The housing situation in Leaside and Bennington Heights reflects the trends in the broader Toronto market. In the initial four months of 2023, there were seven semi-detached properties sold, with an average sale price of $1,550,257. Additionally, 38 detached homes were sold, averaging at $2,751,326 in sale price.
Our community in Leaside and Bennington Heights continues to be highly sought-after thanks to its exceptional amenities, including top-rated schools, shops, restaurants, parks, and convenient access to public transit, as well as its close proximity to the city centre. We anticipate May and June 2023 will be the tightest demand/supply housing conditions this year.
Here’s a look at the bigger picture
The Toronto residential resale market maintained its upward trend during the initial four months of 2023. This trajectory is expected to persist throughout May and June without significant changes. The market’s growth would have been even more pronounced had it not been hindered by affordability concerns and a substantial decrease in housing supply.
|Data: January-April 2023|
The numbers reflect growing buyer confidence and acceptance that the exceptionally low financing costs enjoyed during the pandemic are a thing of the past. The demand for residential properties remains unabated and has reached extraordinary levels because of population growth in the greater Toronto region. As a consequence of this staggering demand, average sale prices continue to climb, despite the presence of high mortgage financing costs and borrower stress testing.
April’s average sale price of $1,153,269 was only 7.8 per cent lower than the average sale price achieved in April 2022.
|Month||Average Selling Price|
|Data: April 2023|
April marked the first month since March of last year when active listings were fewer than the corresponding month the year before. The speed at which properties sold in April is quickly approaching the speed with which properties in the Greater Toronto Area sold during the height of the pandemic market – eight days!
The Toronto and region residential resale market is quickly moving towards crisis levels. Governments hopefully are beginning to accept that the housing crisis cannot be improved by restrictive legislation.
Charlene Kalia is a broker with Chestnut Park Real Estate Brokerage, Christie’s International Real Estate