The market results for North York in the month of June are similar to the results for the rest of the Greater Toronto Area (GTA). There was an increase in the average sales price across all housing types.
The overall selling price for the different house types are as follows:
I suspect that the prices will continue to increase next month because buying activity is increasing.
Buyers are coming back into the market, and because we saw virtually no change in the number of listings on the market compared to last year, the overall housing supply is still an issue, which is essentially what is keeping the prices strong.
What do I mean by strong prices?
Here is a real example:
A 1+1 bed, 1 bath condo at 5168 Yonge Street sold in June 2016 for $391,115. This past June, the same condo sold for $645,000.
That’s an increase of $254,000 in 3 years.
Townhouse and condo apartments in North York continue to be in high demand due to affordability. However, June saw a significant price difference in townhomes compared to semi-detached, which is directly related to there being more available townhomes in the area.
Bank of Canada holds interest rates
This month, the Bank of Canada announced that it is holding interest rates at 1.75%. This is great news if you have a variable rate mortgage because your monthly mortgage payments will stay the same.
And if you’re planning to get a mortgage soon, know that borrowing money still remains affordable.
For more information about the current state of the North York market or if you have any questions about this market update, please feel free to contact me. I’d be happy to hear from you.