Hello & Welcome to 2014,
Despite the cold and the snowiest Pre-Christmas weather and warnings that Toronto’s housing market is overpriced, the 2013 surprised us with strong results in terms of volume of sales and price growth.
Total home sales were up 2 per cent last year over 2012 and house prices ended the year up 5.2 per cent.
The average selling price was $523,036 across the GTA vs $477,130 in 2012. Even the resale condo sector ended the year on a high, despite widespread warnings in 2012 around oversupply and dwindling demand.
Resale condo transactions, especially in the more affordable 905 regions, saw the biggest increase of any sector of the housing market: Sales were up 27.8 per cent in December year over year — 46.1 per cent in the 905 regions (accounting for just 374 transactions) and 20.7 per cent in the 416 region.
The one thing that could take heat the market — an increase in interest rates — that is expected by the end of the year.
My clients may enjoy the exclusive interest rates booked especially for them:
– 3.39% for 5 year fixed
– 2.6% variable
Well, real estate across GTA will remain affordable throughout 2014 as per Toronto Real Estate Board.
The average selling price will be up again in 2014 and by more than the rate of inflation.
Neighbourhoods with low-rise homes like townhouses, semis and singles will continue to have a limited 1-2 month inventory.
Whether you are looking to invest, sell or buy real estate in Toronto and surrounding areas and need a hassle-free experience , feel free to give me a call at 647-833-3287
Nikolay Klyushkin ‘Your Toronto Real Estate Guide’
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