Toronto House Prices Are Rising By $550 A Day

That breaks down to price growth of $16,820 per month, or roughly $550 per day.

That’s for single detached homes in the city itself. The average price for all home types in Greater Toronto rose by $104,000 in a year, to $739,082, up about 16.3 per cent in a year.

Condo owners aren’t seeing nearly the same rate of growth, though. Condo prices in the city rose 7 per cent, to $436,545, and in the suburban 905 region they rose 7.8 per cent, to $343,439.

So if you own a condo in Toronto, you’re seeing price growth of $2,411 per month, or “just” $79.26 per day.

Supply shortage as owners keep homes off market

Toronto set yet another all-time home-sales record in April, TREB said, but said sales “could have been even higher if we had benefitted from more supply.”

There were four per cent fewer detached home sales in Toronto this April than last, TREB said. Faced with a shrinking supply of family homes, Torontonians are turning to those less-lucrative condo properties, sales of which are up 17.4 per cent in a year.

TREB says Torontonians are choosing not to list their homes “because of the second substantial Land Transfer Tax and associated administration fee.”

But a recent Re/Max report suggested some different reasons for why people are taking their homes off the market: Some are waiting for even higher sale prices later on, while others are afraid of becoming homebuyers in such a competitive market.

Gear Up For Summer

Summer will be here before you know it, and we're definitely glad about that. And now is a great time to get your home in top shape for the months ahead. Whatever your weather, caring for your home now will help to ensure a worry-free, comfortable summer. Follow a few of these tips each week and you'll be done in no time. 


OUTDOORS

• Inspect siding for cracks and make any needed repairs.
• If paint is peeling, cracking, or chipped, repair and repaint now to limit damage to the underlying materials.
• Remove window screens and clean them with a soft brush and soapy water. Rinse well and allow them to dry in the sun. Repair any holes or tears, or replace the screen material before reinstalling. It's a fairly easy DIY job to replace the screening, or you can check to see if your local hardware store offers this service.
• Have your air conditioning unit serviced to ensure good operation. Promote air circulation around the unit by keeping surrounding shrubs and plants trimmed.
• Clear debris from gutters and eaves to allow rainwater to drain properly.
• Seal cracks in the driveway and keep walkways clear of debris and overgrown plants.
• Test irrigation and sprinkler systems and replace any broken sprinkler heads or emitters. Check for proper water coverage and adjust if necessary.
• Power wash decks and patios and seal surfaces as appropriate.

INDOORS

• Vacuum or brush off refrigerator coils to help maintain energy efficiency. Depending on your model, the coils will be located either on the bottom or on the back of the appliance.
• Empty dehumidifier pans and clean hoses according to the manufacturer's instructions.
• If possible, take area rugs outside and hang them over a deck or porch rail to air out.
• Adjust ceiling fans for proper balance and change the rotation to the summer setting. While you're at it, give the unit a good dusting to avoid blowing dust around the room.
• Switch out heavy bedding for lightweight summer fabrics. Have the winter bedding cleaned before storing it away for the season. 
• Close the chimney flue to prevent insects from entering and to help keep cool air in during the months ahead.
• Repot houseplants to give their roots a fresh start for the summer.
• Check door and cabinet hinges and lubricate any that stick or squeak.
• Open windows even on cooler days to get fresh air flowing throughout the home.