Universal city phase 3 . Toronto apartments have been falling since March
Universal city phase 3 . Toronto apartments have been falling since March. The Toronto apartment market has come a long way, because the impact of COVID may only be the reason for the undervaluation of the real estate market this year.Please Visit: niversal city phase 3 to Get Your VVIP Registration Today!
Just 12 months ago, Toronto’s real estate market was quiet during usually busy periods in the industry, with home sales, prices and new listings falling sharply. Sales fell 67.8% from a year earlier, while the average selling price of a home fell slightly by 2.5% to $881424. Under the influence of market uncertainty, homeowners also hesitated, with the number of active homes listed in Toronto falling 61.2% year-on-year to 2223.
In terms of the apartment market, only 482 apartments were traded by April 2020, down 69.9 per cent from a year earlier, while the average price fell 4 per cent to $612300.
Apartment activity will continue to be the hardest hit by COVID in the coming months of 2020. But the Toronto apartment market has rebounded steadily since several successful vaccine candidates were announced in November 2020.
Apartment sales rose 373.4 per cent year-on-year, with 2277 transactions (remember, April 2020 is not a good time for anyone), while average prices rebounded from the 2020 downturn, rising 18.7 per cent to $727137. Meanwhile, the median price of an apartment in Toronto is $645000, according to (TRREB), the Toronto area Real Estate Board.
New housing also increased in April, with 3518 apartments on the market, while 2351 active apartments were still on the market at the end of the month.
The Toronto apartment market closed this month, with a total turnover of $1655691451.
Despite the impressive year-on-year figures for April, you must remember what we did a year ago-the impact of COVID began to emerge and sales activity in the apartment market plummeted.
By contrast, apartment sales fell 12 per cent from the 2614 transactions recorded in March, while the average selling price rose 2.72 per cent from the average price of $707835 in March.
Sean Hildebrand (Shaun Hildebrand), an apartment industry expert and president of urbanisation, says lower borrowing costs, renewed optimism about the housing market and some of the knock-on effects after suburban house prices have risen by 30 per cent in the past year have refocused on urban real estate.
Given that the average price of a house in the area is now $1090992, up 33% year-on-year, Navid Rashid, a real estate sales representative for Ferrow, told STOREYS, buyers were looking for more affordable options and turned to apartments.
“We are seeing the heat of the market gradually turning into apartments because they are cheaper. Buyers are looking for lower prices, and the apartment market is offering a wide variety of inventory at a bigger discount than anything else. ” Mr. Rashid said he added that apartments are also easier to buy and make for first-time buyers and investors.
With the price of permanently owned homes “an uncomfortable place for many people” and apartment prices “stagnated before the spring market,” buyers began to turn their attention to the apartment market, Mr. Rashid said. because their starting price is today, there are almost half of the permanent ownership homes on the market.
“buyers also want to lock in these historically low interest rates, which makes it easier to commit,” Rashid added.
The growth of the apartment market comes as Toronto’s overall red-hot housing market shows signs of slowing. In line with the usual seasonal trend, home sales in the greater Toronto area fell 12.7% month-on-month in April, recording 13663 sales. But GTA home sales still managed to set a new record for April and quadruple the number sold in April 2020, the first full month of the 2020 flu pandemic, according to TRREB.
The local committee said the new listing followed a similar path-down 8.4% from the previous month. However, this is still more than three times the number of new housing reported in April 2020.