Braden White (http://bradenwhite.com/), a real estate sales representative with Chestnut Park Real Estate Ltd., is weighing in on how Toronto is on track for breaking previous property resale records. —
At the current rate, 102,000 property resales are expected to occur by the end of the year. The current record for property resales within the city stands at 93,193 in 2007. That record was nearly surpassed last year, with sales totalling 92,783 properties. (Source: Kapches, C. “Toronto Real Estate Market Update – August 2015,” Chestnut Park Real Estate Ltd. website, September 23, 2015; http://www.chestnutpark.com/blog/2015/09/toronto-real-estate-market-update-august-2015/.)
“In any one of Toronto's trading areas, there have been sale increases—5.7% higher in August alone compared to last year,” says White, who notes the developments compiled in Chestnut Park's analysis. “The only type of property that hasn't seen an increase is for detached and semi-detached properties, but this is more due to lack of inventory rather than lack of demand. Most of the sales this year have been from condominium properties as a result.”
Ten percent of August's sales were priced at $1 million or higher, which is unusual for this time of year, according to White. Traditionally, August is considered a slow month for high-end real estate sales, although over one hundred properties sold this month went for $2 million or more.
“The high volume of sales also corresponds to an increase in prices,” concludes White. “Detached properties in Toronto's central core remain the most expensive across the GTA, with an average price of $1,703,337. Despite these levels of pricing, properties are consistently being sold for within one percent of the asking price.”
Braden White is a licensed real estate sales representative with Chestnut Park Real Estate Ltd., one of Toronto's leading luxury real estate brokerages and an exclusive affiliate of Christie's International Real Estate in Toronto. He is a committed advocate for his clients and has extensive knowledge of the ins and outs of buying, selling, and leasing properties across Toronto. More information can be found at http://bradenwhite.com/.
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