Life In The Sky by Views From Lisa
The end of March was also the end of the first quarter of the year and the real estate market has been following the anticipated path upwards, especially in terms of the number of sales.
The 10,326 home sales recorded through the Toronto Real Estate Board’s MLS® System in March 2016 were a 16.2 per cent increase in comparison with the 8,887 sales done last year.
“At the beginning of 2016, TREB’s outlook for the year pointed to a strong possibility of a second consecutive record year for home sales. This outlook was based, in part, on upbeat consumer survey results pointing to robust home buying intentions. It is clear that these upbeat intentions have translated into record first quarter results,” said TREB's President Mark McLean.
The sales process has been rapidly speeding up with the rising demand and the changes are most obvious when comparing the average number of days a property is listed on the market. The time has decreased from last year’s 20 days to just 16 this March. The average price in GTA continued to rapidly increase as well: from $613,933 recorded last March, to this year’s $688,181, which is a growth by 12.1 pre cent.
Despite the more difficult process of getting a mortgage when buying house for the first time, the sales and average prices will continue rising and the supply seems to be getting thiner and thiner. Feel free to contact our team with any questions regarding both buying and selling real estate. We'll be more than happy to help!