As reported in the Toronto Star, Toronto’s real estate market was relatively slow through August. The number of transactions in that month was 2.8 per cent higher than the same period one year earlier. This is not unexpected as August is typically among the slowest months in Toronto real estate.
Just the same, though, the average housing price continued its upward trend. Up by 8.9% over a year earlier, the average cost of a home in the Greater Toronto Area (including detached, semi-detached, townhouses and condos) was $546,303.00.
Condo sales, not unexpectedly are outpacing that of traditional low-rise homes in Toronto. Over the same time last year, there was a 6.5% gain. By contrast, detached home sales grew only 0.7% across the Greater Toronto Area.
For those keeping score, the average cost of a detached house in the 416 is now $902,428.00 – inching ever-closer to the $1,000,000.00 mark.
Our homes are often the greatest investment we make in our lives and prudence is always advised. We always encourage our clients to do their due diligence before purchasing and we always take the greatest care to perform our due diligence on your behalf as well. We are always happy to discuss potential purchases or sales and advise you on the best course of action. At Davidzon Burshtein LLP we strive to be your trusted Toronto real estate lawyers.