From a sales perspective, the Greater Toronto housing market continued to improve last month. The Toronto Regional Real Estate Board (TRREB) has published the sales data, and with 9012 home sales reported through the local MLS, transactions were up 24.7% year-over-year.

That said, housing market conditions continue to tighten across the GTA as demand continues to outpace supply. The 15,194 new listings mark an 18.7% decline from the previous year, with the 11,868 active listings representing just a 1.32-month supply heading into June. The average selling price was $1,196,101, down 1.2% from the previous year, but up 3.7% from April. The MLS Home Price Index (HPI) Composite Benchmark declined 6.85% year-over-year (-6.24% in Toronto) but increased from a month earlier. The share of sales for homes priced below $1,000,000 decreased to 47.6% in May, compared to 50.1% in April.

Looking at price by housing type: detached homes sold for an average of $1,555,566, a year-over-year increase of 0.6%, and a month-over-month increase of 4.5%. The average price for semi-detached homes was $1,198,185 (-0.5%/+5.5%), townhomes sold on average for $1,003,152 (+2.5% /+1.7), and the average price of condos was $748,483 (-3%/+3.4%).

The average sale took place in 14 days on market, down from 17 days in April, and at 105% of the listing price. This marks the third consecutive month where the average sales price exceeded the average listing price.

As competition continues to grow in relation to the supply of available homes for sale, we are seeing steady upwards pressure on the price of housing. With buyers adjusting to higher borrowing costs, soaring rental prices, and increased immigration all driving demand, the issue heading into summer is the lack of supply needed to satisfy demand for home ownership.

If you are planning to to buy or sell real estate, please speak with a member of our sales team. We are here to help you stay informed. Harvey Kalles Real Estate has been in business since 1957, and we bring a wealth of experience to changing markets.

It’s quite fascinating to witness what’s happening in the marketplace. Walk down any street and you’re likely to see an abundance of sold signs. The number of appointments for our listings are up, the number of multiple offers on well-priced homes are up, the days a home sits on the market is down, and prices continue to rise in the face of increased demand.

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Many might think that living in a big city means leaving behind all green spaces in exchange for a world of concrete. However, this is not the case, particularly in certain Toronto neighbourhoods.
Community developers increasingly recognize the value of incorporating green spaces among their designs to conserve nature and benefit those who dwell within their neighbourhoods. Some buildings even create green spaces within their structures, with green roofs or green spaces that allow for caring for plants from their tenants.

To start the list, it should be no surprise that the High Park neighbourhood comes to mind first. After all, the entire neighbourhood is named after the park itself! High Park, which spans a massive 161 hectares, is the largest park entirely within Toronto and has something for everyone, including a recreational and natural park, gardens, playgrounds, sporting facilities, and even a zoo!
Given all of its lush outdoor spaces, it’s safe to say that High Park attracts people who enjoy being outside. The neighbourhood is quite diverse in its community, ranging from long-term residents who reside in the area’s historic mansions to young students and artists who help keep the community’s vibrant heart and soul alive and thriving.

It’s hard to beat the scenic views in this area. The Don River Valley and lush parks surround this private enclave of houses, providing the perfect background for The Bridle Path’s magnificent homes.
Residents of The Bridle Path may walk to Edwards Gardens, which is home to the Toronto Botanical Garden, one of Canada’s greatest public gardening resource facilities. Edwards Gardens include rockeries, perennial gardens, a pond, waterfalls, a rose garden, and the start of a nine-kilometre paved walk that runs through the Don River Valley to Warden Woods Park in Scarborough. The Edwards Gardens trail runs past Sunnybrook Park, which has top-notch cricket, field hockey, rugby, and soccer fields.