Hi, it’s Miia here with your monthly update. Today I’ll talk about why Toronto’s average home price has gone below that of Pickering, Ajax and Whitby.
Average Home Prices – All Home Types
In this chart we’re looking at the average home prices over the past year for Toronto, Pickering, Ajax, Whitby and Oshawa. Why are we seeing that the average home price in Toronto has gone below that of Pickering, Ajax and Whitby? You can see that where I’ve circled Toronto’s average home price in red there. This is because Toronto’s average home price is weighted down by condo apartment prices. Toronto has a relatively larger amount of condo apartments than these other regions, and the condo apartment segment has taken a dip in prices, for temporary reasons, which I’ve discussed in past videos.
Average Home Prices – Detached
For perspective, note that the average price of a DETACHED home in Toronto is still higher than the average prices of detached homes in these other areas.
Speaking of detached and other low-rise homes, we’re still seeing multiple offers everywhere. The NUMBER of offers on each home may have decreased to the single-digits over these cold winter months, but the Spring season is coming and we can expect the selling market to stay hot through Spring and higher numbers of offers per property again.
Number of Sales – Per Home Type
Looking at how the number of sales compared in January vs January of last year for each home type, we see that all segments did well in January, and condo apartment sales were up by 85.5%. If the sales of condo apartments keep up like this, we’ll see a recovery in condo apartment prices over the next few months.
That’s my update for this month. If you have any questions, let me know.
Bye for now.