This is a very different zone in Toronto Real Estate as this area offers from $300,000 starter homes to over $10,000,000 luxury homes. Overall the 2nd quarter 2014 stats for this central Toronto neighbourhood were strong but we do see differences in each neighbourhood. The lower end homes continued to rise dramatically in price due to bidding wars and multiple offers from the 1st time buyers as it is one of the few neighbourhoods left to offers homes under $400,000. The luxury homes did lose some value but over all it was very strong. The interesting stat was the middle homes between $600,000 and a million continued to rise by 4% over the quarter.
Over all house sales were up 3% over 2013 led by the luxury neighbourhood of Forest Hill South which saw 60 sales in the last 3 months averaging $7,772,534. Yonge and Eglinton had few sales but the prices were up by over 6% over the same period last year. It was interesting to see the bidding wars and multiple offers happening in this neighbourhood even though it has over all been considered a luxury neighbourhood. Average price for Yonge and eglinton came in over 1.2 million.
Days on the market remained the same at 3 weeks for this area but we did see a rise to over 2 months for the luxury homes in Forest Hill. Most other neighbourhoods were selling in less than 2 weeks.
Inventory continues to go up bringing back stronger competition for buyers though the sellers continue to have control of the market especially in areas like Yonge and Eglinton, Humewood, Cedarvale and Chaplin Estates.
Sellers are getting over asking in most cases proving the bidding wars and multiple offers are still coming into the game. We find this scenario playing out more for homes under 1.5 million.
I don't see a change in the short term in this areas market and it is important that if you are considering buying or selling you use an agent that truly understands this market as a mistake could cost you 10's of thousands.
If you are interested in sitting down and discussing the Central Toronto real estate market please feel free to give me a call.