Hot, sizzling and scorching are a few of the words that applied not only to the weather this past July, but also to the activity in the Toronto housing market!
Despite a decline in the number of new listings added to the market, July brought in the best home sales numbers ever seen for that month with 9,989 sales processed through the Toronto Real Estate Board (TREB)’s MLS® System. Meanwhile, the average price for a detached house in the 416 area code topped $1.2 million, a rise of almost 21 percent over last year at the same time!
“Listings for single-detached and semidetached houses and townhouses continue to be in short supply. The result has been an increase in pentup demand and annual rates of price increases well above the rate of inflation,” Larry Cerqua, TREB President, noted.
Jason Mercer, TREB’s Director of Market Analysis added, “Relatively strong labour market conditions, above-inflation average income growth, and record low borrowing costs have kept many households confident about purchasing a home. As long as very strong buying intentions are up against an extreme shortage of listings, expect home price growth to greatly outpace the rate of inflation.”
How does today’s market activity fit in with your housing plans?