The Greater Toronto Realtors have just released the latest sales report. Last month, there were 4,355 sales transactions reported through the TorontoMLS system, which represents a 6.1 per cent year-over-year increase. Similarly, the average price saw a 4.9 per cent increase from the same time last year to $552,575 from 526,965. Another positive indicator for the real estate market was the average days on the market, which fell from 36 days to 31 days, representing a 13.9 per cent decrease.
Speaking of this information, President of the Toronto Real Estate Board (TREB) Paul Etherington stated that the data is very positive for two reasons. First, he said, "Strong sales growth suggests home buyers continue to see housing as a quality long-term investment, despite the recent period of economic uncertainty.” He added that “the fact that new listings grew at a faster pace than sales suggests that it has become easier for some people to find a home that meets their needs.”
TREB’s Market Analysis Director Jason Mercer stated that “Home price growth is forecast to continue in 2015. Lower borrowing costs will largely mitigate price growth this year, which means affordability will remain in check.”
Are you looking to buy, sell or rent your home? If so, speak to an experienced and knowledgeable Century 21 King’s Quay sales representative today!