REAL ESTATE MARKET UPDATE OCTOBER 2016 - TORONTO - GTA
September marked another huge month of sales as Toronto area realtors sold a record 9,902 homes. For the region as a whole, strong annual rates of sales growth were experienced for all major home types. The pace of detached sales growth was slower in the City of Toronto and the number of semi-detached sales was down compared to last year.
The average selling price YTD now stands at $721,750 with almost 90,000 homes sold through the Toronto Real estate Board.
The changes announced by the government on Federal mortgage lending guidelines and capital gains tax exemption rules are aimed to try to control the rapid increase in prices. However it’s important to note that the upward pressure on home prices has been mainly due to lack of inventory, huge immigration and investment in Canada, astrong economy and low interest rates. While the new government changes may impact some people into a wait-and-see attitude I personally believe it’s not going to have a great impact on our market place and am encouraging my buyers to buy now.
All in all the market continues to be strong, rental rates are high with very little inventory and today is as good a time as any, to buy a house. If you or a friend are in the market to get a bigger home or buy an investment property, give me a call and let me show you how I can help you with your real estate needs ~ PS I’m never too busy for your referrals!
Have a great October!
Your friend in real estate,
Suzana ( Sue ) Davies , Sales Representative Remax Realtron
firstname.lastname@example.org 416-843-7017 www.suzanadavieshomeseek.com
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