Toronto Homes:
Over the past few years, Toronto has experienced significant fluctuations in its real estate landscape. From skyrocketing prices to market corrections, understanding the prevailing trends and factors shaping the market is crucial for homeowners, prospective buyers, and investors alike.
August 2023 outlook:
Real estate prices on the rise again ( July 2023)
Back in the driver’s seat, sellers. According to an RBC analysis, the spring market was a turning point because worldwide house resales in July increased 11.3% month over month.
The average home price in Toronto increased by about 10%, from $1.03 million in January (when prices probably peaked in Toronto) to $1.15 million in July, according to the Toronto Regional Real Estate Board.
According to broker Cailey Heaps, CEO of the Heaps Estrin Team, there is a flurry of activity on the ground in downtown Toronto as residences receive several offers and spend less time on the market.
The Bank of Canada has halted rate increases, but if inflation does not continue to decline, additional increases in July be announced. Inflation increased to 4.4%.
Sales in the GTA property market rose sharply in July 2023 compared to the same month last year. With a total of 9,012 sales recorded, GTA REALTORS® reported a 24.7% increase in sales using TRREB’s MLS® System. This suggests that buyer rivalry has significantly increased, driving up average selling prices.
Toronto Homes:
Toronto offers a diverse range of housing types and neighbourhoods to suit various preferences and budgets. From detached houses in suburban areas to condominiums in downtown cores, prospective buyers have options to explore.
850 SHAW ST ($1,639,000)
PROPERTY DESCRIPTION:
This is a fantastic home in a prime location. The property features a huge basement with income potential, including renovated bathroom and a separate entrance. With expansive additions on all three levels, the living space is 2,568 square feet wide with a 422 square foot garage. The home has been fully renovated with permits, boasting modern interiors. The kitchen features a 9-foot Caesarstone island with a breakfast bar, Bosch stainless steel appliances, and ample cabinet space. Walnut hardwood floors grace the two levels. The open-concept main floor has a dining room, a backyard with a gas line for a BBQ, and a large family room with 12-foot sliding patio doors leading to a recently built wood deck.
33 VAN DUSEN BLVD S $2,145,000
PROPERTY DESCRIPTION:
It is a 4-bedroom home located in one of Toronto’s most sought-after neighbourhoods-Sunnylea, just a few minutes walk away from the Bloor subway line and The Kingsway shops. On a quiet street that ends in a cul de sac on Mimico Creek. It is situated on the sunny south side of the street with a fully fenced-in yard and a luxurious in-ground pool. Fully renovated interior with hardwood floors. Superb Gourmet kitchen with granite countertops and built-in stainless steel appliances. Main floor family room or den with adjacent exercise or sunroom overlooking the garden. 4 bedrooms on the upper level with the Primary having a tandem that can use as a second-floor Private office or a Nursery. Fifth bedroom and large recreation room wired for speakers on the lower level. The main floor family room is formal with a fireplace, large picture windows, and crown molding. A separate dining room overlooks the garden. It has hot water heating and central air conditioning.
