By Michael McCann
Athletes from across the Americas have gathered in Toronto to participate in the 2015 PanAm and ParaPan games.
Here in Birchcliff our own Birchmount Stadium underwent massive renovations because it’s designated as a training/practice facility for PanAm track and field events.
As new records are being set at the Pan Am Games, they are also being broken in our real estate market.
This week, a survey indicated that southwest Scarborough is the hottest housing market in Toronto in terms of price gains, with Birchcliff/Cliffside leading the way.
The Toronto and Birchcliff real estate markets continue with a strong and steady increase of housing prices across all housing types.
From my perspective this heated market is showing no signs of abating anytime soon.
New Records for June 2015
- Bank of Canada overnight rate drops to lowest ever 0.5%
- Detached house in 416 average price $1,051,912 up 14.2% from last year
- Semi-detached home in 416 average price $761,819 up 13.2% over last year
- Townhouse in 416 average price $539,259 up 10.8% over last year
- Condominiums in 416 average price $418,599 up 7.0% from July 2014
Here’s a look at our June Birchcliff statistics:
Birchcliff – Cliffside Home Sales in June 2015 – 39 homes sold
Source: Toronto Real Estate Board. Excludes commercial properties, condos and vacant land.
Birchcliff/Cliffside
- June 2014 we had 36 homes sold while June of this year 39 homes changed hands – a 8.3% increase
- June of 2014 the average sold price was $592,847 while June 2015 the average sold price came in at $791,210 – an increase of 33.5%
- June 2014 it took on average 15 days and in June 2015 it took 13 days
Toronto Real Estate Board
- 10,132 sales in June 2014 with June 2015 showing 11,992 sales – Up by 18.4%
- $569,174 average selling price June 2014 with June 2015 coming in at $639,184 – Up by 12.3%
- June 2014 it took an average of 22 days to sell a home where June of this year 19 days
Silly Marketing Strategy?
In our June housing statistics you will see one of the silliest marketing strategies I know to sell a house.
This is where one lists a home for sale at $1. So if I asked you what your house was worth I sincerely doubt you would say, “I think around a buck”.
Anyone who employs this strategy is essentially putting themselves into the worst negotiating position.
Let me put this question to you. Would you let a total stranger determine your home’s value? I think not.
We know what our homes are worth. So anyone thinking of buying would certainly severely discount its true value. The better strategy is always never over or substantially lower a home’s selling price.
In selling your home avoid marketing gimmicks. What’s a winning strategy? Simple – set a home’s true value and then let the market determine the selling price. It works.
For a look at local real estate statistics over the last six months, click on the tabs
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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
