July Spells Another Successful Month For Toronto Real Estate
Toronto has done it again. For yet another month, real estate sales have broken a record. More than $7 billion in real estate changed hands in the Greater Toronto Area last month, reported the Financial Post, as homes in the region sold for an average of $709,825.
According to the Toronto Real Estate Board, 9,989 home sales were reported through TREB’s MLS System last month. Just shy of 10,000 transactions, this was the best result on record for the month of July.
While sales were up on a year-over-year basis, the number of new listings much lower than at this time in 2015, a trend that has remained prevalent in the GTA. “Listings for single-detached and semi-detached houses and town houses continue to be in short supply,” noted Larry Cerqua, president of TREB. This has caused home prices to climb – but has not discouraged homebuyers’ desire for single homes.
TREB’s MLS Home Price Index Composite Benchmark was up 16.7 per cent in July 2016 compared to the same month a year earlier. However, in the City of Toronto, the benchmark for singles homes rose 20.7 from a year ago to $1,202,753.
Relatively strong labour market conditions, above-inflation average income growth, and record low borrowing costs have kept buying intentions strong. And as long as demand remains strong and supply limited, people selling their homes should expect an excellent return on their investment.
Are you interested in putting your luxury home on the market? Contact a Hammond International Properties representative today. We will provide you with private counsel and help you make a confident decision about selling your estate.