The value of Toronto real estate rose sharply in the first quarter of 2016, as compared to the first quarter of 2015. Data from sales of the central Toronto neighbourhoods of Rosedale, Forest Hill, Lawrence Park and North Toronto-Midtown saw double digit price gains in Q1, 2016, from Q1, 2015.
According to statistics taken from the Toronto Real Estate Board (TREB), the average sale price for a house in these neighbourhoods rose from $1,540,982 in Q1, 2015 to $1,910,966 in Q1 2016 - a gain of 24%. The number of sales in each of the quarters stayed steady at 198 for Q1, 2015 and 188 for Q1, 2016. The sales-to-list price ratio was 105% in Q1, 2015 and 107% in Q1, 2016. These figures tell a story of some properties having two or more competing Buyers. In each quarter, the average number of days on market was 10. The quick turnaround time from listing to sale is an indicator of keen Buyer interest.
The average sale price of condominium apartments in these neighbourhoods rose from $585,722 in Q1, 2015 to $640,936 in Q1, 2016. The 9% increase is accompanied by the following days on market stats: 16 in Q1, 2015 and 17 in Q1, 2016. The sales-to-list price ratio hovered near 100% during both quarters. Sellers got their asking price, but competition for listings was minimal. The number of condominiums sold rose from 142 in Q1, 2015 to 179 in Q1, 2016.
Neighbourhoods adjoining Yonge Street from Bloor-Danforth to above Lawrence Avenue have formed the “core” of Toronto for many years. Homes in Rosedale, Forest Hill, Lawrence Park, and North Toronto-Midtown enjoy easy access to schools, transit and services. It’s no surprise that demand continues to outpace supply.