Real Estate sales in GTA continue to bounce back after taking a short pause last year. Sales in September were uo 30 per cent compared year ago. Analysts say that people have been pre-approved for a mortgage and now jumping into the market before interest rates go up. While the rates have been creeping up, major increases are not expected for several months. The global economic outlook is still uncertain, as is the recovery in the U.S. all of which ultimately impacts Canadian mortgage interest rates. The average selling price in the GTA is $ 533,797 according to the most recent Toronto Real Estate Board numbers. That's up 6,5 per cent from a year ago. Detached home prices are up by 10,2 per cent, to an average of $ 856,169 in the City of Toronto and $ 608,866 in the 905 regions. Semi-detached homes are selling for an average of $ 616,049 in the city and $ 405,920 in the 905 regions. Detached homes are currently spending an average of 26 days on the market, and selling for 98 per cent of the listed price. In the city, the average time on the market is 22 days, with homes selling for 99 per cent of the listed price. The eastern part pf the city is particularly hot. TREB analyst Jason Mercer says the price growth story is " about strong demand for low-rise home types , coupled with a short supply of listings. Even with slover price growth and month- to- month volatility in the condo apartment, overall annual price growth has been well above the rate of inflation this year. This scenario will play out through the remainder of 2013."
CENTURY 21 Miller Real Estate Ltd.
467 Speers Road,
Oakville, ON L6K 3S4