The average price of North York Condo reached Record High in June 2021

The average price of North York Condo reached Record High in June 2021

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The average price of condos across North York increased by 4% in May, but the sales dropped by 20%.

Sheppard Finch Subway Line

The average price for units at 500-599sqf (with one garage) was down by 3.5% from last month. The supply is rising; the current month of inventory is about 1.18. Almost every unit coming out of the market will be sold within 15 days. For the larger condo unit, between 900-999sqf, the MOI is 7 and it is now the buyer’s market. The average price dropped by 5% and is likely to be lower in the following months.

Bayview Leslie Line

While the demand is robust, the average price for units at 600-699sqf (with one garage) was up by 3% from last month. The supply is very tight; the current month of inventory is about 1.2. Almost every unit coming out of the market will be sold within 11 days. For the larger condo unit, it is a more balanced market. For units between 900-999sqf, only half of new listings were sold last month.

Donmill Subway Line

After breaking through the historical high, the average price of small units (500-599sqf) was lower by 8.9% in June. There were 10 new listings coming to the market last month but only 2 were sold.

With summer months coming, we will keep a close eye on two key indicators related to the housing market, interest rate and landed immigrants.

Many economists predict the BoC would increase the interest rate earlier due to the inflation risk. Given the significant increase in debt for the Canadian household, the sensitivity to the interest hike will be much higher than in the past, which will hit the economy harder if BoC waits too long to hike the rate. Such fear of inflation may drive the BoC to raise the rate sooner than most people expected.

The progress of ending this pandemic will be one of the critical factors to affect new Immigrants landing in Canada. We almost see the light at the end of the tunnel as more and more Canadian are fully inoculated. But variant viruses are still a big uncertainty.

If you plan to move to North York or you want to learn more about real estate investment opportunities in North York, please contact Toronto real estate agent Realtor Alan Zheng at 647-877-9311.