The Competition is Heating Up!

Paul Ehterington, the President of the Toronto Real Estate Board, announced that there were 6,338 home sales in the month of February in the GTA. This means that there was a staggering increase of sales this February, compared to February 2014 – an 11.3% increase!

The overall inventory of homes for sale in February was down 8.7% compared to February 2014. This decrease in inventory has created a very tough and competitive market for buyers. The average selling price in February 2015 was $596,163, which is a 7.8% increase from last year.

An important piece of information to point out is that within the City of Toronto, the average detached-home selling price was above $1 million.

According to Jason Mercer, the Toronto Real Estate Boards Director of Market Analysis, “February points to a robust demand for ownership housing in the GTA, coupled with a constrained supply of homes, especially with low-rise home types, such as singles, semi’s and townhouses are concerned.”

Investment Seminar in Newmarket

Toronto Real Estate Prices Dropped In January 2015

According to the Toronto Real Estate Boards President, Paul Etherington, Toronto’s Condominium Apartment sales for the months of October to December, 2014 had seen an increase of 8.3 per cent, compared to 2013. As  the supply of Condominium Apartment units listed for sale increased, so did the number of sales. According to Jason Mercer, the Toronto Real Estate Boards Director of Market Analysis “Despite very strong condominium apartment completions over the last two years, we have not experienced a glut in inventory.” Furthermore, the Toronto Real Estate Board announced that during the first 14 days of January, 2015 there were 1,409 sales reported through the TorontoMLS system, resulting in an increase of 9.8 per cent compared to the same time in 2014. 

Although there has been an increase in the number of homes sold in 2015, it is important to note that the average selling price for mid-month transactions in January has decreased compared to last year. Mercer states that “the slight dip in the average selling price reflects the fact that we saw a different mix of homes sold this year compared to last year during the first two weeks of January, as evidenced by a lower average listing price.” In 2015, the average sale price of a home in the GTA was $510,532.00, compared to the GTA’s average sale price of $516,620.00 in 2014, a drop of 1%. However, Mercer states that “the month-end MLS® HPI Composite Benchmark price and the average selling price will provide a clearer view on prices,” so it is yet to be seen what the outcome for the first quarter of 2015 will be. 

 

Mid-month resale market figures graph

198 Simonston Blvd, Markham L3T4M2 – German Mills Home For Sale

198 Simonston Blvd

198 Simonston Blvd

Open House June 21 & 22, 2014 – 2 pm to 4 pm.

Renovated 4-Bedroom German Mills Home, Ready For You To Move In. Bright & Spacious With Lots Of Windows. Renovated Kitchen With Stainless Steel Appliances, Gas Stove, Upgraded Cabinetry, Granite Counters & Porcelain Floors. Renovated Bathroom With Upgraded Fixtures, Tub, Toilet, Porcelain Tiles & Granite Vanity. Updated Hardwood / Laminate Floors, Vinyl Casement Windows, Sliding Patio Door. Fenced Deep Backyard. Nicely Landscaped. No Sidewalks.

Fridge, Gas Stove, Rangehood, Washer & Dryer. A/C, Garage Opener & Remotes. All Window Coverings & Electronic Light Fixtures. Close To Parks, Hwy, Schools, Shopping & Ttc. German Mills PS, Thornlea Ss., St. Michael Academy & St. Robert Chs.

See Our Other Homes For Sale In German Mills

Do a Quick Home Market Evaluation and see how much your home is worth.

Contact Kirby Chan toll free at 1-8770-895-5972 for a private showing.

 

 

 

Toronto Real Estate Market Watch April 2014


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Toronto Real Estate Market – Big news for April 2014 just released!!!

Watch the video for my analysis.

Here are the raw numbers.

April Sales – 9,706 sales. +1.8% increase for year over year.  +20% increase for month over month.

April Average Sale Price – $577,898. +10% increase for year over year. 3.5% increase for month over month

Investment Properties In Richmond Hill

Investment Properties in Richmond Hill