June 2022
We have experienced extreme market conditions and we are only 6 months through the year!
We set new average sale price highs in February of $1,334,544, driven by new inventory lows.
Today we are setting new sales volume lows for the months of May and June, with prices coming back to a more normal and sustainable level.
All in all, we had a solid first half of the year with transaction volume predicted to be over 46,000 units which would be the third best on record.
Real Estate is in demand as our population continues to grow.
With rental rates rising and sale prices correcting in certain micro-markets, what’s certain is that we will have an exciting second half of 2022!
The exciting news is we have another half of the year to go!
With market values normalizing from the short period of abnormal behaviour,
Buyers can confidently shop for a home and feel much better about the sustainability of todays prices.
The demand for new construction condominium units continues to be consistent.
New condominium demand has begun to level out, allowing buyers a greater opportunity to select a project and a unit of their choice.
Previously, acquiring a unit in a high demand project felt like the equivalent of winning the lottery.
New construction is a great way to enter or continue to invest in Great Toronto Area Real Estate .
If you are looking to learn more about the buying and investing opportunities new construction presents, please do not hesitate to contact me.
Know that I am only a call, email or text away to assist with any of your real estate needs.