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Toronto’s West End Continues to Be Hot Housing Market: TREB March Report

Written by Posted On Wednesday, 10 April 2019 06:47

By: Zoocasa

The west side of Toronto continues to be a hot housing market, especially for condo units and first-time home buyers.

The Toronto Real Estate Board recently released its March data which shows the west side of the city to be of excellent value compared to the centre, with the average property selling for $744,439, compared to $927,028. 

West End Condos Saw Greatest Sale Volume

The west side also has the most robust condo market across all of TREB. Liberty Village condos for sale, for example, sold 322 units in March at an average price of $701,758. Up 2 per cent year over year, that activity outpaced the condo market as a whole, which rose just 1.6 per cent to $560,020. That also means 14.7 per cent of total condo transactions happened in this neighbourhood (2,183 condos were sold this March across TREB.)

Meanwhile, Etobicoke homes for sale represent a desired area for first-time home buyers. The neighbourhood is family friendly, on the subway line, and detached houses are more affordable than in other regions. Although Etobicoke is a large area, single-family homes can be found for as low as $765,294.

Total GTA Activity Fairly Flat from 2018

For buyers looking beyond the west side, the Toronto market as a whole continues to be fairly soft. Home prices have edged up just 0.5 per cent year over year to $788,335. Detached houses declined 2.1 per cent to $984,782 year over year.

TREB continues to blame three main factors: tighter mortgage regulations, a maximum of 25 year amortization for buyers with less than a 20 per cent down payment, and a lack of supply for boomers to downsize into comfortably.

“Bringing a greater diversity of ownership and rental housing online, including ‘missing middle’ home types, should be a priority of all levels of government,” says TREB President Garry Bhaura.

Despite the multiple factors dragging the market, TREB is still optimistic about moderate price growth for the rest of the year. 

“Market conditions have remained tight enough to support a moderate pace of price growth. Despite sales being markedly lower than the record levels of 2016 and early 2017, the supply of listings has also receded,” said Jason Mercer, TREB’s chief market analyst. “This means that in many neighbourhoods throughout the GTA, we continue to see competition between buyers for available listings, which provides a level of support for home prices.” 

Check out the infographic above for more details on this month’s housing market data.

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Zoocasa.com is a real estate company that combines online search tools and a full-service brokerage to empower Canadians to buy or sell their homes faster, easier and more successfully. Home buyers can browse real estate listings on the website or free Zoocasa Real Estate iOS app.

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