Who said the real estate market isn't hot in Toronto? Don't be late to join the wave! The real estate market is definitely changing as the volume of sales are increasing in Toronto. In the span of a year, there has been an increase of house sales, resulting in sales volumes increasing by double digits. In fact, in October, home sales has seen an increase of 13% in the Greater Toronto Area.
As a whole, the Toronto area is experiencing a higher demand in clients willing to purchase houses resulting in the average pricing seeing a smalll increase of 5%. The regions seeing great numbers include: York, Peel and Durham. In October alone, these regions have seen increases of sales between 15%-22%. In the past 2 years, these regions have experienced declines in both sales and prices and have since then, been able to rise.
Compared to last year, the housing types that are seeing the strongest growth include detached, condo townhouses and rowhouses seeing a growth range between 14%-18.5% . What a great way to close off the year with such great numbers and as the end of the year approaches, we hope to see these numbers maintain and hopefully, continue to increase.
What a time to purchase a house! To check out listings in your community of interest, click here.