Toronto’s property values ride a bumpy market
Everybody who has been keeping an eye on Toronto’s undulating real estate landscape has seen the resale markets for single-family houses and high-rise condos in Toronto diverge, but the influence on prices in individual neighbourhoods is apparent in Globe Real Estate’s home value survey for fall 2013.
For the most part, prices continue to appreciate in the pockets that contain funky shopping streets and rows of desirable houses in popular school districts, while owners who live in – or are surrounded by – tall towers have seen values in their neighbourhood slip.
Toronto condo sales at lowest level in a decade
High-rise sales in GTA down 18% from a year ago; overall new home sales to date worst in 10 years
Fewer unsold high-rise homes
Overall, home sales were up 3.7 per cent over last year, but 44 per cent lower than the 10-year average. Year-to-date sales of new homes were at their lowest level in a decade, with a total 16,775 units sold by the end of August. There were 28,275 new units left unsold, which was still well within the 25,000 to 35,000 historical norm, Hurst said.
Low-rise prices at record high
Prices of low-rise homes reached a new record high in August of $658,938, an increase of 8.1 per cent over a year ago. The prices of high-rise homes remained flat, rising only 0.1 per cent in the past year to $436,789.
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