Watch the video for a comprehensive market update or continue reading for the highlights.
Tags: Toronto Real Estate, Market Update 2023, Interest Rates, Housing Market, Real Estate Investment, Under the Radar Neighborhoods, Property Prices, Toronto Neighborhoods, Weston, Oakwood, Mount Dennis, Fairbank, Keelesdale, Sales Trends, Condo Market, Townhouse Market, Rental Market, Bank of Canada, Sage Real Estate, Garrison Collective
Introduction
Welcome to the Toronto Real Estate Market Update for 2023, brought to you by Sage Real Estate and Garrison Collective. In this update, we'll delve into the latest trends in the Toronto housing market, including interest rates, property prices, and under-the-radar neighbourhoods to watch. Whether you're an investor, a homeowner, or someone looking to break into the market, this update has something for you.Interest Rates and the Bank of Canada
The Bank of Canada has recently made some significant moves concerning interest rates. These changes are crucial for both buyers and sellers as they directly impact mortgage rates and, by extension, the affordability of homes. The current trend suggests that we might see a slight increase in rates in the coming months, making it a hot topic for anyone in the real estate market.Housing Market Overview
The Toronto housing market continues to be a robust investment opportunity. Property prices are steadily climbing, particularly in sought-after neighbourhoods. However, there are still some under-the-radar neighbourhoods like Weston, Oakwood, Mount Dennis, Fairbank, and Keelesdale where property values are expected to rise, offering excellent investment opportunities.Overall Market Stats:
- Sales: 5,294 sales were reported in August 2023, down by 5.2% compared to August 2022.
- New Listings: New listings increased by 16.2% year-over-year, but year-to-date listings are still down substantially compared to the same period last year.
- Average Selling Price: The average selling price was $1,082,496, up by less than 1% over the same period last year.
- Economic Indicators: Toronto Employment Growth was at 3.2%, and the Unemployment Rate was at 6.4% as of July 2023. The Bank of Canada Overnight Rate was at 5.0% as of August 2023.
Specific City of Toronto Stats:
- Detached Homes: 451 sales with an average price of $1,635,145.
- Semi-Detached Homes: 138 sales with an average price of $1,235,723.
- Townhouses: 208 sales with an average price of $971,090.
- Condo Apartments: 1,086 sales with an average price of $724,549.
Benchmark Stats:
- MLS® Home Price Index Composite Benchmark: Up by 2.5% year-over-year for August 2023.
Sales Trends
The market has shown some interesting sales trends. Condos and townhouses are becoming increasingly popular, especially among first-time buyers. The rental market is also showing signs of growth, making real estate investment in Toronto a wise decision.Neighbourhoods to Watch
If you're looking to invest or buy a home, keep an eye on these under-the-radar neighbourhoods:- Weston: Known for its cultural diversity and excellent public transport.
- Oakwood: Offers a mix of residential and commercial properties.
- Mount Dennis: A neighbourhood in transition with rising property values.
- Fairbank: Known for its family-friendly environment.
- Keelesdale: Offers a mix of old and new properties, making it a versatile choice for buyers.
Conclusion
The Toronto real estate market is ever-changing, and staying updated is crucial for making informed decisions. Whether you're interested in buying, selling, or investing, understanding the current market trends can give you an edge.For more updates, stay tuned to Sage Real Estate and Garrison Collective.Tags: Toronto Real Estate, Market Update 2023, Interest Rates, Housing Market, Real Estate Investment, Under the Radar Neighborhoods, Property Prices, Toronto Neighborhoods, Weston, Oakwood, Mount Dennis, Fairbank, Keelesdale, Sales Trends, Condo Market, Townhouse Market, Rental Market, Bank of Canada, Sage Real Estate, Garrison Collective