Anyone with any skin in Toronto's real estate game has been holding out hope that the city's dormant market will pick back up with the arrival of lower interest rates, and after months of slow sales, it seems that buyer interest is ramping up for at least some housing types in some areas.
Out of 83 regions analyzed across Canada, the firm found that a total of 30 per cent"reported an upswing in the number of detached housing sales in the first half of the year, while close to 40 per cent of markets reported an increase in values." Leaside, Thorncliffe Park and Flemingdon Park saw a 36.4 per cent bump in sales numbers, while Rockcliffe-Smythe, Keelesdale-Eglinton West, Caledonia-Fairbank, Corso Italia-Davenport and Weston-Pellam Park saw activity rise 19.1 per cent from last year, during which, we must keep in mind, the city saw 26,000 fewer home sales than the 10-year average.
As far as prices are concerned, RE/MAX says about 29 per cent of neighbourhoods in downtown T.O. have seen detached home costs climb so far this year, compared to 40 per cent in the 905.