Is the condo apartment market recovering? How is Toronto’s average home price comparing to Pickering, Ajax and Whitby? Watch this month’s video to find out.

Or read the script below…

Hi, it’s Miia here with your monthly update. Today I’ll talk about recovery in the condo apartment segment of the market and touch on where Toronto’s average home price is at compared to it’s neighbouring Durham Region municipalities.

Condo Apartment Segment Recovery

If you’ve been following my videos, you know that I’ve been paying a lot of attention to the condo apartment market, because the pandemic had an adverse effect on those home values, whereas the low-rise homes experienced dramatically increasing prices.

I’m happy to report that the condo apartment market is showing signs of recovery. Sales are strong and prices appear to be back on the upswing.

Some sellers of condo apartments in Toronto are back to using the “holding offers” strategy, where they price their property lower than the anticipated selling price, hold offers for about a week, and then hopefully they receive multiple offers and get to choose the best offer. This strategy generally works best in a strong sellers’ market, so that fact that we are seeing success with this method now bodes well for condo owners.

 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. As you can see, Toronto’s average home price has blended in with that of Pickering, Ajax and Whitby for now.

 

That’s my update for this month. If you have any questions, let me know.

Questions? Call/text me at 416-725-3544. Or email miiakellyrealestate@gmail.com.

Bye for now.

Miia