Are you curious about what’s been happening in the Central Toronto real estate market lately? You won’t want to miss out on the Toronto Real Estate Market Watch for June 2023. Whether you’re a long-term resident or new to the area, this info is catered just for you.
In this video you will learn
1. A Toronto real estate market watch overview on Central Toronto Real Estate
2. Average selling price of homes
3. List to sale price ratio
4. How many days a house sits on the market
5. The impact of interest rates on the market
In June, there was 2.7 months of supply for all home types on the market, which remains the same as last month. This means that we are currently in a seller’s market, where sellers have more asking power due to the low inventory. Buyers have less negotiation power in this market.
Average home prices in Central Toronto vary between $937,000 for the downtown C01 area to over $3.4 million in C12, including prestigious neighbourhoods like the Bridal Path. The overall average price for all areas of Central Toronto is around $1.22 million.
In Central Toronto, properties sold for an average of 102% of list price, up by 2% from last year. Most neighborhoods sell for over the list price, except for C02, C09, and C12 (including Rosedale, Casa Loma, and the Bridlepath), where the list to sale price ratio is around 97%. These upscale areas don’t follow the selling tactic of under pricing to stimulate offers.
The average time for properties to sell in Central Toronto was 16 days in June, 1 day faster than the previous month and the same as last year. Shorter time on the market is good for sellers as it shows high demand and competition, but the optimal time varies based on location, price range, and property type. Most listings now have offer dates, where potential buyers can only make offers on a specific date. It is unclear whether this is a seasonal trend or a lasting one.
Interest rates have been rising since March 2022. The Bank of Canada increased rates by 0.25% on June 7th, the first hike since January. Mortgage rates are currently between 5-6%. If you are entering the market, check out all available mortgage options.
In June, Central Toronto’s real estate market is stable with an average selling price of $1.220 million for all home types. Sales decreased to 1353 and new listings decreased to 3055. However, the amount of days on the market remained the same. The uncertainty surrounding the Bank of Canada’s outlook on inflation and interest rates affected home sales, and lack of inventory discouraged some buyers.
Stay informed about the ever-changing housing market. Our goal is to provide you with personalized guidance and support. Contact us for a free market evaluation or a no-pressure chat. We offer honest and straightforward information to help you make informed decisions. Book a consultation or watch our videos for more resources. Stay tuned for our next update.
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