Welcome to our second real estate column, where different Leaside real estate agents and experts offer their unique take on housing in the community. This month, Charlene Kalia, a sales representative with Chestnut Park Real Estate Limited, Brokerage talks about promising sales trends for our neighbourhoods.
As we near the end of 2019, the resale market looks extremely bright and promising for Leaside. The market appears to have absorbed the shock of mortgage stress testing, which was introduced in 2018. Since March of this year, there has been steady and sustainable growth.
Leaside is composed of bungalows, semi-detached and of detached homes. The average price for detached homes in Toronto has risen by almost 10% this year and now stands at approximately $1,325,000. Barring some unforeseen economic catastrophe, there is no indication that this trend will change in 2020. In fact, prices might rise even faster.
As 2019 comes to an end, the major concern for the residential resale market is lack of availability. Active listings in the Toronto area are down almost 20% compared to last year. Conditions are even tighter in Toronto central, and Leaside is no exception. Low inventory puts tremendous pressure on prices. The long-term concern then becomes one of sustainability. Dramatically rising prices often lead to a release of large amounts of inventory, with sellers capitalizing on the growth in the value of their properties. We hope that is the case in 2020.
Leaside ranks among the top 10 neighbourhoods in Toronto and continues to be desirable, offering buyers all the amenities they are seeking: quiet, safe, public and private schools, transportation, and attractive single-family housing. Given the prevailing market conditions and the nature of its community, Leaside will continue to be a prime choice for buyers.
What is an astute seller and buyer to do in this extraordinary real estate environment? I believe the answer is simple: secure a local experienced professional with in-depth market knowledge and a global brokerage with a proven track record of success!