AMAZING HOT MARKET IN TORONTO....
The sales in the first 14 days of May were 6010 homes. This result represented 7.1 percenage increase compared to 5610 sales reported in the same month in 2015.
There is a shortage of inventory right now in Toronto and this is the reason The average selling price for the first two weeks of May 2016 was $758,626, which represented a yearover-year increase of 16.1 per cent compared to an average price of $653,274 reported for the same time period in 2015
There are many willing buyers in the marketplace today – the issue is that a substantial number of these households have not been able to find a home that meets their needs. Double-digit annual rates of average price growth were experienced for all major home types. The annual pace of average price growth for condominium apartments, while lower than that recorded for low-rise home types, was above 10 per cent for both the City of Toronto and surrounding regions. Even with strong new unit completions over the last few years, this market segment has become tighter as well.
Mortgage rates are the lowest and the homes are still affordable even though the price has increased.
How long this market will last....looks like there is not going to be a slow down. So if you are sitting on a fence...Call me now. Let us go and buy you a home now.
Comments(0)