The supply is dwindling and demand is rising in TORONTO’s hot housing market. Bully offers, bidding wars and heartbreak are abroad in the land, even when it comes to luxury homes.
TORONTO Housing Market (Financial Post)
In June resale home prices boosted by 16%, up 7.5% from 2015
June listings down 3.8%
Average selling price for all homes in the GTA from January to June rose 16.8% to $746,546 from the same period in 2015
In the City of Toronto average sale price for detached homes went up almost 20% to $1,259,486
Detached homes in the 905 (outer suburbs & cities) rose 21% year over year to an average $892,747
According to Sotheby’s, TORONTO sales for $1-million-plus homes during the first six months of 2016 have exceeded those of VANCOUVER, the hottest market in the country. 134 super-luxury homes were sold in the Greater Toronto Area between January and June. During the same time period there’s been a 64% increase in GTA detached single-family houses in the $1-million to $2-million price range.
VANCOUVER Housing Market (Financial Post)
The index price in Vancouver Metro Region is up about 36%. For detached homes in Metro Vancouver, the index price is now about $1.56 million.
Foreign investment and a low Canadian dollar will no doubt continue driving the Vancouver and Toronto markets according to Sotheby’s.