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Toronto real estate market tumbled dramatically from $73,000 to $379,900 in terms of asking price. Announcing the worst ever slowdown the real estate market was struck badly as there were limited properties in the market and the lack to meet the high demand further contributed.
According to the Toronto Real Estate Board approximately 7,391 homes and condos were sold across the GTA . $1 Million detached homes were also affected, their selling price dropped drastically. However with the changing seasons Condo sales have increased up to 6.5 per cent outpacing sales growth of all other housing types — from detached to semis and townhomes — as buyers looked for alternatives to houses for fear of being priced out of the market for good.
The demand for unique condos in prime buildings is increasing as the market is settling down. The average transaction price for condos hit $370,899 in Toronto, up 4.1 per cent year-over-year, while it was up 5.4 per cent in the 905 regions to an average price of $307,148. Detached home sales were up just 0.7 per cent across the GTA, 1.7 per cent in the City of Toronto and 0.4 per cent in the 905 regions, likely due to the lack of supply as homeowners simply opt to stay put out of fear of the stress, costs and difficulty of finding another home.
The average sales price in the 905 regions was $644,120 for a detached home, up 9.3 per cent, compared to the average sales price of $902,428 in the 416 region, up 14.7 per cent. Semi-detached home sales climbed 7.4 percent in the 416 region and 2.5 per cent in the 905. That brought the average sales price to $627,725 in the 416 region, up 8.8 per cent, and to $445,577 in the 905 regions, up 8.9 percent.
Townhome sales climbed 11.8 per cent in the 416 and 1.3 per cent in the 905. Prices hit an average of $463,798 in the 416 and $406,748 in the 905, up from last August by 11.7 per cent and 8.5 per cent respectively.