The Toronto Real Estate Market will continue to be healthy in 2014

I’ve read a lot of reports from a variety of sources and I’ve come to the opinion that prices will continue to rise in the Toronto Real Estate market throughout 2014.

According to TREB more than 8000 homes sold in September which means that there’veHistoric Downtown Home been 11% more transactions in the first 3/4 of this year than there were in 2013.  That’s amazing!

TREB also reported that Prices were up 8.5% for the same period, year over year, with the average year-to-date price, for houses and condos combined, hitting $563,813.  They also mentioned that the average price of a detached homes in the city is almost one million dollars!!

That being said, condos are still in high demand for first time home buyers.  TREB also Downtown Luxury Condoreported that resale condo transactions were up 20.2 per cent in September over the same month of 2013.

Other sources have also indicate that there’s still a healthy number new condo construction projects being approved and that their sales are still strong.

With over 100,000 people moving to Toronto each year and only so much land available in the city I see no reason why the prices for homes and to a lesser extent condos will continue to rise.  My opinion is also bolstered by the fact that interest rates (and therefore mortgage rates) will continue to remain at historic lows.

So, Toronto Real Estate continues to be a solid investment, and if you are thinking of buying or selling property in the GTA in the near future give me a call.

I’d be happy to give you an opinion of what I think I could sell your home/condo for.

 

 

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