Approximately, 7.385 residents and condos were sold in the month of May. This was estimated to be 14% each year. The median 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 values of houses and condos rose steeply 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 at a 10% increased.
The number of homes sold in May amounted to 96.401 across the GTA this year. These numbers were higher than that of 2007 which was 93.193. This was established before Canada’s Real Estate Market experience a drop in economic activities.
Since then, it has beheld drastic increases, with a mad rush for houses and even condos throughout the region, after the city of Toronto and other regions with favorable business climates such as York and Durham.
During the course of the year 2017, the need for private residents remained in the rise, sales generally witnessed an increase when compared to renting. According to Jason Mercer, TREBs director of market analysis.” This means that competition among buyers saw 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”.
Since the economic meltdown, 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 increased 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% throughout November 2016 according to TRED.
The homes that record the highest number of sales in May were semi-detached homes. Sales rose to 18.3% each year with an increase in price standing at 11.5% across the GTA as new buyers and condo 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 projected 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.