Right now for the 5th month in a row, November, October, September, August, July there has been a huge demand for Detached homes, Semis/Row/Attached Townhomes - in Toronto.
There are two neighbourhoods in Toronto, Annex and East York (Riverdale, Playter Estates - Danforth) that have witnessed pent-up demand for the above types of homes. As of the beginning of this year, more than 30% of all homes sold in North Riverdale, were sold 20% over asking, whereas almost 3% of all homes sold in the ANNEX, were sold (20% - 25%) over asking since the beginning of 2020.
The average sold price for a typical home sold in the ANNEX since the beginning of 2020 is $2,367,047 but 60% of all homes sold in the ANNEX this year were Semi-detached homes.
The average sold price for a typical home sold in North Riverdale since the beginning of 2020 is $1,758,522 but 56.81% of all homes sold in North Riverdale this year were Semi-detached homes.
115 homes sold in the ANNEX since the beginning of this year.
88 homes sold in North Riverdale since the beginning of this year.
Conclusion:
- There are more homes sold in the ANNEX vs. North Riverdale in 2020.
- There is almost the same percentage of Semi-detached homes sold in both neighbourhoods but there is more competition for Semis in North Riverdale vs. ANNEX.
- There is more inventory in the ANNEX vs.North Riverdale but the average sold prices in the ANNEX are higher.
- Because of lower average sold prices in North Riverdale the competition for Semi-detached homes is much tighter.
- In the ANNEX you only need to be qualified but in North Riverdale not only you need to be qualified but also you need to know how to compete!!!
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The East York - North Riverdale market has slowed down a bit. Just a tad bit, but it will be temporary. Although it takes three times longer on average to sell a home in the ANNEX, there is a massive opportunity for sellers in both neighbourhoods to create bidding wars for homes available for sale. What is more important is that buyers need to be well aware of prices and comparables and how to make buying and investing decisions in highly competitive markets!!!
@AF1RealEstateTeam.com