It's a strong Toronto real estate market. Average price is still 8% higher than last year and we can expect this trend to continue with interest rates forecasted to stay low and market conditions tight. Remember real estate is -local (location, location, location) so not every neighborhood saw same price increases so you'd need to get a CMA for your house to know what you can sell it for. Call us to book your appointment.
TORONTO, June 18, 2012 – Greater Toronto REALTORS® reported 4,597 sales through the first 14 days of June – a result that was on par with the strong sales activity reported in the June 2011 mid-month release. While sales were flat on a year-over-year basis, the total number of new listings entered into theTorontoMLS system was up by 16 per cent to 8,382.
“Sales growth continued to be much stronger outside of the City of Toronto in the first half of June. While higher average home prices and slower listings growth in the City of Toronto likely explain some of the disparity in sales growth, recent polling suggests that the City of Toronto’s Land Transfer Tax is having a substantial impact on where many households are looking to buy,” said Toronto Real Estate Board President Richard Silver.
“Recent polling indicated that three-quarters of people in Toronto and surrounding 905 regions who are planning to move over the next two years said that they are more likely to move outside of Toronto specifically because of the added upfront costs associated with the Toronto Land Transfer Tax,” continued Silver.
The average selling price for transactions during the first two weeks of June was $516,834 – up by over eight per cent compared to the average of $477,025 reported for the first two weeks of June 2011.
“The annual rate of price growth remains very high in the GTA. Increased listings will result in more balanced market conditions over the next year, but it will take some time before price growth will moderate to a more sustainable pace. Right now, months of inventory remains very low from a historic perspective and will likely not climb back to the pre-recession norm until 2013,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
From the Toronto Real Estate Board
Jas Jagpal, Broker at RE/MAX Dynasty Realty Inc. He has formed 2 teams. One specializing in Investing, primarily in condos and the second helping clients sell their houses in the GTA. No matter what your needs are, contact him if you are looking to buy, sell or invest in the Greater Toronto Area.
Choose Results, Honesty & integrity. Choose Team Jas Jagpal. E: jasjagpal@gmail.com O:905.471.0002
Jess Jagpal, Sales Representative jessjagpal@gmail.com 416.312.9742
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