Based on media reports one would never know that the state of affairs of the Toronto real estate market is not as "cool" as we are led to believe.
To prove my point, I've compiled and analyzed data from TREB for several GTA districts in which I do most of my work (7 central core, 3 east districts and 2 west districts). The report highlights the total # sales for both condos and freeholds (houses), the proportion of those sales which have sold at asking price or over, those sold for over 90% of asking price and the number of sales over list which sold in 10 days or less. This info will point to the areas which had the most sales over asking.
C01:
S of Bloor, W of Yonge, E of Dufferin
Downtown core, Harbourfront, Liberty Village, King W., Queen W.,Trinity Bellwoods, Little Italy, Beaconsfield, South Annex, Kensington, U of T
# of Condo sales: 423 18% sold over asking , 38% of these in less than 10 days. 82% sold for over 90% of list price.
# of Freehold sales: 43 30% sold over asking, 62% of these in less than 10 days. 70% sold for over 90% of list price.
C02:
N of Bloor, W of Yonge, E of Dufferin, S of St. Clair
Yorkville, Summerhill, Annex, Casa Loma, South Hill, Seaton Village, Christie Pits, Dovercourt Park, Wychwood Park, Hillcrest, Regal Heights
# of Condo sales: 36 17% sold over asking, 33% of these in less than 10 days. 81% sold for over 90% of list price.
# of Freehold sales: 40 30% sold over asking, 66% of these in less than 10 days. 68% sold for over 90% of list price.
C03:
N of St. Clair, W of Yonge, E of Dufferin, S of Eglinton
Deer Park, Chaplin Estates, Forest Hill, Cedarvale, Corso Italia
# of Condo sales: 18 16% sold over asking, 33% of these in less than 10 days. 83% sold for over 90% of list price.
# of Freehold sales: 61 11% sold over asking, 43% of these in less than 10 days. 89% sold for over 90% of list price.
C08:
South of Bloor, East of Yonge, West of DVP
St. Lawrence Mkt, Distillery District, Cabbagetown, King E., Regent Park. Moss Park, Corktown
# of Condo sales: 174 17% sold over asking, 55% of these in less than 10 days. 83% sold for over 90% of list price.
# of Freehold sales: 21 14% sold over asking all within 10 days. 71% sold for over 90% of list price.
C09:
N of Bloor, E of Yonge, W of Bayview, S of St. Clair
Rosedale, Moore Park, Deer Park
# of Condo sales: 25 24% sold over asking, 50% of these less than 10 days. 72% sold for over 90% of list price.
# of Freehold sales: 15 none sold over asking but 93% sold for over 90% of list price.
C10:
N of St. Clair, E of Yonge, W of Bayview, S of Eglinton
Merton St., Davisville Village
# of Condo sales: 51 27% sold over asking, 36% of these in less than 10 days.73% sold for over 90% of list price.
# of Freehold sales: 38 34% sold over asking , 85% of these in less than 10 days. 66% sold for over 90% of list price.
C11:
E of Bayview, W of DVP, S of Eglinton
Leaside
# of Condo sales: 11 9% sold over asking in longer than 10 days. 75% sold for over 90% of list price.
# of Freehold sales: 24 21% sold over asking, 80% of these in less than 10 days. 82% sold for over 90% of list price.
E01:
S of Danforth, E of DVP, W of Coxwell
Broadview Village, Riverdale, Leslieville
# of Condo sales: 22 26% sold over asking, 66% of these in less than 10 days. 73% sold for over 90% of list price.
# of Freehold sales: 73 27% sold over asking 75% of these in less than 10 days. 73% sold for over 90% of list price.
E02:
S of Danforth, E of Coxwell, W of Victoria Park
The Beach, Danforth Village
# of Condo sales: 12 33% sold over asking all within 10 days. 67% sold for over 90% of list price.
# of Freehold sales: 60 18% sold over asking, 73% of these in less than 10 days. 80% sold for over 90% of list price.
E03:
North of Danforth, East of DVP, West of Victoria Park
Danforth Village, East York, Parkview Hills, Woodbine Gardens
# of Condo sales: 34 8% sold over asking, 33% of these in less than 10 days. 91% sold for over 90% of list price.
# of Freehold sales: 95 19% sold over asking, 72% of these in less than 10 days. 80% sold for over 90% of list price.
W01:
S of Bloor, W of Dufferin, E of Humber River
Parkdale, Brockton Village, High Park, Swansea
# of Condo sales: 36 22% sold over asking, 50% of these in less than 10 days. 78% sold for over 90% of list price.
# of Freehold sales: 42 36% sold over asking , 73% of these in less than 10 days. 62% sold for over 90% of list price.
W02:
N of Bloor, West of Dufferin, East of Humber River, South of St. Clair
High Park, Bloorwest Village, Junction
# of Condo sales: 12 33% sold over asking, 25% of these in less than 10 days. 58% sold for over 90% of list price.
# of Freehold sales: 79 39% sold over asking 77% of these in less than 10 days. 58% sold for over 90% of list price.
Closely following the demand and supply relationship along with changes in affordability in these next few months will give a much better indication of the prospects of price growth over the next year. In these next few months expect a more balanced market with a proportionate # of listings to meet the needs of buyers.
*All data has been sourced through TREB (Toronto Real Estate Board)