Strong price growth
The laws of supply and demand rule the GTA real estate market , as listings of homes for sale are down and the number of sales is up compared to this time last year. The Toronto Real Estate Board reports that annual home price growth is well above the above the rate of inflation and that competition between buyers is strong because of the lack of good quality listings. If you are thinking of selling your home, this is a great time to put on the market. The average detached home in the GTA sells for more than $680,000, an increase of 12,3 per cent compared to this time last year. In the City of Toronto, the average price is more than $855,188, up by 16 per cent, while the average in the 905 regions is just under $610,000. Traditionally, the months of December and January are quieter and see lower average prices before the market picks up steam in February. The average property is on the market for 29 days and sells for 98 per cent of the listed price. In the city, the hottest areas are the Junction/High Park community and, just north of there, the Keelesdale-Eglinton West neighbourhoods. On average, houses in these neighbourhoods sells for more than the asking price as the mix of affordable detached and semi-detached homes attracts young families. In the central part of the city, the Don Mills, Banbury and Parkwoods/Donalda areas are in demand while in the east, homes in the L'Amoreaux and Tam O'Shanter-Sullivan communities are selling well. Looking ahead, any community near a subway line is likely to see improving sales and price appreciation. Neighbourhoods to watch include the Woodbine and Victiria Park areas, as well as Dovercourt, Caledonia and Dufferin Street.
CENTURY 21 Miller Real Estate Ltd.
467 Speers Road,
Oakville, ON L6K 3S4