Strong demand, weak supply
Week after week, Toronto home sales stats tell the same story: Thousands of qualified buyers want to buy, taking advantage of mortgage rates that continue to be affordable. Because of limited supply, they end up competing… and sale prices rise.
As of mid-March, 13,325 resale transactions had taken place through the Toronto Real Estate Board in 2014. Meanwhile, the number of new listings has remained low, keeping local markets tight in many parts of the Greater Toronto Area.
The average selling price of a detached house in the City of Toronto was $903,425 in the first half of March, while the average price of a semi in the City reached $691,279. Average prices in the 905 area are also rising: to $638,555 for a detached house, and $436,093 for a semi.
What will happen to home prices in Toronto?
Toronto has become one of the most desirable cities in the world. Home buyers are confident, and owners appear to be in no rush to move! As long as this situation holds, prices will continue on their current trajectory.
If you’re thinking of selling your home this year…
…this is the right time to contact us! You can email us, or call James and Joanne at 416-483-8000. You’ll get the best hands-on guidance and service, from two experienced agents!