With the interest rates being at their all time low, sales for the summer has been high. For the month of July 9,880 sales were reported in the TREBès MLS system which was an increase of 8% compared to same month last year. There was an increase in transactions for various home types including condominiums.
Highlights of the report as follows:
MLS® Home Price Index (HPI) Composite Benchmark - increase of 9.4%
Average Selling Price - $609,236 (10.6% increase)
According to Mark Mclean, the president of the Toronto Real Estate Board, "Home ownership demand has been driven not only by low borrowing costs, but also by the fact that the GTA economy has been performing quite well, with the unemployment rate lower compared to last year. Home buyers remain confident in the long-term benefits of owning a home."
Click here to access the full report for July 2015.
Click here for the TREB Historic Statistics.
For a detailed update on the current market of your neighbourhood, please contact me.
Jessica Sarte, Sales Representative for Century 21 Milliennium Inc.