Condominiums are the new houses

Toronto, ON

The Toronto home sale market has increasingly declined in the past year; homeowners are now buying condominiums instead of houses. Of the 283 new homes this past month 218 were condominiums.The only new construction in the area resides at the corner of Main Street and Park Avenue which is the proposed Clock Tower re-development; the developer is appealing the towns decision to not make allowances under the heritage act and zoning by law required for the currently proposed project which is scheduled to begin August 8th. The median sale price for properties currently sits at $736,000, a decrease from $792,000 last year. The number of sales has also gone down from 65 to 102 properties. Currently, inventory stands at 300 from 418 properties. The average number of days on market has increased from 28 to 32 days.