Toronto Real Estate Market Report for February 2020

Toronto Real Estate Market Report For February 2020

Heading into February 2020, Toronto has 891 detached homes, 2182 condos and 155 townhouses on the market. This means that detached homes saw a 3% rise, condos a 2% rise and a fall of 3% for townhouses. The average price for detached homes in Toronto currently stands at $1.4 million, while the average price of condos is $670K and the average for townhouses is £920K.

Zooky Detached House

Toronto Detached Housing Market Trends

Zooky Condo

Toronto Condo Market Trends

Zooky Townhouse

Toronto Townhouse Market Trends

7% Increases Predicted for Toronto’s Luxury Property Prices

2019 saw significant growth and increases for the Toronto luxury property market. Forecasts have shown that there has been a rise of 7%, and these forecasts focused on homes that are worth in excess of $1,000,000. The overall growth picture for Canada as a whole was also very positive, even though the growth wasn’t quite as drastic, standing at 4%. This reflects wider positivity in the Canadian property market as the real estate market remains strong and looks set to grow further as we move through 2020.

The luxury real estate market in Toronto shows absolutely no signs of slowing down after an impressive few years of growth. The reports that show these findings were produced by the international real estate company Engel & Völkers Americas. They focused on homes worth a million Candadian dollars or more and focused their research on areas where luxury real estate is most commonly found, such as Toronto, Vancouver, Montreal and Ottawa. As well as an analysis of the year gone by, they also forecast future growth in the luxury property market.

There are strong demand drivers underlying the overall 4% property growth in the Candadian real estate market and this was bolstered by an overall resistance in the property market as a whole. As Anthony Hitt, CEO of Engel & Völkers Americas said: “The overall residential real estate market in Canada remains strong and indicators for 2020 point toward continued growth and, in some areas, welcomed stability.”

In Toronto, the picture is particularly positive, with the real estate market being described as buoyant and the second half of the year proving particularly strong. This is down to a variety of factors, including the continuation of the market as being perceived as a seller’s market and a generally strong economy and positive population growth figures. Inward migration has also helped to keep the property market strong.

For the year ahead, experts are talking about an increase of Toronto property prices of around 4-7%. This is slightly lower for suburban property prices, but still around 3-5%. Toronto relies on strong consumer confidence and this is something that doesn’t look set to change anytime soon. It’s a domestic and international hub and that’s one of the things that’s currently driving its success and property market. International buyers from places like China, Russia and Iran have helped to boost the luxury property market by buying up high value homes in desirable parts of the city.

Locations outside the city centre of Toronto are also growing in popularity. Places such as King Street and other suburbs out of the city are increasingly popular with people who are looking to downsize their homes. This is also down to the fact that locations such as Barrie and Hamilton offer larger lots than those found in the city and are more affordable than other areas around Toronto.

Anita Springate-Renauld from Engel & Völkers Toronto Central said: “Home sellers are also becoming more realistic about the offers and prices they’ll receive for their properties. Because of these factors, I see the market continuing to gain traction in 2020.”

Elaine Benson

Elaine Benson

Your Port Moody Real Estate Expert

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