The average home in Toronto sold for $960,772, which is up 14% up from last year.
The average price is up, but condos are worth about the same as last year and have even dropped from the previous month.
There are three reasons for that:
1. Air BNB – the lack of tourism and also the changes in the Toronto short-term housing rental rules.
2. COVID Safety – Because of COVID safety, people want more space and don’t want to stay in their cramped units and unsafe elevators.
3. Students – Student rentals and purchases are down significantly because international students aren’t allowed in and many domestic students are moving to online-learning.
In the short-term, many people are moving out of the 416 condos and moving into 905 houses which means there is an opportunity to buy Toronto condos.
Here are the stats for September:
• GTA homes sold for $960,772 (+14.0% from last year)
• Toronto homes sold for $1,487,122 (+9.3% from last year)
• Mississauga homes sold for $1,265,747 (+15.2% from last year)
• Oakville homes sold for $1,753,764 (+17.6% from last year)
• Toronto Condos sold for $634,756 (-0.3% from last year)
If you have any questions about rentals or Toronto real estate, don’t hesitate to call or text me at (416) 276-4895.
Real Estate Broker at EXP Realty.
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