November 2016 Toronto Real Estate Up!

December 4th, 2016

Number of real estate sales reported to the Toronto Real Estate Board up from 7,337 (Nov 2015) to 8,547 (Nov 2016) (16.5% increase). Average sales price up from $632,774 to $776,684 (22.7% increase).

Looks like the mortgage rule changes that took effect Oct 17 had little effect…let’s see what effect the Nov 30 rule changes will have (stay tuned for December numbers).

Toronto Real Estate Up In October 2016

November 7th, 2016

Number of sales in October 2016 increased to 9,768 from 8,759 in October 2015 (11.5% increase). Average sales price increased to $762,975 from $630,254.

However, number of listings only increased by 1%, which means demand still outweights supply.

It will be interesting to see what effect the new mortgage rule have on the market over the next few months.

New Tougher Mortgage Rules Are Here!

October 21st, 2016

As of October 17, 2016, all mortgages with less than 20% down will be qualified at the Bank Of Canada posted 5-year mortgage rate (currently 4.64%). Previously longer term fixed mortgages (mortgages with a fixed term of 5-year or longer) were qualified at the actual contract rate. This will effect the housing sub-market for first-time home buyers (ie condos).

August Numbers Up!

September 9th, 2016

Increasing population (growing demand) and lack of listings (decreasing supply) lead to higher average sales price for Toronto real estate in August 2016 (compared to August 2015).

Low Supply And High Demand For Homes Continue In The GTA!

July 25th, 2016

The story remains the same this quarter. With a very low supply of homes for sale versus the strong demand, prices continue to soar. With an increasing population, low mortgage rates and lack of supply of listings, Toronto real estate will continue increase in value. The average sales price in June 2016 was $746,546, which is 16.8% higher than the average sales price in June 2015 ($639,309).