Toronto by Wyliepoon
Just like the outside temperatures were high last month, so was the Toronto real estate market. This is a no surprise for those who read our market reports regularly, since this is a trend that continues from the first quarter of the year and is about to keep going through the rest of the year. The number of sales recorded by Toronto Real Estate Board’s MLS® System has reached 9,880, which is a 8 per cent increase in comparison with July 2014.
The average price also keeps growing and has risen to $609,236, which, compared to last year’s $550,625, is a 10.6 per cent increase. The opposite goes for the number of new listings, which has decreased by 2.5 per cent, from 15,081 to 14,699. Both of these changes point to a very high demand.
TREB’s President Mark McLean has stated:
As we move towards a new record for home sales this year, it is important to point out that home ownership demand has been driven not only by low borrowing costs, but also by the fact that the GTA economy has been performing quite well, with the unemployment rate lower compared to last year. Home buyers remain confident in the long-term benefits of owning a home."
It’s highly probable that the current interest rates are to stay on similar level, which will keep the trend continuing throughout the rest of this year. Feel free to contact our team - we’ll be more than happy to help with both buying and selling real estate.