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Toronto Housing Market Update

Oct 11, 2014 | Market News

It’s no surprise that our Toronto housing market results just keep getting better as the year progresses. This one might go down in the record books as the best one yet.

As of October 2014:

Real estate sales up 10.9%.

The Toronto Real Estate Board reported 8051 transactions in September 2014, a 10.9% increase compared to September 2013. Despite a persistent shortage of listings in some market segments, we have experienced strong growth in sales suggesting buyers remain upbeat about purchasing a home. The majority of home buyers purchase a home using a mortgage. The share of the average household’s income dedicated to their mortgage payment remains affordable, which is why buyer interest has remained solid,” said Toronto Real Estate Board President, Paul Etherington.

Average selling price for homes in the GTA up $41,221 in one year.

The average selling price for September transactions was $573,676, up 7.7% from 2013. Average year-over-year price growth was strongest in the City of Toronto, both for low-rise home types like detached and semidetached houses and for condominium apartments. The average selling price year-to date was $563,813 – up 8.5%  compared to the first nine months of 2013. A Toronto detached home sold for an average of $951,792 in September 2014

Real estate sales growth expected to hit new sales record.

If the current pace of sales growth remains and is coupled with the multitude of willing buyers and short supply of listings, the Toronto housing market will translate into very strong annual rates of price growth in the fourth quarter. “We could be flirting with a new record for residential sales reported by TREB Members this year.” said Jason Mercer, TREB’s Director of Market Analysis.

What does this mean to you as a Seller?

The fall market is the second best time of year to sell. Why wait for spring when plenty other Sellers will be listing as well? It’s an opportune time to take advantage of short supply and less competition. As we’ve seen there are plenty of Buyers that are ready, with mortgage pre-approvals obtained and ready to move forward on the right purchase.

Buyers – why wait? Prices only keep going up and show no signs of slowing down.

The heading is not meant to scare you! Take advantage of the cooler months when you’ll be vying for homes against fewer competing Buyers. Nothing better to celebrate the upcoming year with a new home to ring in 2015! It makes sense if you’re ready, to take advantage during the current market as there’s no signs of slowing down. Why potentially spend tens of thousands more on a home if you’re trigger shy to make a move, NOW. Think about the awesome furniture, art and accessories you could deck your home out in – or the 8 person hot tub which would be perfect in your new backyard.

Contact us.

If you’re looking to Buy or Sell, drop us a line and we’ll get you going on your best foot forward. info@tcteam.ca