Sales are up an astonishing 24.5% from last April in the GTA, increasing the average price of a detached home in Toronto to $1,578,542. We’ve been seeing this constant increase in freehold properties for over a year now, however a relatively new change in the numbers is seen by Condo Apartments. Although condo property values have been increasing along with the rest of Toronto’s real estate, they had been doing so at a less significant rate up until the last few months. This month they’re in the lead for the highest price increase for all property types, at 31%.
What’s in the Forecast for May?
Traditionally, competition slows this time of year due to more product on the market in the Spring time, however that doesn’t necessarily mean prices will fall. What else could influence the market this month? For starters, the proposed Foreign Buyer’s Tax has people thinking ‘Market Correction’. In the weeks following the announcement, some have noticed fewer bidding wars and more reasonable sale prices, whether or not this is connected to the new Tax is unclear, as is whether that trend will continue in the coming months.