Top 10 communities with a go station

Whether it be the high Toronto real estate prices, the chaotic energy of the city or the need for a larger home with a yard, there are many reasons why some Toronto residents trade the convenience of living in the city with living in a smaller community, despite having to commute into the city for work. With Toronto home prices as high as they have been and with the introduction of higher interest rates bringing down the average sale price of many of the GTA communities that saw substantial gains during the pandemic, now could be a good time to consider making a move to one of the top 10 communities in the GTA with a GO station listed below. Purchasing a home in a community that has a GO station isn’t only beneficial to you if you work in Toronto and need to commute, it is also a selling feature that attracts potential buyers should you decide to sell in the future.

Below is a list of the top 10 communities in the GTA that have a GO station (in no particular order):

#1 Oakville

Oakville real estate

Oakville is one of the most desirable and affluent communities outside of the City of Toronto. It is home to many executives who commute into Toronto’s Financial District for work. Many professionals choose Oakville as their home due to its good schools, access to the waterfront and reasonable commute time to Toronto via the GO train.

Below are the average sale prices for all property types in Oakville at the time of this blog (August 2022)

Detached $2,035,091

Semi-detached $1,090,045

Townhomes $1,101,040

Condo apartments $938,359

Condo townhomes $829,093

#2 Port Credit

Top 10 communities in the GTA with GO stations

Port credit is known for its stunning waterfront which was rated as number one in the GTA. This family-friendly community consists of a wide range of demographics, including professionals who work in the Financial District and families who are looking for a quieter lifestyle versus living closer to downtown Toronto. Port Credit is home to the Port Credit Yacht club and is a lively spot during the summer months when the weather is nice. The Port Credit GO Train station makes it convenient for professionals to commute to and from work on a daily basis.

Below are the average sale prices for all property types in Mississauga which Port Credit is a part of. The pricing is based on prices at the time of this blog (August 2022)

Detached $1,589,123

Semi-detached $982,556

Townhomes $1,005,494

Condo apartments $628,116

Condo townhomes $798,552

#3 Unionville

Unionville real estate

Unionville, located in the City of Markham, is one of the most charming communities just north of Toronto. Unionville has a historical main street that consists of many different shops, cafes and restaurants just steps from Toogood Pond where many children and families skate during the winter months. Along with its large beautiful homes and one of the top golf courses in the GTA,  Unionville is a  popular community for those who are looking for a family friendly community not far from the city.

Below are the average sale prices for all property types in Unionville/City of Markham at the time of this blog (August 2022)

Detached $1,708,333

Semi-detached $1,182,644

Townhomes $1,155,546

Condo apartments $707,776

Condo townhomes $875,375

#4 Markham Village

Top 10 communities in the GTA with GO stations

Similarly to Unionville, Markham Village is the older area of the City of Markham and also includes its very own main street, which, like Unionville, includes many different shops, cafes, restaurants and bars. The area consists of large lots which has resulted in builders tearing down many of the older and dated homes and building new larger luxury homes. The Go station located on Main Street Markham makes it convenient for those who need to commute to Toronto for work. Markham Village is a great community for families who are looking for a place to live with a true small town community vibe.

Below are the average sale prices for all property types in Markham Village/City of Markham at the time of this blog (August 2022)

Detached $1,708,333

Semi-detached $1,182,644

Townhomes $1,155,546

Condo apartments $707,776

Condo townhome $875,375

#5 Vaughan

Top 10 communities in the GTA with GO stations

The City of Vaughan is one of the fastest growing communities in the GTA and includes several small communities within it such as Maple, Kleinburg and Woodbridge. The area consists of both residential homes as well as some newer low-rise and high-rise condo buildings. Vaughan is a desirable community among families and professionals who commute to work as there is easy access to highways such as the 407 (east & west) and 400 (north & south), and it also has its own GO station.

Below are the average sale prices for all property types in Vaughan at the time of this blog (August 2022)

Detached $1,697,375

Semi-detached $1,116,357

Townhomes $1,080,793

Condo apartments $690,996

Condo townhome $931,602

#6 Aurora 

Top 10 communities in the GTA with GO stations

Aurora was once a small town but has grown substantially over the years. Although the photo above highlights the beautiful farm land and landscape you will find in the surrounding areas of Aurora, the main area of Aurora where most residents live is made up of residential homes of all sizes. Aurora is also home to large estate size lots in communities with winding tree-lined streets that provide a a good amount of privacy. Aurora has become a popular community for those who commute to work and who appreciate living in a community filled with beautiful homes with spacious lots.

Below are the average sale prices for all property types in Aurora at the time of this blog (August 2022)

Detached $1,625,138

Semi-detached $908,000

Townhomes $987,375

Condo apartments $718,650

Condo townhome $1,116,500

#7 King City

Top 10 communities in the GTA with GO stations

King City is known for its small town vibe, historical homes, large lots and stylish new construction subdivisions. The area has a main street down Keele Street which includes a variety of local shops, restaurants and other businesses. The King City community consists of a variety home types including heritage homes around King Road and Keele Street, large lots with custom homes and bungalows as well as new construction subdivisions that cater to a range of home buyers including first time buyers. For those who are looking for a quieter lifestyle than living in the busy city and who are willing to commute to work, King City might be a good option to consider.

Below are the average sale prices for all property types in the King Township at the time of this blog (August 2022)

Detached $1,912,794

Townhomes $1,108,000

Condo apartments $632,500

#8 Stouffville

Top 10 communities in the GTA with GO stations

Once known for mostly farm land and an older community with a small main street, Stouffville has changed drastically over the last decade and a half. These days, you will find new construction subdivisions that are either brand new or approximately fifteen years old along with an older part of town with homes that have existed for quite some time. Main Street Stouffville has many different shops and businesses along with several restaurants. Although it has grown over the years, it still has a small town vibe to it. Many residents commute to Toronto for work via the GO Train.

Below are the average sale prices for all property types in Stouffville at the time of this blog (August 2022)

Detached $1,414,811

Semi-detached $988,375

Townhomes $956,669

Condo townhome $588,000

#9 Pickering

Top 10 communities in the GTA with GO stations

Twenty years ago you wouldn’t hear about professionals from the city flocking to Pickering. However, Pickering has drastically changed over the years and has a lot to offer those who are looking for a larger home with a larger lot in an area not too far from Toronto. These days you will find many executives who have chosen to call Pickering home. With its beautiful waterfront, sense of community and more, it’s a popular community for those who are looking for more of a suburban vibe while still being close to the city. The Go station and easy access to Highway 401 makes it convenient for those who commute into the city for work.

Below are the average sale prices for all property types in Pickering at the time of this blog (August 2022)

Detached $1,270,758

Semi-detached $902,714

Townhomes $859,336

Condo apartments $609,845

Condo townhome $727,042

#10 Whitby

Top 10 communities in the GTA with GO stations

Whitby is home to several large corporations such as BMW, Sony Canada and others which employ many of the local residents.  Like Pickering, Whitby has its own beautiful waterfront and also a historical main street with Heritage buildings. There are a variety of home styles in the area and the pricing is typically more affordable when compared to other communities in the east end of the GTA such as Picking and Markham.

Detached $1,100,690

Semi-detached $857,500

Townhomes $849,250

Condo apartments $681,667

Condo townhome $706,500

With so many great options in the GTA to consider, I’m confident that you will be able to find the right home for you. To assist you with your search, I’ve included the GO system map below which shows all of their stops in the GTA.

Top 10 communities in the GTA with GO stations

Credit: GO Transit

If you are thinking of making a move out of the city to one of these great communities or any other great community in the GTA and have questions about selling, buying or the market in general, feel free to contact me at any time as I am happy to answer your questions for you.

*All sale prices above are based on July 2022 stats which are released in August 2022.



How to win a bidding war in Toronto

With Toronto being one of the hottest real estate markets with a level of demand that the supply can’t seem to keep up with, there’s no surprise that buyers often end up in a bidding war against other buyers.

I often tell my buyer clients that buying a home in Toronto is a process, one that involves more than just one attempt at finding the right house for them and sometimes involves some disappointment when one gets away.

How to win a bidding war in Toronto

Unfortunately, the Toronto real estate market is heartless; it doesn’t care about your feelings or your dreams, and it most definitely doesn’t care about how many homes you’ve missed out on. Most of the time, the only thing that Toronto real estate cares about is how much money you will pay for it.

Although offer price is usually the driving force when it comes to selecting the winning bid in a multiple offer situation, there are other deciding factors that come into play and which can work in your favour when putting together your offer.

As a full time Toronto real estate agent, I’ve had plenty experience with assisting both seller and buyer clients over the years. This has allowed me to view the deal from both sides of the table and to pick up on tactics and strategies that have resulted in a winning bid. I’ve also had the opportunity to see what doesn’t work.

How to win a bidding war in Toronto

Below, I’ve provided some of the strategies that have worked for my clients in the past in order to hopefully help you if you’re ever involved with a bidding war in the future.


Submitting a “Bully Offer” – This strategy typically only works if you are willing to pay an amount well above the list price and possibly slightly higher than market value. You essentially should be submitting an offer that the seller would be foolish to refuse. This offer would need to be completely clean and not include any conditions and with a limited number of clauses. This offer should also include the seller’s desired closing date.

Submitting a personalized letter with a photo – Although some may disagree with this strategy, I have seen personal letters work for both my buyer clients as well as for buyers submitting offers on my listings. I’ve personally been in situations where my seller clients were ready to take a lower offer price for their home simply because they liked the offer with the letter from the buyers as it felt more personal. It probably wouldn’t have been the wisest financial decision to accept a lower offer price due to a nicely written letter but it does go to show you that a personalized letter has the potential to sway a seller’s decision as to which offer to accept.

Submitting an offer with the desired closing date – One small way to help increase the odds of your offer being accepted is by matching the seller’s desired closing date. This is a very minor thing and likely won’t be the only thing that makes or breaks the deal, but if you can match the desired losing date, you will be that much closer to having your offer accepted.

Submit a clean offer – If you are up against other offers, the last thing you want to do is submit an offer with a bunch of conditions, reps and warranties and clauses. I realize this can be scary and you must make a decision that you feel comfortable and confident with but you may need to remove any home inspection or financing conditions or clauses you were planning on including. Based on years of experience with dealing with bidding wars, I can guarantee that the odds of your conditional offer being accepted are extremely low. However, if you are considering removing any conditions, make sure you are in a financial position to deal with any unexpected surprises that you may run into down the road.

Make sure your i’s are dotted and t’s are crossed – I often receive incomplete offers with missing information, sometimes important information such as the names of the parties to the agreement along with other very important information. Make sure all sections of the offer are filled out fully and accurately. The last thing you want to be doing is submitting an incomplete offer in a bidding war as this will not only result in the sellers potentially feeling uneasy with your offer, it may even result in you missing out on the home.

Don’t expect more than one chance – For some reason, some buyers and agents think that they will be guaranteed a chance to improve their offer after it has been submitted. This is not always the case as the seller is not required to provide additional opportunities for buyers to improve their offers. Do not go into a bidding war expecting a second, third or fourth chance to improve your offer as you may not get it.

Make sure to check in with the listing agent – Many agents simply submit an offer on offer night and wait to receive a yes or no answer. If you are working with an experienced and reputable Toronto real estate agent, they won’t stop at simply submitting your offer. Once your agent has submitted your offer, they should be checking in with the listing agent in order to see how your offer is doing compared to the others and to see if there is any way that you can make your offer stronger, whether that be financially or otherwise.

At the end of the day, bidding wars are complex and each one is different from the other depending on the different parties involved, including the the sellers, buyers and agents. A good real estate agent will be able to guide you through the process and help ensure that your offer stands out from the competition as much as possible while protecting your rights and working in your best interest throughout the process.

Are you thinking about making a move or do you have questions about the current market?

Contact me any time with your real estate questions or to discuss your real estate plans. I’m happy to help and to answer any questions you may have.

What is a pre-list home inspection?

You may or may not have heard the term “pre-list home inspection” before and wondered what it is and what it’s used for if you don’t already know.

A pre-list home inspection is an inspection that the listing agent typically arranges for their seller client prior to the property being listed for sale on MLS. By completing a pre-list home inspection, listing agents are able to provide such inspections to potential buyers and their agent when an inquiry is made regarding the condition of the home.

Toronto real estate (home inspections)

As long as your home doesn’t have any major issues, a pre-list home inspection often adds comfort to buyers, especially when they are involved in a multiple offer situation and likely won’t be able to submit an offer with a home inspection condition included.

A home inspection typically includes important information regarding different aspects and areas of the home and often includes details regarding the condition of following below as well as other items:

  • Foundation (limited)
  • Roof (limited)
  • Chimney
  • Decks & landscaping
  • Windows
  • Doors
  • Electrical (limited)
  • Plumbing (limited)
  • Heating & cooling systems (limited)
  • Bylaw related / safety issues
  • Moisture damage (typically available at an additional cost)

It is important to know that home inspectors are somewhat limited in regards to how deep they can dig into each section of the home. They mostly base their report on what is visible to the naked eye when looking over the different areas of your home.

It is also important to know that it’s extremely rare to receive a report that is squeaky clean without any issues at all, even in a newer home. Many sellers get nervous when they see a report that says there are issues with their home, even if they are minor issues. By completing a pre-list home inspection, you will have the opportunity to address the issues prior to listing your home for sale if you should wish to. Once the issues have been addressed, the home inspector will usually provide you with an updated report which reflects the repairs being completed. Over the years that I have been working in the real estate industry, I haven’t once seen a report completely free from any issues.

What is a pre list home inspection

Now that you know what a pre-list home inspection is, make sure you speak to your agent about this option prior to listing your home for sale.

If you aren’t currently working with another agent and have questions about the market or selling your home, contact me any time. I’m always happy to answer your questions and concerns and to assist you with achieving your specific real estate objectives.

Why Isn't My House Selling? (Toronto real estate)

So you’ve gone through the process of hiring a Toronto real estate agent, decluttered and staged your property to ensure that it’s in top showing condition, the “For Sale” sign goes in the lawn and the listing goes live on MLS, you are excited to see how many showings and offers you receive, but you don’t receive any interest and you’re now wondering, “how could this be happening?” You’ve hired a professional Toronto real estate agent, completed all of the prep work to ensure your property shows well and you’ve heard that other properties have sold with multiple offers in only one week or sometimes less. You’re now asking yourself “Why isn’t my home selling?”

There are a variety of factors that could be getting in the way of your home selling but in most cases it comes down to expectations. Below are the top 5 reasons why a home may not sell.

1) Market Shifts

We have been spoiled over the last decade or so with Toronto home prices skyrocketing year after year. Prior to the pandemic and interest rate hikes, you could put almost any home on the market (even complete gut jobs) and they would sell for well over their list price with multiple offers. Unfortunately, things have changed and the market is no longer what it was back then (the good old days – depending on who you ask). Since the introduction of rate hikes (which we haven’t seen in a very long time), the market has continued to shift. As rates continue to go up, the buying power among buyers continues to shrink and the uncertainty continues to grow among buyers, sellers and the public in general. In one recent study completed by Hanley Mortgage Group, buyers had approximately $120,000 less buying power this past July 2022 vs July 2021; that is a substantial hit for buyers looking to buy in one of the most expensive cities both here in Canada and around the globe.

Toronto real estate market

So what does this have to do with your house not selling?

It has to do with expectations.

The market has been changing weekly, sometimes daily and as previously mentioned, it’s not what it was in the past in regards to the average sale price or number of offers. Toronto hit a record high for the average sale price in February 2022 at $1,334,544 which, at that time, made Toronto the most expensive city in Canada. Since then, we have seen multiple rate increases with potentially more on the horizon. This has caused the average sale price to continuously decline month over month from $1,334,544 in February all the way down to $1,074,754 last month (July 2022). If you listed your Toronto home this summer hoping to sell for this past winter’s sale prices, your expectations are likely not in line with the current market. While interest rates increase and the buying power of buyers continues to decrease, sale prices will also continue to adjust accordingly.

In addition to the market shifting as a result of interest rate hikes, historically, we typically see seasonal shifts in the market with August typically being one of the slowest months of the year. This is due to many buyers taking vacation and travelling during this month. Unfortunately, due to the pandemic and travel restrictions being lifted, there are even more potential buyers who are looking to get away for the vacation they have been craving over the last couple of years. The amount of demand for travel  is evident when considering the extremely high pricing for both flights and vacation packages when you complete a quick online inquiry for travel options.

What can you do about these market shifts in order to sell your home?

Well, this depends on your specific situation.

If you must sell now, you and your agent should discuss your options based on the current market and current comparable sales in your area. In addition to your agent providing you with statistical data based on the current market, you may also need to adjust your expectations and come to the understanding that you simply may not be able to achieve the sale price you originally had in mind when you originally listed your home for sale. Keep in mind, depending on where you are looking to move to (buy) and the rate you have locked in at, you may make up some of the loss on the buy side with the right negotiations.

If you don’t have to sell immediately, you should discuss with your agent the option of potentially re-listing your property once the market has bounced back to the level of pricing you were expecting when you originally decided to list. However, keep in mind that if you decide to take this route, be prepared that you may not be as happy with the purchase price of your next property depending on what market it’s located in as prices may have bounced back and be more than what they are today.

2) Improper Staging

Let’s be honest, not all staging is equal.  It’s important that your home is professionally staged and staged in a way that makes your property stand out from the competition. Anyone can place a throw blanket on a sofa but true high quality staging requires a lot of thought and planning. Professional staging often requires the removal of all existing furniture from the property and new furniture brought in which enhances the space and makes the home feel brighter, cleaner and more airy. If your property isn’t properly staged you could potentially be turning off potential buyers. Staging was important when the real estate market was hot, it is now even more essential in this new market.

Toronto real estate

3) Poor Quality Photos 

Just like any other product, the quality and type of photos used to market a product can make or break the successful sale of that product; it is no different when selling a home. Having professional photos that showcase your property in the best light possible will drastically increase your odds of selling for the most amount of money in the least amount of time. Doing otherwise will likely leave your home sitting on the market for quite some time. Your realtor should be using a professional photographer for the photos that will be shared in both online and print marketing materials.

Toronto real estate

4) A Dirty Home

The last thing you want is for potential buyers to be turned off by how dirty your home may be. When viewing homes, there’s almost nothing worse than walking into a home and wanting to leave your shoes on because the home not clean, this is definitely not the first impression you want to be making to potential buyers. Before hiring an agent, make sure the agent you decide to work with provides complimentary professional cleaning services as a part of their pre-listing services. If your home isn’t thoroughly clean, you may find yourself waiting a long time for the right buyer to come along and you will very likely receive less money for your home.

Toronto real estate

5) Incomplete Repairs or Renovations

Sellers sometimes think that buyers will be willing to complete repairs that are needed or that have been started but not fully completed, but this couldn’t be further from the truth. As a Toronto real estate agent who helps both sellers and buyers, I’ve seen the look of disappointment in the eyes of my buyer clients when they come across areas in need of repair or partially finished work. Their minds automatically go to the thought of “how much is this going to cost to fix?” and “how much should we knock off the offer price due to this?” Before listing your home for sale, complete as many needed repairs that you can and finish any partially finished projects that you may not have completed. You will likely save yourself thousands of dollars when it comes to negotiating a final sale price for your home by doing this. It is also crucial that you use a licensed professional when completing projects that require licensed trades such as electrical work, plumbing and structural work that may require an engineer.

Toronto real estate

These are just some of the many reasons why your home may not be selling. Ensuring that all of these items are addressed properly will increase the odds of your home selling for the most amount of money in the least amount of time.

If you aren’t currently working with another agent and have questions about the market or selling your home, contact me any time. I’m always happy to answer your questions and concerns and to assist you with achieving your specific real estate objectives.

*This is not intended to solicit individuals currently under contract with another real estate agent or real estate brokerage.


What You Need To Know About CMHC Insurance

If you’re thinking about buying a home in Canada, one of the most important things to understand is the difference between insured and uninsured mortgages. Below is what you need to know about CMHC insurance.

What is CMHC insurance and why do you need it:

CMHC insurance is a type of mortgage default insurance that protects lenders in the event that a borrower defaults on their mortgage. It’s required on all mortgages with a down payment of less than 20%, and it’s offered by the Canada Mortgage and Housing Corporation (CMHC).

How does CMHC insurance work:

If a borrower defaults on their mortgage, the lender will be reimbursed by CMHC for a portion of the outstanding loan balance. The amount that CMHC will cover depends on the size of the down payment:

For a 5% down payment, CMHC will cover up to 95% of the outstanding loan balance

For a 10% down payment, CMHC will cover up to 90% of the outstanding loan balance

For a 15% down payment, CMHC will cover up to 85% of the outstanding loan balance

What are the benefits of CMHC insurance:

CMHC insurance provides a level of security for lenders, which in turn makes it easier for borrowers to qualify for a mortgage. Without CMHC insurance, lenders would likely require a larger down payment, a higher credit score, or both which could negatively affect your buying power.

How to get CMHC insurance for your mortgage:

If you’re applying for a mortgage with a down payment of less than 20%, your lender will automatically include CMHC insurance in your loan. You won’t need to apply for it separately.

What are the differences between insured and uninsured mortgages in Canada:

The biggest difference between insured and uninsured mortgages is the down payment requirement. For an insured mortgage, the minimum down payment is 5%. For an uninsured mortgage, the minimum down payment is 20%.

Other differences include:

  • Mortgage insurance premiums: With an insured mortgage, you’ll be required to pay mortgage insurance premiums (MIPs). MIPs are a type of insurance that protects the lender in the event that you default on your mortgage. With an uninsured mortgage, you won’t be required to pay MIPs.
  • Interest rates: Insured mortgages typically have higher interest rates than uninsured mortgages. This is because the lender’s risk is higher with an insured mortgage (due to the CMHC insurance).
  • Qualifying criteria: There may be differences in the qualifying criteria for insured and uninsured mortgages. For example, some lenders may require a higher credit score for an uninsured mortgage.

Which type of mortgage is right for you:

The type of mortgage that’s right for you depends on your personal circumstances. If you have a down payment of less than 20%, an insured mortgage may be the best option. If you have a down payment of 20% or more, an uninsured mortgage may be the best option.

Final thoughts

Understanding the difference between insured and uninsured mortgages is important if you’re planning on buying a home in Canada. Be sure to speak with a qualified mortgage professional to determine which type of mortgage is right for you. You can visit CMHC’s website HERE to learn more.

Are you thinking about buying or selling and have questions about the current market? Contact me any time with your questions as I’m always happy to help.

Toronto real estate market (July 2022)

For the fourth consecutive month the Toronto and area resale housing market produced declining sales and lower average sale prices. The housing market peaked in February for average sale prices, in March for monthly reported sales. In February the average sale price for the greater Toronto area came in at an incredible (and unsustainable) $1,334,000. Sales in March hit 10,881, which was not a record. The record for March sales was achieved in 2021 when an unbelievable 15,627 homes of all types were reported sold.

In July the average sale price came in at $1,074,754, a 19 percent decline compared to February’s peak. It should be noted that July’s average sale price was still 1.2 percent higher than July 2021’s average sale price of $1,061,724. Sales in July were more than 47 percent lower than a year ago. There were 4,912 properties reported sold throughout the greater Toronto region. Last year 9,339 homes were sold. Compared to the 10,881 properties reported sold in March, sales in July have declined by almost 55 percent.

There is no mystery as to why the market has changed so dramatically in such a very short time period. The housing market, not only in Toronto and surrounding areas, but universally in North America, was supercharged by pandemic forces (the need for space and safety and the ability to work remotely) and historically cheap money. Money is no longer cheap and with society returning to a form of normalcy, the housing landscape is, compared to February and March and all of 2021, unrecognizable. The Bank of Canada’s benchmark rate is currently 2.5 percent. In March it was only 0.25 percent. In only four months it has increased by 900 percent! Mortgage interest rates have correspondingly also increased (although not as dramatically) from approximately 2 percent in March to close to 6 percent today. With the inflation rate in Canada at about 8 percent, it is anticipated that when the Bank of Canada meets in September, another rate hike is expected.

Toronto real estate market (July 2022)

Contrary to the commonly accepted view, the declining average sale prices that the market is experiencing are not making housing in the greater Toronto area any more affordable. In fact, rising financing costs are making buying a home in Toronto less affordable. A recent Ratehub study has indicated that with the stress tests and the higher borrowing costs, a buyer in Canada needs $18,000.00 more in household income per year to buy the average priced house than they would have required in February when the average sale price was $1,334,000. That number is even higher in cities like Toronto and Vancouver.

Two market sectors in the City of Toronto are, to some degree, operating contrary to overall market conditions. Firstly, condominium apartments. Notwithstanding declining average sale prices, condominium apartments continue to sell for strong prices. Overall condominium apartment prices were 7 percent higher than last July – 12 percent higher in the 905 region and 4.3 percent in the City of Toronto. The explanation is obvious. In an increasingly unaffordable housing market, condominium apartments remain the most affordable housing type. In July the average sale price of all condominium apartments sold was $719,000, somewhat higher at $744,000 in the City of Toronto.

Secondly, the City of Toronto’s eastern districts. In July all properties in Toronto’s eastern districts sold in only 15 days and for 102 percent of their asking price. The overall market saw properties selling at 99 percent of their asking price. Also, all eastern district properties sold after only 15 days on the market. This compares very favorably with the 20 days it took properties to sell in the overall Toronto and region marketplace. The explanation for this market phenomenon is less clear. It isn’t price. The average price for all properties sold came in at $1,014,000, marginally less than the overall average sale price of $1,019,000 for all City of Toronto properties reported sold. It would appear that the eastern districts, particularly Riverdale, Leslieville, and the Beaches, are viewed as more desirable than other parts of the City by buyers.

Looking forward we should anticipate that this cycle of declines in sales and average sale prices to continue, however not as dramatically as the declines we have experienced since February and March. Until inflation stabilizes and the Bank of Canada stops increasing its benchmark rate the prevailing housing landscape will remain unchanged.

Have questions about the market, selling or buying?

Contact me any time. I’m happy to answer any questions you may have.

Prepared by Chris Kapches, LLB, President and CEO, Broker, Chestnut Park® Real Estate Limited, Brokerage.