2014 a Banner Year for Sales of Toronto Residential Homes and Properties
Wednesday Jan 14th, 2015Share
To say 2014 was a banner year for sales of Toronto Residential Homes may be an understatement. While prices certainly increased over 2013, there are a few factors driving the market to its current high level state. Affordability does not seem to be at issue, since sales are continuing to climb and current homeowners are able to manage their monthly mortgage payments. For some types of homes, including condo and semi-detached homes, listings were down while demand remained high, creating an increase in pricing through supply and demand principles.
In the city of Toronto in December 2014 alone, there were 470 new listings of detached homes, with an average price of $934,039. Semi-detached homes saw only 108 new listings with an average price of $615,794, while there were 1,152 new condo listings with an average price of $387,612. These figures show the supply and demand principles at work, and also show an increase year over year from December 2013.
A quick look at the year over year summary from December 2013 shows a 9.6% increase in sales and a 9.5% increase in new listings (for all housing types). Active listings were down by 10.4% while the average price soared by 7%. These stats show us several things, including the fact that buyers are willing to make the investment in real estate no matter the price, due to the solid investment power it holds. The demand for a Toronto Residential home or condo is increasingly high compared to supply, which will continue to drive pricing higher. Continued growth is forecast through 2015 with eager buyers ready to make a solid investment decision by purchasing a Toronto residential home or condo.
Recognized in the top 1% of all Toronto Real Estate Board's sales and properties sold in 2012-2014, Nancy Biderman is a respected Toronto Real Estate Agent providing extraordinary Full Service. Nancy has over 15 years of trusted Real Estate expertise. Her integrity, dedication to her clients' financial goals and overwhelming success is consistently reward with repeat clientele and referrals to their friends, families and associates. Nancy has also been awarded the Harvey Kalles Real Estate Ltd., Director's Circle accolade from 2000-2014.