Why you want a Top Toronto real estate agent
In Toronto, the top 9% of real estate agents buy and sell 10 or more homes a year compared to an average agent that sells less than 2 homes per year. Fivewalls compares real estate agents in Toronto using their reviews, transaction data and services provided to identify the top performing agents.
Average Home Prices in Toronto
What is the average price of a home in Toronto?
We’ve taken some data from the recent years to give you an idea of what is happening to real estate values in Toronto.
Average home price in Toronto (all property types)
|2020 Year to Date||2019||2018|
Home Price Growth in Toronto
|2020 Year to Date||Since 2019||Since 2018|
Average sale price per month
Recent Update on Toronto’s Real Estate Market
As taken from the market watch July report, Toronto Regional Real Estate Board President Lisa Patel announces that Greater Toronto Area REALTORS® reported 11,081 sales through TRREB’s MLS® System in July 2020 – a 29.5 per cent increase over July 2019 and a new record for the month of July. On a preliminary seasonally adjusted basis, sales were up by 49.5 per cent compared to June 2020. Year-over-year sales growth was driven by low-rise home types, particularly in the regions surrounding the City of Toronto. However, condominium apartment sales were also up on an annual basis, including in Toronto. Total new listings were also up strongly on a year-over-year basis by 24.7 per cent, but this annual growth rate was less than that of sales, which means market conditions tightened on average compared to July 2019. In addition, active listings at the end of July were down by 16.3 per cent.
How fast are homes selling in Toronto?
In Toronto, it takes about 15 days to sell a home on average. The time it takes to sell a home also varies by month.
Is It A Buyer’s or Seller’s Market in Toronto?
As of August 2020, it is a seller's market but moving towards a balanced market for Toronto real estate. Using the ratio of home sales over active listings, we can analyze where the real estate market is going. It is considered to be a seller’s market when the ratio of home sales to active listings is 60% or higher and a buyer’s market when the ratio is 40% or below. A balanced market occurs when the ratio of home sales to active listings is in between 40% and 60%.
What does Toronto’s real estate market mean for first-time homebuyers?
Buying a home in Toronto remains difficult for first-time homebuyers. An average first-time buyer household earns $78,000 per year which means that they can qualify for a mortgage amount of approximately $320,000. Here’s a chart on what a first-time homebuyer would need to save for a down payment for different property types (based on average home prices):
|Property Type||Minimum Down Payment Required||10% Down Payment||20% Down Payment(required for uninsured mortgages)|