By Michael McCann
The leaves are falling and the temperature is dropping, but our local housing market seems not to be following this trend.
Many certainly expected a slowdown in October, however buyers continued to actively search for the right home.
Again, this steady buying activity was primarily due to buyers scrambling to purchase a home prior to having their pre-approved financing expire, which was at a lower interest rate than what lenders are posting now.
Neighbourhood is hot
The good news is we live in a demand neighbourhood.
Year over year Birch Cliff homeowners have seen continued property value increases well above what is being reported from the Toronto Real Estate Board.
I am always asked where I think our housing market is going.
The short answer is I see continued positive property values over the next couple of years.
But now let’s see what’s been selling for the month that just passed:
Birchcliff – Cliffside Home Sales in October 2013 – 32 homes sold
Source: Toronto Real Estate Board. Excludes commercial properties, condos and vacant land.
Birchcliff/Cliffside
- October 2012 we had 19 homes sold while October of this year 32 homes changed hands – a 59% increase
- October of 2012 the average sold price was $515,340 while October 2013 the average sold price came in at $536,461 – an increase of 4%
- October 2012 it took on average 14 days and in October 2013 it took 18 days to sell a home.
Toronto Real Estate Board
- 6,713 sales in October 2012 with October 2013 showing 8,000 sales – Up by 19%
- $502,127 average selling price October 2012 with October 2013 coming in at $539,058 – Up by 4.5%
- October 2012 it took an average of 29 days to sell a home where October of this year 27 days
Canadian Real Estate Association
- October 2013 home sales were up by 8.3% from October of 2012
- The national average home sale price was up 3.2% year over year based in October
I predict a slowing of our local real estate market as most homeowners are now more pre-occupied about getting ready for upcoming holiday season than house hunting.
We will see fewer for sale signs popping up in Birchcliff as anyone considering buying or selling will defer any housing decision until the new year.
For a look at local real estate prices over the last six months, click on the tabs.
[tabs slidertype=”top tabs”] [tabcontainer] [tabtext]September[/tabtext] [tabtext]August[/tabtext] [tabtext]July[/tabtext] [tabtext]June[/tabtext] [tabtext]May[/tabtext] [tabtext]April[/tabtext] [/tabcontainer] [tabcontent] [tab]Birch Cliff – Cliffside Home Sales in September 2013 – 28 homes sold [/tab] [tab]Birch Cliff – Cliffside Home Sales in August 2013 – 28 homes sold [/tab] [tab]Birchcliff – Cliffside Home Sales in July 2013 – 25 homes sold [/tab] [tab]Birchcliff – Cliffside Home Sales in June 2013 – 22 homes sold [/tab] [tab]Birchcliff – Cliffside Home Sales in May 2013 – 46 homes sold [/tab] [tab]Birchcliff – Cliffside Home Sales in April 2013 – 45 homes sold [/tab] [/tabcontent] [/tabs]
According to the Toronto Real Estate Board, our local housing market is defined as Birch Cliff/Cliffside and the boundaries can be seen below.
View Birch Cliff / Cliffside in a larger map
