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Real Estate Prices, Forest Hill Toronto

 

Forest Hill Q4 2015 infographic

 

The fourth quarter of 2015 saw a solid gain in Forest Hill single-family homes. The average sale price of a house in the neighbourhood rose by 2.2% from Q4, 2014 to the same period in 2015. Buyers paid, on average, $2,017,958 in 2014 and $2,063,076 in 2015. The sales-to-listing price ratio went from 98% to 102%, indicating a hot market. This is also reflected in the average number of days on market, which decreased from 15 to 13. There were 26 transactions in 2014, of which 8 were above $2 million. 2015’s market was tighter, with only 16 houses changing hands. Of these, 5 sold for above $2 million.


In the condominium market, 2015 Q4 sales averaged $564,538, a 19.6% drop from 2014’s average of $701,465. One factor in the decrease is that fewer high end properties were sold. In 2014, 5 condos traded at over $1 million. In 2015, there were no sales over the $1,000,000 mark. The decreased price average and lack of high end sales shouldn’t be interpreted as a problem of demand, but of supply. Strong Buyer interest was reflected by a sales-to-listing price ratio of 100%, and the average days on market falling from 19 to 14 days.


A detached house in Forest Hill is a sound investment, as well as a great place to live. Downsizers hoping to access the neighbourhood face a challenging hunt for a condominium that is an attractive alternative to the family home. Any local development offering 1,500 – 2,000 square foot units of 2 or more bedrooms will likely be the subject of keen Buyer demand.


Best Wishes for Success,


Peter

 

 

Contact Peter for more information about Forest Hill houses and condos

Forest Hill Real Estate Report Q3, 2015

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Peter Russell - Chestnut Park Real Estate Ltd., Brokerage
1300 Yonge Street #100
Toronto, ON, M4T 1X3
(416) 706-3200
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