Toronto Real Estate Market Report - August 2016 [All statistics via Toronto MLS Market Watch]
August marks the unofficial end of summer with families coming back from vacation and kids heading back to school.
The regional economy remains strong, with higher than average earnings, good job market and continual low borrowing rates. However, listing supply for the month still remains very low. Supply was down 1.2% compared to the same time last year, offering no relief in upward price growth for buyers currently in the market to buy a home.
For move-up buyers who currently own a home, they may be less likely to put their homes on the market to sell if they feel that it will be hard to find another home. Some homeowners opt in to renovate their existing homes instead by taking on house addition projects.
The home price index is up 17.2% on a year to year basis. Double digits increase well into this time of the year could likely mean another record breaking year for price growth in 2016 compared to previous years. The first month of the Fall market will be a good indication of much of the trading activity for the remainder of 2016.
For TREB's next real estate market report, the discussion will be focusing on foreign buying activity as well as issues affecting the supply of ownership housing.
There are still some pockets close to the core that offers great value for 3 bedroom family homes. Let me help you find a creative solution for your next home in this challenging real estate market. If you would like a more comprehensive real estate report based on your neighbourhood or building, please don't hesitate to get in touch to obtain a customized report through me.
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