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According to the latest report, the apartment market in York has rebounded, with the number of units sold rising 504% over the past year to the top of the list, with the average price growth rate ranking fourth in Ontario.
News website yorkregion.com quoted the latest report from real estate website Zoocasa, pointing out that 50 apartments were sold in York in April last year and 302 in May this year, an increase of 504 per cent. The average price of an apartment in the area rose from 542254 yuan in April last year to 656648 yuan in May this year, an increase of 21 percent, ranking fourth in Ontario.
From April last year to May this year, the number of apartment sales in Pierre District was the second highest, rising from 73 to 315, an increase of 332%. Toronto ranked fourth, rising 290 per cent from 482to 1881. In terms of the average increase in apartment prices, the city of Toronto rose from 612300 yuan to 716976 yuan, up 17% and ranked fifth. Pierre District rose from 490118 yuan to 564062 yuan, an increase of 15% and ranked sixth.
The number of new apartments in York was 113 in April last year and 517 in May this year, an increase of 358 per cent, the report said. The sales-to-market ratio, from 44 per cent in April last year to 58 per cent in May this year, is balanced.
As for the city of Toronto, the number of newly unsold apartments rose to 3351 from 1212 in April last year, an increase of 176 per cent and ranked third. Pierre District increased from 202 to 553, an increase of 174%, ranking fourth. The ratio of sales to opening has increased from 36% to 57% in Pierre District and from 40% to 56% in many cities. Both regions are balanced.
Penelope Graham, executive editor of the real estate website, said the report tracked changes in apartment sales during the outbreak. It may be difficult to sell apartments in the first few months of the epidemic. Like other property markets in the greater Toronto area, unit sales plunged 71.6 per cent and prices fell 1.7 per cent in April last year, due to restrictions on social distance.
Unlike the sharp rebound in demand for single-family homes during the closure, apartment sales and price growth stagnated for the rest of last year as buyers moved away from high-density urban centers in search of more living space, she said. But as provincial residents are vaccinated and restrictions are gradually relaxed, buyers are clearly once again interested in high-density living.
She pointed out that apartment sales led the market in sales growth in May, growing by 170 per cent year-on-year, 20 per cent higher than single-family homes. One of the important factors is affordability. The average price of an apartment in Greater Toronto is 682280 yuan, and the average price of a detached house is 1415698 yuan. Over the past year, real estate prices have experienced unprecedented growth, with prices rising 38.4% nationwide in May. According to the analysis of the report, markets outside big cities are the most active.