There are a couple of factors that contribute to the make up of the Toronto housing market. First, in Canada, it is the most expensive city to live in terms of housing so expect prices to be high. Secondly, there are many high rise condos and apartments so a lot of homes are in this category.

Despite difficult economic conditions, the housing market in Toronto has turned around and is now in a strong position. After a terrible winter, June turned in a record number of home sales, up 27% for the same month last year. Along with higher sales, the average home price was 2% higher compared with the same month last year and realtors are excited about the market. They are calling it a sellers market and, as a seller's market, the home prices will continue to stay high. This trend should not end soon as sales forecasters are predicting that the market will stay strong through at least the remainder of the year.

 

 

The Toronto housing market differs from the rest of Canada. In other cities, the average home price is expected to drop dramatically this fall. In Vancouver, British Columbia, the average price is forecasted to drop by almost six percent.

Most analysts did not expect the Toronto market to rebound this quickly. Sellers are receiving multiple offers and this is creating a hot market. Some homes are selling over the asking price and any property that shows well is usually sold in a short amount of time.

 

 

As an expensive city to live in and with a hot real estate market, it is understandable that home prices would be high. They certainly are. June was a spectacular selling month and the prices reflect it. The average selling price of a property that was sold in June was $403,972. The median price of a home in Toronto is $345,000 compared with $335,250 for the same month last year.

For those who are eager to buy Toronto real estate, they can expect to encounter stiff competition. Many places will sell in a short amount of time and many will sell over the asking price. For the sellers, this is a great market. For the buyers, this is not so great.

Home sales and prices are expected to stay hot until the end of the year. However, sales last winter were soft so it is possible that they may drop after the first of the year.