|Photo Credit: http://toronto.about.com|
Although spring weather has yet to fully emerge, we’re finally starting to see spring real estate pick up. Current buyer’s can attest to the increasing number of listings every week as sellers feel it’s time to make a move.
The Toronto Real Estate Board (TREB) reported March sales activity and sale price have increased from February’s numbers, along with the Year-over-Year numbers from 2014. Compared to March 2014, sales activity increased 11% from 8,052 to 8,940, while average sale price increased 10% to $613,933.
“Home sales increased compared to last year as the cost of home ownership remained affordable, with lower interest rates going a long way to mitigate the effect of rising home prices. However, a substantial amount of pent-up demand remains in place, especially as it relates to low-rise market segments. This suggests that strong competition between buyers, which has fuelled strong price growth so far this year, will continue to be experienced throughout the spring,” said Mr. Etherington.
As news circulates that the average price of a detached home in Toronto has now surpassed $1,000,000, many first time buyers begin to worry, however the fact remains, affordable and investment worthy neighbourhoods still remain in the Greater Toronto Area. MoneySense.ca recently ranked the best-valued areas in the GTA. Pleasant View topped the list with an average price of $617,500. Followed by the East End-Danforth at $592,200, and Regent Park at $561,000. Little Portugal and Greenwood-Coxwell are also notable mentions ranked highly on the list.
To read the full March Market Watch, visit the TREB website at http://www.torontorealestateboard.com
For the full list of investment worthy neighbourhoods visit http://www.moneysense.ca/property/best-deals-in-real-estate-2015-toronto