See how much home prices are up in Toronto....
Here is my Toronto Real Estate Market Update, covering statistics for February 2017.
Today I'm standing in The Saulter Street Parkette in Leslieville. Combined with Riverdale, Leslieville saw the average selling price of detached homes increase by over 20% compared to the same time last year. Hi, I'm Rebecca Laing, Toronto Real Estate Broker.
Welcome to my Real Estate market update for this past month of February.
Just a quick note before I get into the market update. At the beginning of every month, you will see a lot of headlines in the media with real estate statistics for the entire Toronto real estate board, which includes homes sold in communities throughout the GTA. Communities such as Newmarket, Uxbridge, and Burlington. Since my focus is on the neighbourhoods in the actual City of Toronto, I am going to make this report only about what's happening within the borders of our great city.
In terms of actual statistics for the Toronto market, here are some key numbers. The average sale price for detached homes this February was $1,573,622, which is a 29.9% increase over last year. The average sale price for semi-detached homes was $1,085,484, up 27.9% over last year. The average for condo towns was $596,736 up 18.6% over last year. Condo apartments were at an average of $515,424 which is a gain of 18.3%
Now, I want to make a point about these numbers. Because these are averages, they can be skewed by activity at the high or low end of the market. It is for this reason that the Toronto Real Estate Board has a statistic known as the Home Price Index, the HPI. The HPI is less volatile than average or median prices, and is not as greatly affected by a particular month with a significant number of luxury sales or entry level homes selling.
The HPI is derived by analyzing the characteristics of the homes sold, and determining the values that home buyers place on those characteristics. In looking at the HPI for detached homes in the City of Toronto, the index is up 23.28% over February of last year. While this is certainly a significant increase, it is not as extreme as the average increase at 29.9%. The increase in HPI for townhouses and condos was closer to their average increases, landing in the range of 18-19%.
One of the most common questions that come up is, "how much it will actually sell for?". Again, the stories in the news are always about the homes that sell for a million dollars over asking, or something like 200 billion percent over the list price. The reality is that on average, detached homes sold for 10% over the list, semis sold for 15% over list, and condo apartments sold for an average of only 3% over list across the city. What does all of this mean for the value of your home, or the price of the home you would like to purchase? Well, if you are thinking of selling, now is definitely a great time. Please get in touch with me to find out more about the current value of your home, and the trends in your specific neighbourhood.
And if you are thinking of buying, I would be happy to sit down for a consultation to discuss what it takes to buy smart, and what you need to do to be successful in this market.
You can call or text me at 416-357-1059, or connect with me through rebeccalaing.ca.
Thank you for watching, and have a great month of March. Until next time, I am Rebecca Laing, Toronto Real Estate Broker.