Ah spring, don’t you just love how spring feels and how it gives you that urge to start fresh and new? Well, if you are planning to house-hunt this spring, check out the latest in Toronto real estate news in this update.
What’s Happening in GTA Real Estate for March 2015?
Prices! Yes, its prices shooting upwards of 10% for Toronto homes. If you think that figure is quite a jump from last year, then you might be shocked to know that the prices of detached home in Toronto city is up by a whopping 15.9%.
But what is fueling all of this? As we’ve similarly written about in our past real estate news blogs, it’s the increasing demand plus the warming up weather causing the trend, and it’s not showing any sign of tapering off soon.
What makes us say that? The figures released by Toronto Real Estate Board doesn’t lie; new listings for last month increased 5.5% as compared to the same period from the previous year and even with that, sales were up to an eye-popping 11%. Price statistics released by TREB says that GTA condos and houses on average, are costing buyers about $613,933 in March 2015. That’s a 10% hike from last year’s figures of only $557,684.
How About the Prices for Toronto Detached Homes?
Earlier this year, we’ve shared with you news of detached Toronto homes now averaging at more than $1,000,000 each and still going up. Prices in the 905 regions are more conservative though, at an average of only $709,116 but then, with realtors reporting bidding wars, it’s no wonder that prices keep on going up.
Buyers are all wanting a slice of Toronto due to the low interest rates in housing and how the quality of life is in the region. Paul Etherington, TREB’s board president says that the strong competition amongst buyers is what is really fueling the surges of price growth in the area and this trend is likely to continue throughout spring.
A Sneak Peek to the Spring Real Estate Market?
With 8,940 properties in the GTA switching ownership in March and the spring selling and buying season of April to June just starting out, are we going to see more cut-throat competition amongst buyers of GTA homes? The answer to that seems to be a resounding yes as townhomes and condos are also exhibiting sales surges. Buyers who feel that they may not get their hands on a Toronto home are turning to buying condos or townhomes, driving condo sales to 10.8% and 13.5% in the 905 and 416 regions. As for townhome sales, they are at 9.1% and 8.3% hike in the 905 and 416 regions.
The Goodale Miller Team - Oakville Real Estate