A busy summer in Toronto’s Real Estate market continued through July as the total sales in that month this year skyrocketed to the tune of sixteen percent over the same month in 2012. The 8, 544 total sales not only eclipsed last year’s numbers, it became the third-best July ever.
“Last month’s sales represented the best July result since 2009 and was the third best July result on record. Despite recent increases in average borrowing costs, home buyers are still finding affordable home ownership options in the GTA,” Toronto Real Estate Board President Dianne Usher, told TREB’s Market Watch newsletter.
Part of the renewed interest may be the fact that the new lending rules have had time to establish themselves, making potential buyers more comfortable with their impact on their potential mortgage.
Sellers continued to get more bang for their buck in July, seeing another year-to-year increase, this time by 8%, making the average sale price $513, 246 in the GTA. Conditions seem perfect for anyone considering placing their home on the market, as renewed buyer interest and higher average sale price have combined to make ideal conditions.
Conditions that TREB sees continuing as we move into 2014.
“We are forecasting continued average price growth for the remainder of 2013 and through 2014 as well. Months of inventory for low-rise homes remains near record lows, suggesting that sellers’ market conditions will remain in place in the second half of 2013. An increase in listings in 2014 would lead to more balanced market conditions and a slower pace of price growth next year, albeit still above the rate of inflation,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.