Posted 10.14.14 @ 16:8
For those planning to sell their Toronto area home or condominium, hold on and read this article! For September 2014, the Greater Toronto Area has experienced a record sale of about 8,000 homes. Yes, that’s 8,000 homes and condominiums sold in a single month despite skyrocketing prices as demands soar to new heights.
Toronto Houses and Condos in High Demand?
The real estate sector in Toronto released a report last month thru the Toronto Real Estate Board which says that sales for this the first 3 quarters of this year has increased 11% compared to the same period last year. This doesn’t mean that people are leaving their Toronto homes though. On the contrary, it appears that people are finding Toronto to be a great place to live in, despite house and condo prices increasing 8.5% as compared to last year.
TREB says that if the current trend continues, a new record for residential sales will be reached by TREB members. This is really good news as just about a year ago, there were speculations that condominiums are being oversupplied and hence will suffer from a price slump. There are some concerns though as some housing markets are experiencing a price drop as Toronto’s keep on rising up and Ottawa is being called upon to increase interest rates in an attempt to slow down the housing demands and minimise the effect on Canada’s other housing markets.
No Signs of Slowing
Despite naysayers, Toronto housing numbers continue to climb up with the average detached home’s sale price amounting to $1M. This also benefits the condominium market, as they are relatively more affordable compared to detached homes. In fact, transactions for condo resale increased by 20.2% in September despite the prices going up an average of 7.1% to 9.2% in some areas.
Shortage of Listing for Detached Homes and Condos
If you do own a condominium or a home, you may want to hold unto it a bit longer or if you’re buying, you may want to grab the best offers today as TREB notes that there is a high-demand for condo units and homes in the City of Toronto and neighbouring areas. According from recent market reports, detached homes are getting an average of 11.5% increase in prices. This is not a surprise, since the demand for detached homes increased by 7.6% across the Greater Toronto Area. What about townhouses? GTA’s townhouse sales were up 7.2% this year, with prices also increasing in average percentage just like the scenario for detached homes and condominiums.
Why Are the Properties in Greater Toronto Area in High Demand?
One reason may be the fact that Toronto was named as one of the top 5 livable cities in the world but even for those who may not have heard of that news, a day spent soaking up the sights and sounds of the city and neigbouring areas will surely convince one to buy their dream home in GTA. After all, we are all after the best home experience; aren’t we?
Want to live in one of the best communities in the GTA? Contact us and experience Oakville! As a suburban Town in the south of Toronto, Oakville boasts of beautiful scenic views with all the perks of living close to nature while being a stone throw away from the hustle and bustle of the city. Talk to us so we can help you find the best Oakville home for your needs.