Toronto condo vip . Prices in Toronto have fallen from record levels as the apartment market cools.
Sales in Canada’s largest housing market recorded another month of double-digit growth in November, masking the continued weakness of the once-hot apartment market.
Real estate sales in the greater Toronto area last month were 8766 units, according to data released Thursday by the Toronto area Real Estate Board (TRREB). This is an increase of 24.3% over sales activities a year ago, but 17% lower than sales activities in October.
In November, the average house price of GTA reached $955615. Although it increased by 13.3% compared with the same period last year, it was down from the record average of $968318 in October.
Detached houses were popular in November, especially outside Toronto, as sales in the area rose 33.6% year-on-year in the 905 area code, including cities such as Missouri and Brampton.
In the apartment market, the situation is completely different. Sales in Toronto are only 0.8% higher than the same period last year, and the average selling price is down 3% to C $640208. In the case of a surge in supply, dynamics tend to be favored by buyers. Indeed, 5018 apartments went on sale in Toronto last month, compared with 1707 in November 2019.
But the local real estate board is optimistic that the situation will be rebalanced on the other side of the pandemic.
“the apartment market is definitely more balanced than in previous years, with some buyers benefiting from last year’s lower prices,” said Jason Mercer, chief market analyst at TRREB. But this may be a short-term phenomenon. ” Release.
“once we enter the post-COVID period, we will begin to see population growth, including the return of immigrants and non-permanent residents. This will lead to an increase in demand for apartment apartments in terms of ownership and rent. The market. “
