Toronto neighbourhoods with highest # of house sales in the last week (July 18-24)
If you were to believe all of the news articles out there right now, you'd think that the real estate market in Toronto has completely fallen off a cliff. But is it really true?
Why does this information matter?
If you were to believe all of the news articles out there right now, you'd think that the real estate market in Toronto has completely fallen off a cliff.
To some degree this is true for certain areas like Bridle Path and Brampton but what's not being fully conveyed is the fact that there are still many areas where there is far more demand than supply available.
Are prices as hyper-crazy as they were at the beginning of the year? No.
Are homes in desirable locations with good layouts/features/finishings still selling? Absolutely.
The key difference now is that they won't get the astronomical amount of offers that we experienced throughout 2021 as the buyer pool is smaller due to substantial interest rate increases over the past 6 months.
As you will see in the stats below, the more central locations like Little Portugal/Italy, Dovercourt, etc. have the highest number of sales which likely has to do with the fact that many people are returning to city living as office work becomes more regular again & the enjoyable aspects of living in a vibrant city are back (not to mention commute times driving into the city are now worse than ever).
It will be interesting to see how this trend plays out as we progress through the summer months so be sure to check back next week for my next update!
Have any questions?
Feel free to message me on Instagram @TorontoRealEstate.ca !
Rylie C.