Keep it Hid by Ryan Tir
Prices in Toronto keep growing. The average selling price in May 2014 was $585,204, an 8.3 per cent compared to the average price of $540,544 in May 2013. Despite the higher prices, the sales have also gone up. Buyers have been more active this spring compared to last year. Total TorontoMLS sales for May 2014 amounted to 11,079, which is 11.4 per cent more than sales reported in May 2013. Even though the prices are higher, buyers remain comfortable with monthly mortgage payments, since the borrowing costs have remained low over the past few months.
There is also a different side to the story addressed in this article in the Star. The question many of the clients are struggling with is whether it's better to sell or buy first in a market like this? If you sell first, you may not find the best place immediately, but you have the money to shop with and you're in charge of the whole situation. On the other hand, if you buy first and then try to sell, you might be forced to reduce your price.