Photo by Views from Lisa
Last month, the real estate market in Toronto has kept the exact pace as anticipated. A record-breaking number of sales, increasing average prices and shortage of supply. This pattern reflects the rising impediment on the road of smooth real estate business - there just isn’t enough of houses to sell and there is not enough space to build new ones. This is the main reason why most of the sales were closed on the condo market - buying a condo is substantially smaller financial burden for the first time buyers today, than buying a detached property.
Jason Mercer, the Director of Market Analysis of the Toronto Real Estate Board has said: “Widespread competition between buyers of singles, semis and townhouses across the GTA has underpinned the robust annual rates of price growth experienced so far this year. With this said, however, it is also important to understand that tighter market conditions for condominium apartments have resulted in price growth well above the rate of inflation in this market segment as well.”
It’s all evident from the data recorded via TREB’s MLS® System. The overall number of sales in GTA in May 2016 has reached 12,870, which is a 10.6 per cent increase in comparison with 11,640 sales recorded in May last year. The average price has risen by 15.7 per cent, from last year’s $649,648 to this year’s $751,908. As for the active listings (properties available on the market), the number has dropped by staggering 30.4 per cent in year-over-year comparison - from 18,585 in last year’s May to only 12,931 in 2016.
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.
We might have buyers for your house!
Are you (or someone you know) thinking about moving? We are working with buyers who might want to buy your house – and connecting you before you go on the market means you wouldn’t have to prep it for sale! We are doing everything we can to find them the right home but with the shortage of inventory we are reaching out to you on this platform.
Who do you know that might be thinking of moving and wants to avoid the cost and prep work of getting their place ready for sale? Please let us know if you or someone you know might have information. This is not intended to solicit those currently under contract.
Call The Julie Kinnear Team at 416-762-5949 or connect with us by email at