October 2014 Shows Another Increase In Toronto Residential Home Sales
Tuesday Nov 11th, 2014
October has turned out to be another banner month for sales and prices of Toronto Real Estate. The Toronto Real Estate Board (TREB) reports an increase in sales of 7.7% compared to the month of October 2013. Buying and selling a Toronto residential home remains a proven investment based on the benefits of long term home ownership and the ongoing low interest rates in the current real estate market. The strong sales last month are a positive reflection of current homeowners looking to sell and purchase another home, as well, as first time buyers entering the market. Notably, new listings were also up 3.4% from the same time period in October 2013. There is no better time to invest in or sell a Toronto residential home or property.
The average selling price for October 2014 is up 8.9% over October 2013, with sales of single residential homes, semis and town homes significantly driving this growth. TREB is forecasting robust price growth through 2015, evidenced by the current strong demand for homes in some areas of the GTA where the supply of listings is low. This scenario will reinforce the current “Sellers’ Market”, which, historically, drives prices higher.