Toronto’s Real Estate Market in 2015 & 2014

 

For 2015

Overall, prices will continue to rise, essentially it’ll be quite similar to this year.

  • Homes prices will increase the most due to:
    • High demand
    • Low Supply
    • Homes in “prime neighborhoods” and/or near the subway will increase the most
    • The number of people who bought condos and are looking to move up to a house
    • Historic Low interest rates
  • Condos will also increase, but only a little
    • There’s “always” a large supply for sale
    • The condos closer to the downtown core and the subway will increase the most
    • There’s more demand for larger 2+1 and 3 bedroom condos
    • Boutique condos are being built and sold along secondary urban roads (college, Davenport, Dundas, ….)
    • Historic Low interest rates

Photo Taken by Thea Menagh

For 2014

From TREB

“Greater Toronto Area REALTORS® reported 7,385 sales through Toronto Real Estate Board’s MLS® System in November 2015. This result represented 14 per cent growth year-over-year, and was also the best result on record for the month of November. Through the first 11 months of 2015, home sales reached 96,401 transactions.”

“Not only did we see a record sales result for November, but with one month left to go in 2015, we have already set a new calendar year record for home sales in the TREB market area, eclipsing the previous record set in 2007. Sales were up on a year-over-year basis for all major home types, both in the City of Toronto and surrounding regions. This suggests that the demand for ownership housing is widespread, from first-time buyers to long-time homeowners across the GTA,”

If you’re interested in buying or selling property in the GTA call me at 416-671-5775

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