About 7.385 residents and condos were sold in the month of May; estimated to be 14% each year. The average sales price of a house rose to $632.685 recording an increase of 9.6% from the previous year.
New records for house sales were put in place by GTA in the month of May paving the way for a new yearly sales record in the region. There is still a month of increase demands for houses before 2017 runs out.
The prices of houses and condos skyrocketed in May to a sum of $623.685 witnessing a 9.6% rise when compared to the previous year, according to TRED. The MLS composite low price that sold below price established witnessed a 10% increased.
The number of homes sold in May amounted to 96.401 across the GTA this year. These figures were higher than that of 2007 which was 93.193, that was established before Canada’s Real Estate Market experience a drop in economic activities.
Since then, it has witnessed a drastic increase, with a mad rush for houses and even condos through out the region after the city of Toronto and other regions with favorable business climates such as York and Durham.
Throughout 2017, the need for private residents remain in a rise, sales generally witnessed and increase when compared to renting. According to Jason Mercer, TREBs director of market analysis.” This means that competition among buyers witnessed an increase in many neighborhoods around Toronto and its environs. This has resulted to an increase pressure on home prices above the level of inflation in most cases”.
As has been the case since the economic melt down, listing remains the main problem: the demand for properties is above current supply since baby boomers have decided to remain in their family homes.
While listing increase in June by 10.2% – approximately 9.609 properties came up for sale last month compared to 8.716 in June of 2016- the total number of homes available for sale referred to as “active listing” were below 8.6% through out November 2016 according to TRED.
The homes that register the highest number of sales in May were semi-detached homes with sales rising to 18.3% each year with an increase in price standing at 11.5% across the GTA as new buyers and condos dwellers seized the opportunity to engage in the house market.
Prices for semi-detached houses in Toronto stood at $750.608 and $504.928 in the semi-urban 905 regions.
While Toronto and Vancouver are outstanding in Canadian housing market, with a continues increase in prices, the Canadian Mortgage and Housing Corporation has estimated that things will return to normality across the country over the next two years, due to the expected increase in unsold houses, increase prices, mortgage rates and a rise in the supply of rental units.