September 16, 2014
Sunset on Toronto by Johnathan Nightingale
The real estate market has been exceptionally busy this summer with a surprisingly large number of home buyers looking for properties, attending open houses and bidding.
The numbers reported by the Toronto Real Estate Board (TREB) only support this - the sales went up by 2.8 per cent year-over-year from 7,391 to 7,600. There was a shortage of new listings, which, combined with a rise in buyer activity, meant that the prices went up by 8.9 per cent in average, from $501,677 to $546,303.
The sellers' market conditions continue throughout August and will likely remain in September, although a rise in new listings should quench the thirst of a large portion of the buyers.
The advantages of home ownership and relatively low mortgage rates result in increases in demand for ownership housing and this trend will likely continue in the fall so we can expect moderate price increases and a lively market.