bring their nieces and nephews up to the area to enjoy Muskoka.
With the peak of COVID-19 behind us, the Greater Toronto Area’s housing affordability crisis appears to have only worsened during the course of the pandemic as housing prices rose higher.
Canadian real estate has been experiencing a bit of a lull, and the new home market is no exception. Statistics Canada (Stat Can) data shows new home prices saw annual growth hit a multi-year high in June. The high was due to momentum though, as price growth had been decelerating more recently. Growth appears to be soaring still, but it’s actually losing steam very quickly. The longer-term trend just hasn’t caught up to more recent activity yet.
Toronto’s historic Gladstone Hotel just underwent a massive renovation and is reopening under a different name: Gladstone House.