GTA Realtor Report: September 2014
This fall is turning out to be a much stronger real estate period than that of last years – seeing a 10.9% increase in sales compared to the same month last year. That’s surprising since there actually has been a persistent shortage of listings in many of the different market segments around the GTA. I myself have found limited availability for some of my own clients in many of the good neighbourhoods in Toronto- quite frustrating for the buyers interested in making a move. Overall despite the limited supply, we have experienced strong sales growth throughout the year.
The average selling price in the GTA for this month hit $573,676 – up 7.7% the same time last year. “If the current pace of sales growth remains in place, we could be flirting with a new record for residential sales reported by TREB this year. On the pricing front, the multitude of willing buyers in the marketplace coupled with the short supply of listings will continue to translate into very strong annual rates of price growth in the fourth quarter” said Jason Mercer, TREB’s Director of market analysis.
Market bubble you ask? I’ve been getting this question day in and day out for the 13 years I’ve been in the market. Lol. However I don’t see that happening- healthy population growth, a solid economy and the desirability of home ownership has continued to make this an unlikely possibility.