By Michael McCann
With the summer heat wave came a corresponding but predictable slowdown in Birchcliff/Cliffside’s housing market – but only in terms of the number of homes sold.
It seems that once the mercury rises, the last thing most people want to entertain is selling or buying a home. But who can blame them? Summer is short, so it’s time to relax at the cottage or pack the bags for a road trip.
Here is a quick look at the highlights:
- June 2012 we had 31 homes sold while June of this year 22 homes changed hands – Decrease of almost 30%
- June 2012 the average sold price was $520,147 while June 2013 the average sold price came in at $583,477 – Increase of 12%
- June 2012 time on market averaged 22 days and this June it was only 14 days
Birchcliff – Cliffside Home Sales in June 2013 – 22 homes sold
Source: Toronto Real Estate Board. Excludes commercial properties, condos and vacant land.
Birchcliff homes that sold in June were those riding out the last weeks of a busy spring real estate market. There was certainly a shortage of good homes to look at and those that showed well, and were priced correctly, sold quickly. Simple supply and demand economics.
Since most buyers are taking a break from viewing homes, sellers are also deferring putting their home on the market until everyone returns in September.
Toronto Real Estate Board
- 9,129 sales in June 2012 with June 2013 showing 9,061 sales – Down by less than 1%
- $507,342 average selling price June 2012 with June 2013 coming in at $531,374 – Up 4.7%
Canadian Real Estate Association
- June 2013 home sales were down by 0.6% from June of 2012
- The national average home sale price was up 4.8% year over year based upon June
Down the road
What I see for Birchcliff for the remainder of 2013 is continued strong demand for homes in our neighbourhood. Buyers still perceive the neighbourhood as offering great value and I predict our resale house prices will keep to the trend of surpassing prices from those posted in Toronto and nationally.
Even with the construction and traffic chaos on Kingston Road our average home price and short days on market reflect a healthy and robust housing market. And that is good news for all of us who call Birchcliff home.
For a look at local real estate prices over the last six months, click on the tabs.
[tabs slidertype=”top tabs”] [tabcontainer] [tabtext]May[/tabtext] [tabtext]April[/tabtext] [tabtext]March[/tabtext] [tabtext]February[/tabtext] [tabtext]January[/tabtext] [tabtext]December[/tabtext] [/tabcontainer] [tabcontent] [tab]Birchcliff – Cliffside Home Sales in May 2013 – 46 homes sold [/tab] [tab]Birchcliff – Cliffside Home Sales in April 2013 – 45 homes sold [/tab] [tab]Birchcliff – Cliffside Home Sales in March 2013 – 36 homes sold [/tab] [tab]Birch Cliff – Cliffside Home Sales in February 2013 – 23 homes sold [/tab] [tab]Birch Cliff – Cliffside Home Sales in January 2013 – 18 homes sold [/tab] [tab]Birch Cliff – Cliffside Home Sales in December 2012 – 11 homes sold [/tab] [/tabcontent] [/tabs]
According to the Toronto Real Estate Board, our local housing market is defined as Birchcliff/Cliffside and the boundaries can be seen below.
View Birch Cliff / Cliffside in a larger map
