Humber bay by synestheticstrings

First month of 2016 has kick-started the year with it’s 8.2 per cent increase of sales compared to January 2015. That’s a jump from 4,318 reported by the Greater Toronto Area REALTORS® via Toronto Real Estate Board’s MLS® System in 2015 to 4,672 in 2016 to be precise. This is only logical since the development of real estate market last year had such strong increasing tendency and continuity of this trend to this year was expected.

The average price in GTA has climbed to $631,092, which is quite a leap, since it’s an 14.2 per cent increase compared to $552,575 in January 2015. The number of active listings has dropped from 11,600 in 2015 to 9,966 this year, which is a 14.1 per cent decrease caused by the still high demand for supply.

“It is clear that the handoff from 2015 to 2016 was a strong one. This is not surprising given that recent polling conducted for TREB by Ipsos suggested 12 per cent of GTA households were seriously considering the purchase of a home in 2016. Buying intentions are strong for this year as households continue to see home ownership as an affordable long-term investment,” said Mark McLean, President of TREB.

The continuing lack of inventory and high demand is going to push prices higher and higher in most parts of Toronto. Despite the more difficult process of getting a mortgage when buying house for the first time, more and more people consider purchasing a house as a solid investment to the future and current real estate market development confirms it.

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