Fewer listings for higher-priced homes
A lack of listings for detached homes has pushed prices up in the Greater Toronto Area real esate market. Although higher-end houses priced at less than $ 1 milion have been especially popular with buyers, there are fewer listings of these properties than last year. In the city of Toronto, the average detached home sells for more than $873,000, up more than 12 per cent compared to a year ago at this time. Detached home prices are up by 6.3 per cent in the 905 regions. Semi-detached homes also continue to appreciate in value, with the average semi in the city selling for more than $640,000, an increase of 11.7 per cent compared to 2012. In the 905 regions, semis sell for average of $417,000, up 6.7 per cent from last year. Overall, detached home sales are up by 17.7 per cent and semi-detached home sales are up by 7.8 per cent compared to last year at this time. Condos have also seen their selling price by 5.9 per cent compared to year ago. Canada Mortgage and Housing Corp.(CMHC) says that stronger income growth in the GTA will keep the real astate market humming in 2014, providing a modest increase in sales. The federal housing agency predicts price increases will slow as mortgage interest rates creep up in the second half of 2014. Immigration to the GTA, which accounts for two-thirds of population growth, is slowing as more people move to Canada's western provinces, and international migration has also weakened. However, as the U.S. economy recovers in 2014, Ontario's financial outlook will also improve and attract more job seekers, according to the CMHC.
CENTURY 21 Miller Real Estate Ltd.
467 Speers Road,
Oakville, ON L6K 3S4