Toronto Housing Market Update: August 2017 Posted onSeptember 6, 2017June 18, 2020/ Devry Smith Frank LLP Home sales slowed down through August so much that there was a 34.8 per cent drop in sales compared to last year. This marks the fourth month in a row where sales and home prices have dropped. July’s average price was sitting at $746,033 while August had an average price of $732,292. Since the introduction of the 16 measures in April, the current average price has seen a significant drop. April’s average price was almost $1 million. Not to mention, the number of new listings was the lowest recorded for August since 2010, and down 6.7 per cent from last year. If you are currently searching for a property or have a plan to purchase property in the near future, contact our Real Estate Group with any questions or concerns you may have. Browse our Real Estate lawyers page and contact them directly, or, call our office at 416-449-1400 for more information. By: Nicolas Di Nardo “This article is intended to inform and entertain. Its content does not constitute legal advice and should not be relied upon by readers as such. If you require legal assistance, please see a lawyer. Each case is unique and a lawyer with good training and sound judgment can provide you with advice tailored to your specific situation and needs.” Related Posts Posted onOctober 4, 2017June 18, 2020/ Devry Smith Frank LLP Toronto Home Sales Continue to Tank This Fall Data shows that September continued to be a month of decline for the Toronto real estate market, with sales falling between 38 and 45 per cent compared to a year earlier. This marks the fifth month in a row of declining sales, which not too long ago had high home values and crazy sales numbers. [...] Read more Posted onSeptember 21, 2017June 18, 2020/ Devry Smith Frank LLP Top Intersections for Condos in Toronto Condos have been taking over the Toronto skyline, with more to come not only in the downtown core, but in popular hubs around the entire city. New builds provide a ton of options for prospective buyers because they seem to be popping up all over the city, but it seems that re-sale condos surrounding many [...] Read more Posted onAugust 31, 2017June 18, 2020/ Devry Smith Frank LLP Mid-rise Housing, The Next Best Thing for Toronto Real Estate? With detached homes in Toronto reaching unattainable prices and an abundance of high rise condos taking over the city skyline, most of which are either purchased and sitting empty or demanding rent that is extremely high, could midrise development within some of Toronto’s neighbourhoods be the answer to the homeownership struggle many Torontonians are facing? [...] Read more Posted onAugust 22, 2017June 19, 2020/ Devry Smith Frank LLP Six Figure Income Required To Buy in the GTA If the past year of insanely high home prices hasn’t made you rethink home ownership, maybe this new report will. Two real estate companies conducted separate studies and have come up with the income requirements if you are looking to afford a home in Toronto. The results don’t seem to benefit Canada’s millennials. A majority [...] Read more