For all the concern and caution being expressed by the media, sales volume and prices in the City of Toronto are continuing to increase.
Last month, sales were up 16% from the previous year, making it the third best July on record at over 8500 trades.
“We are a year removed from the onset of stricter mortgage lending guidelines and many households who put their decision to purchase a home on hold have reactivated their search. An increasing number of these households are getting deals done.” said Toronto Real Estate Board President Dianne Usher.
The average selling price of a property also increased by 8% on a year or year basis, averaging just over $513,000. While the freehold property market is fueling the price increases most, condominiums in the city are also showing increases in value by around 4%.
“We are forecasting continued average price growth for the remainder of 2013 and through 2014 as well. Months of inventory for low-rise homes remains near record lows, suggesting that sellers’ market conditions will remain in place in the second half of 2013. An increase in listings in 2014 would lead to more balanced market conditions and a slower pace of price growth next year, albeit still above the rate of inflation,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
You can view the comprehensive Market Watch analysis published by the Toronto Real Estate Board by clicking HERE.
~ Steven and the urbaneer team