Both price and Sales grew in July
For July 2013: 8,544 residential sales were reported through the Toronto MLS system. That means sales were up by 16 per cent compared to the month of July in 2012. Over the same period, new listings added to TorontoMLS and active listings at the end of the month were up, but by a substantially smaller rate of increase compared to sales.
The growth means that we have just had the best July sales since 2009 which was the third best July on record. Despite recent increases in average borrowing costs, home buyers are still finding affordable home ownership options in the GTA,” said Toronto Real Estate Board President Dianne Usher.
Since the implementation of stricter lending rules many families have started looking for a home again. Rate increases recently may have had an impact on the number of fence-sitter making the move to home ownership as well.
Despite Ottawa’s hope of cooling off the housing market, the average selling price increased 8% over the same time last year. Single family residential sales led the increase while condo saw a slightly lower percentage of growth. That scan be attributed to a bit of cooling in that sector.
TREB’s Jason Mercer Senior Manager of Market Analysis. is quoted as saying:
“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,”
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