Were you betting on a Toronto real estate crash?

If we had any doubt about how the rest of the year was going to play out,  we have to acknowledge the situation is quite clear now: Toronto real estate is pushing up. Stronger than expected!

There are a reported 7,411 residential sales through the TorontoMLS system in September 2013, a 30% increase compared to 5,687 transactions in September 2012. Jan - Sep 2013, total residential sales amounted to 68,907 – down by one per cent compared to the same period in 2012.

“It’s great news that households have found that the costs of home ownership, including mortgage payments, remain affordable. This is why the third quarter was characterized by renewed growth in home sales in the GTA. We expect to see sales up for the remainder of 2013, as the pent-up demand that resulted from stricter mortgage lending guidelines continues to be satisfied,” said Toronto Real Estate Board President Dianne Usher.

The average selling price for September transactions was $533,797 – up by 6.5 per cent year-over-year. Through the first three quarters of 2013, the average selling price was $520,118 – up by over four per cent compared to the first nine months of 2012.

Main price driver is once again the single family detached sector with price increases of over 10% in the city in average. On the other hand, the condominium market seems to have cooled down a little, with plenty of options to choose from.

   

For your Toronto real estate needs, contact Urs Villiger, Real Estate Sales .