Real Estate Market Update - Toronto
It was a while since I the last market update. Am I getting lazy, carried away or getting enough "work" during the "working hours"?
According to Toronto Real Estate Board report we had an extremely busy July, 8,544 residential sales reported though MLS, this is a 16% increase compared to the last year.
“Last month's sales represented the best July result since 2009 and was the third best July result on record. Despite recent increases in average borrowing costs, home buyers are still finding affordable home ownership options in the GTA,” said Toronto Real Estate Board President Dianne Usher.
“We are a year removed from the onset of stricter mortgage lending guidelines and many households who put their decision to purchase a home on hold have reactivated their search. An increasing number of these households are getting deals done,” continued Ms. Usher.
Average selling rate came to $513 246, which is about 8% up compared to the last year.
“We are forecasting continued average price growth for the remainder of 2013 and through 2014 as well. Months of inventory for low-rise homes remains near record lows, suggesting that sellers’ market conditions will remain in place in the second half of 2013. An increase in listings in 2014 would lead to more balanced market conditions and a slower pace of price growth next year, albeit still above the rate of inflation,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Be back soon with more info and don't forget to contact Marina for all your real estate needs!
MarinaG.ca
According to Toronto Real Estate Board report we had an extremely busy July, 8,544 residential sales reported though MLS, this is a 16% increase compared to the last year.
“Last month's sales represented the best July result since 2009 and was the third best July result on record. Despite recent increases in average borrowing costs, home buyers are still finding affordable home ownership options in the GTA,” said Toronto Real Estate Board President Dianne Usher.
“We are a year removed from the onset of stricter mortgage lending guidelines and many households who put their decision to purchase a home on hold have reactivated their search. An increasing number of these households are getting deals done,” continued Ms. Usher.
Average selling rate came to $513 246, which is about 8% up compared to the last year.
“We are forecasting continued average price growth for the remainder of 2013 and through 2014 as well. Months of inventory for low-rise homes remains near record lows, suggesting that sellers’ market conditions will remain in place in the second half of 2013. An increase in listings in 2014 would lead to more balanced market conditions and a slower pace of price growth next year, albeit still above the rate of inflation,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Be back soon with more info and don't forget to contact Marina for all your real estate needs!
MarinaG.ca