Toronto continues to be a hot market, experiencing growth compared with the same period last year. The Toronto Real Estate Board (TREB) reported 7,922 (resale) home sales in July 2011. This number is up by 23% compared with July 2010. Average home prices have increased to $459,122 in July 2011, up from $420,482 for the same period last year. This represents almost a 10% increase.
The graph below shows the average sales prices by month for 2010 in comparison with 2011. It is clear that the average home in Toronto has increased since the same period last year:
The other major market indicator is supply (active listings) and demand (sales) levels. Supply is down 19%, while demand is up almost 21% July 2011 versus July 2010. This tight supply and increased demand means more buyers are vying for fewer properties – i.e. more competition.
The chart below shows the average prices for various types of homes in Toronto in July, and Year-to-date.
| Overall Toronto Average Prices by Type | ||
|---|---|---|
| July 2011 | YTD | |
| Detached | $568,532 | $583,691 |
| Semi-Detached | $420,614 | $430,903 |
| Attached/Row | $401,195 | $394,204 |
| Townhouse | $320,237 | $316,130 |
| Condo Apt | $332,354 | $328,575 |
This concludes the overall Toronto update, the next section will dig deeper into the statistics for Leslieville/Riverdale and the Beaches.
E1 & E2 District Market Update
Now for a detailed look at the E1 (Leslieville/Riverdale) & E2 (Beaches) districts, the table below displays the average prices for the both districts. In the first column, you will see the July 2011 average followed by the Year-to-date average:
| E1 (Leslieville/Riverdale) & E2 (Beaches) | ||
|---|---|---|
| July 2011 | YTD | |
| E1 | $509,088 | $544,833 |
| E2 | $604,174 | $633,358 |
*Average Days on Market for E1/E2 is 14-15 days, lowest in Toronto. Hot areas!
The next table below displays the average prices for the various types of houses. In the first column, you will E1 (Leslieville/Beaches), followed by E2 (Beaches) in the next column:
| E1 & E2 Average Prices by Type – July 2011 | ||
|---|---|---|
| E1 | E2 | |
| Detached | $637,049 | $793,255 |
| Semi-Detached | $493,848 | $536,732 |
| Attached/Row | $472,586 | $642,000 |
| Townhouse | $365,583 | $430,667 |
| Condo Apt | $452,538 | $440,930 |
That concludes this month’s update. If you would like more detailed information about the above information, or would like some stats in another area of interest – please let me know. I would be happy to help!