Where to Buy and Sell This Week
Where to BUY in Toronto This Week: It’s been a long wait for home buyers/outdoor enthusiasts looking to buy in The Beach area where school quality is not a concern.
Why This Week: Inventory in The Beach, Woodbine Corridor, and Leslieville areas has been very limited throughout most of the summer and the majority of spring; however, active listings in The Beach and Leslieville have increased by over 50% since August and by approximately 20% from just 2 weeks ago.
This has resulted in some great listings and is causing detached homes in areas like the Upper Beach to sell in the high 700,000’s, less than what would be expected and well below Toronto’s average detached home price of $900,000 (August 2014).
What you will find: There is a limited condo supply thanks to the low rise restrictions on development in the area which make even condominiums an attractive investment in the area. Year To Date Prices: Detached Homes $981,000 Condominiums $485,000 Semi-Detached $678,000
Where to BUY in the GTA This Week: Oakville is a hop, skip and a GO Train ride away from the downtown core and has something to offer most types of buyers. The city has million dollar tear-down and re-build’s to the south and newer sprawling subdivisions to the north..
Why This Week: Oakville’s inventory is up over 8% from this time last year and has seen active listings increase by 11% since the end of the summer. Typically Oakville accounts for less than 6% of the GTA’s active listings, but this week it is at 6.5%, and with Ford Motor Company’s announcement of 1000 new jobs coming to Oakville, competition for housing is likely to increase.
What you will find: Good schools and big yards have made Oakville a mecca for former downtown condo-dwellers to raise their young families. Year To Date Prices: Detached Homes $966,000 Condominiums $372,000 Townhomes $541,000
Where to SELL In Toronto This Week: The time to list in Toronto’s North West is now. Toronto’s W10 District is home to Rexdale–Thistletown-West Humber. Ever wonder what you can buy in Toronto for less than $100,000? Or maybe you are still looking for a 4 bedroom detached home with a generous lot? Rexdale is where it’s at. Check out the link below to see what a $100,000 condo looks like in Toronto.
Why This Week: Active listings are down 20% from around the same time last year and have decreased by 11% in the past few weeks, by comparison the City of Toronto has seen listings increase over the past few weeks by 5%. Less inventory means more Buyers competing for your home.
Where to SELL in the GTA This Week: Selling conditions in east-end areas of the GTA, like Pickering and Oshawa, continue to be very appealing. While I expect Durham’s affordability to continue to attract Buyers for some time, Ajax takes the cake for most favourable selling conditions this week.
Why This Week: Active listings are down 28% from the same time last year and 8% from the end of August, while the GTA as a whole has seen active listings increase by 18% from a month ago. The lack of inventory is leading to higher prices for Sellers choosing to list now.