Yonge-Dundas Square by Dennis Jarvis
Half of the year 2016 is behind us and the real estate market in Toronto has been growing steadily, as predicted. The number of sales recorded via Toronto Real Estate Board’s MLS® System in July in GTA was 12,794 - a 7.5 per cent increase compared to 11,905 sales closed last year. The continuous lack of supply that pushes the prices up is already exceeding to the renting market segment. The new President of TREB, Larry Cerqua, has stated:
As the federal, provincial and local levels of government discuss housing policy in the coming months, issues affecting the lack of supply in the GTA should be of paramount importance. TREB will be undertaking, and making public, results of additional research in the second half of 2016, with the goal of proactively adding to the housing policy discussion.
The continuing increase of sales of all housing types across the GTA is pushing the number of available listings to unprecedented lows. In year-over-year comparison, the number of active listings in GTA has dropped by stunning 31.4 per cent, from last year’s 17,972 to 12,327 recorded this July. As before, the opposite is true for the average price, which has increased by 16.8 per cent, from $639,309 in July 2015 to $746,546 this year.
Despite the more difficult process of getting a mortgage when buying house for the first time, the sales and average prices are about to continue rising and the demand is about to get more and more thin. Feel free to contact our team with any questions regarding both buying and selling real estate. We'll be more than happy to help!