July 18, 2018

By SEL RIZVI
Broker of Record ARIZ Realty Inc., Brokerage

July has started seeing some upward traction in resale state market. According to TREB news release 17 July 2018, what is outnumbering any other type of housing in Toronto? You guessed it right. Condominiums. 

In Q2 the average price is at $561338 up by 5.4% yr-yr sold through TREB MLS system. In the City of Toronto the highest average selling price is recorded at  $603480, 6.5% up from Q2 last year. Even though the condominiums have outperformed all other types of houses, the new condo listings were down by 15.9% compared to last year.

So what kind of buyers are driving this market? You guessed it right again. The First time homebuyers stands out to claim this market. This creates a wide gap for the mid rise type of house buying and affordability factor is in question. Due to low supply of the houses this is the most viable option thus far.

Please do comment and like the article if this was helpful. Or ask any question if you think you require more info. I am always available at 416-227-7773.

Pick Right and Prosper!

Sel Rizvi
CEO/ Broker of Record
ARIZ Realty Inc., Brokerage

Mortgage Broker  M1400139
RMA 10464
416-227-7773