House Prices In Toronto Surge 10%; No Relief In Sight
In the city of Toronto detached houses see a stunning 15.9% increase in price. About 8.940 properties changed hands across the GTA in the month of May, with peak trading months getting closer.
Sales houses in town were up to 8.3% in the 416 regions, the year after, and in 905 regions it rose to 9.1% with an average sale price reaching $438.503 respectively.
Home prices short up to 8.3% in the month of May more than a year ago motivated mainly by stiff rivalry, additional demand for high-end houses and a 15.9% increase in prices of detached houses in Toronto.
As the city of Toronto heads into what is looking to be a brisk spring market: in May, while new listing were up some 5.5% as compared to a year back, 11% sales increased according to statistics published by Toronto Real Estate board on Tuesday.
According to TRED sales and price statistics, the average sales price of homes and condos gathered across the G.T.A hit $613,933, up 10% from the average of $557,684 last year.
In February, a detached home in the city of Toronto hit the $1 million mile stone rose to $1.042 , 405 but averaged a more moderate $709,116 in 905 regions, where realtors reports bidding wars are equally escalating as the supply issue becomes more visible in the face of increasing demands engineered in big parts by low rate of interest.
Board president Paul Etherington in a statement said “A reasonable amount of pent-up demand in place, especially when it links to the low rise market segment (detached, semi-detached and town homes)” .
“This implies that stiff rivalry between purchasers, which has motivated powerful price growth as this year is concerned, will be continuously witnessed through out the spring”.
In March, the total number of properties that changed hands across the G.T.A is 8.940, with peak spring purchasing and selling season being April, May and June.
Even the sales of condos and town homes surged as purchasers, realizing they may be blocked out of the home market totally, immediately switched to the most available and affordable product.
