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Semi-detached homes hit over 19% increase

Is it time to put on your space suit and buckle up? Probably yes, if you want to sell a semi-detached home here.

The rolling yearly figures, from May 2015 to the end of this past April, show values up 19.6 percent to an average price of $1,006,564. That’s a new milestone and it looks to keep rising.

This year so far, to the middle of May, increased prices have hit 19.2 percent.

Sales activity was brisk in April with demand far outstripping supply and most homes selling with multiple offers. Expect the May and June figures to be similar.

April was a stellar month for all home sales in Leaside and Bennington Heights, with prices averaging 18 percent higher than asking. Of course, one could argue the homes were listed well below market value.

The year to date (January to end of April) value of detached homes rose only 6.9 percent, but the average cost was $1,546,020.

May is considered one of our most active months. There will be new highs this spring.

Do you know where your space helmet is?

Jethro Seymour is a broker at Johnston & Daniel. All figures are from the Toronto Real Estate Board’s Multiple Listing Service.