Posted 11.27.13 @ 12:0
Year on year, home sales rose almost 20% across the GTA in October. Prices rose 7%+ in the same period, with the average sale price sitting at about $540,000, up from $502,000 last year – the greatest gains were seen in the luxury real estate market, which many economists have touted as “recession proof”. It’s expected that home prices will continue to climb slowly through the winter and sales will continue, as long as interest rates remain low.
Low Interest Rates Pushing Sales
With historically low interest rates that are starting to rise, many are rushing to get their new home before they lose their chance to lock in those low rates. It’s estimated by the Bank of Canada that the interest rates will rise to 5.88% by 2018, but that still leaves plenty of time to buy.
It’s not just interest rates pushing sales though, it’s also about competitive lenders trying to get your business.
Luxury Homes for Sale Boosting Numbers
But it’s not just resale condos and residential homes going for sale – the bulk is luxury homes. From multi-million dollar penthouses in Downtown Toronto to homes along the Bridle Path and Bronte, beautiful places to live with all the amenities that you could ever love.
Many analysts have stated that the luxury market is “recession proof” – and even with the slowing of the regular market, the international interest in the GTA is still fueling home sales. Luxury real estate is booming so much that the Wall Street Journal just hired a reporter just for its “Mansions” section. That’s saying something!
Over 8,000 Homes Sold in October
Over 8,000 homes were sold across the GTA in October, with the average home price of $540,000 – an amazing change when you think about the doom and gloom of last October. Prices will continue to rise, even if more slowly, which makes now the best time to buy.
November and December tend to be a little more slow going when it comes to Oakville real estate (and the rest of Canada in general too). By the time the snow begins to thaw out, when foundations are visible, that’s the time when most people come out to search for a home. You could beat the crowd by shopping in November and December!
Resale Condos Up Too
While many new condos are coming on the market, more people are looking to resale condos for better value – but don’t be fooled, you can still pay a cool $1m for a resale condo. It just depends on location, amenities and desirability.
But even with sales up, it can still be hard to find the home you want – and that’s why you should work with us! We’re experienced Oakville luxury realtors and we know what it takes to find the home you’ve always wanted. Give us a call today and see the difference the Goodale Miller Team can make for your next real estate transaction!