Roncy by Danielle Scott
Looks like the real estate market continues to rise to heights never seen before! You might remember that two months ago, there was some record breaking. In fact, the number of sales in April 2015 was the highest for the month in the history of recording these stats. I'm pointing this out because the situation has happened again and the new record for the month of June was set: the number of overall sales in whole GTA reported by TREB's MLS® System was 11,992, which is a stunning 18.4 per cent increase in comparison with last year's 10,132.
The increasing trend doesn't just concern the number of sales, but also the average price, that has been continually rising for a couple of months and has reached $639,184, which is a 12.3 per cent increase when compared to June 2014. The number of new listings has increased by 6.7 per cent, which indicates that homeowners are adjusting to the shifting prices and want to use them for their advantage. TREB's Director of Market Analysis, Jason Mercer, has commented:
It is encouraging to see that new listings have edged upward so far this year, as homeowners have reacted to strong home price growth and have looked to take advantage of increased equity in their homes. However, the annual rate of sales growth continues to far outstrip listings growth, which means that there remains a lot of willing buyers in the marketplace who haven’t found a home that meets their needs. As long as this situation persists, expect home prices to trend strongly upward."
As said before, the continual increase of the average prices and the number of sales will probably continue throughout the whole year of 2015. It's a good time to sell a property nowadays, so if you'd like to use the current situation to your benefit, feel free to contact our team. We'll be more than happy to help.