Braden White (www.BradenWhite.com), a Toronto luxury real estate sales representative with Chestnut Park Real Estate Ltd., is weighing in on his firm’s September report on the state of the city’s housing market.
According to the report release by Chestnut Park Real Estate, September was a record-breaking month for the Toronto real estate market, with 8,200 properties sold. This is the most sales in that month since the statistic was first tracked by the Toronto Real Estate Board. (Source: “Toronto Real Estate Market Update | September 2015,” Chestnut Park Real Estate Ltd. web site, October 13, 2015; https://www.chestnutpark.com/blog/2015/10/toronto-market-update-september-2015/.)
“The average sale price for a property has gone up as well.” says Braden White. “This September the average selling price was $627,395. In 2014 it was $574,424, so that’s a 9.2% increase on top of 200 extra sales.”
The September results bring Toronto’s annual total up to 80,331 properties sold. This has not yet broken the 2007 record of 93,193, but it is quickly approaching. The main obstacle to breaking the record is that there are potentially not enough properties to satisfy the rising demand.
For example, the reason that the average detached home is going for over $1.0 million is because there are so few properties available. Detached, freehold, and semi-detached homes are in constant short supply right now.
“Without a significant increase in available properties, sale prices are expected to continue to rise and set up October to be another record-breaking month,” White concludes. “With 16,165 properties listed for sale at the end of September, the city’s demand can be met until near the middle of December if projections hold true.”
Braden White is a licensed real estate agent with Chestnut Park Real Estate Ltd., the exclusive affiliate of Christie’s International Real Estate in Toronto. He works to find ideal and affordable housing and rental options and aids sellers, buyers, and renters. To contact Braden White, call 416-925-9191 or visit www.BradenWhite.com.