The luxury market of York Mills isn’t immune to Toronto’s ever-changing real estate landscape.
In April, there were only 29 home sales compared to last year’s 46 – a 37% drop in the number of sales year over year. The average price of homes dropped as well – from $3.1 million in April 2017 down to an average price of $2.6 million just last month. Houses are also sitting longer on the market compared to last year. The average days on market was 23, compared to only 9 days in 2017.
The government introducing the Non-Resident Speculation Tax last year, the entire real estate market took a hit. Therefore, year over year numbers may seem daunting – but if we look at the year to date numbers, we’re on an uptrend for them since the start of the year.
In comparison to January of this year, the average price has gone up by 8% from $2,467,067 to $2,684,753. Home sales have increased from 15 to 29 with the introduction of the spring market, with days on market slightly dropping from 28 to last month’s 23.
What’s noteworthy is also the months of inventory, which is currently sitting at 4.9. With the market shifting to a buyer’s market in this area, sellers who are looking to liquidate their homes will need to make sure their home truly stands out from the crowd if they expect an offer to come through in current market conditions.
In the short term as we enter the summer market, we will see a slowdown in activity and prices, but I believe over the long term we will continue to see prices steadily rise as the York Mills area continues to remain one of the most desirable areas to live.