Following up on its latest report from June 2021, Strata revealed that the North York condo market is heating up with an average listing price going for over 3.2 percent above asking.
“Many of the people buying in North York right now are first time homebuyers as it’s a bit more ideal as an entry point. It’s also an area where downsizers can pick up a retirement home, but still find all the conveniences of the city,” said Strata.ca broker Cliff Liu.
However, Toronto is still in a flat market post pandemic.
Toronto continues to grapple with a work-from-home trend that has sent people, now no longer tethered to a set geographical location, looking further out for more space.
“July numbers are in, and the average sale price of a condo in Toronto last month was $712,046. That’s just a $350 increase compared to June,” said Robert Van Rhijn, Broker of Record at Strata.ca.
Homebuyers in Toronto paid roughly 2 percent over asking price for both one and two-bedroom units in July.