Sales of Residential Homes Off to a Strong Start in 2015
Wednesday Feb 11th, 2015Share
2014 was indeed a banner year for sales of Toronto residential homes and properties, but all indicators so far point to 2015 being as strong or even surpassing the tremendous sales of last year. From a year over year standpoint, January 2015 showed a 6.1% increase in home sales over January 2014. In addition, over the same period, new listings soared by 9.5%. This is good news for the Toronto real estate market as well as current homeowners and those looking to buy.
Affordability remains an issue that is largely negated by lower borrowing costs. With interest rates remaining stable, new homeowners are permitted a chance to break into the market despite the higher pricing. High price growth is expected to continue throughout 2015 but is not forecast to affect sales growth negatively. Canadians continue to see real estate as a top-notch long term investment that includes all housing types from singles to condominiums. The average selling price of a Toronto residential home for January 2015 is up 4.9% to $552,575 over January 2014. Detached homes have seen a 4.2% increase in average price over last year, while a semi-detached home cost is 7.8% higher than in January 2014. Townhouses are showing an average increase of 8% over the same time last year, while condos sit at a 3.6% increase over January 2014. If January 2015 is an indicator for the rest of the year, real estate will indeed continue to boom in Toronto and the GTA.
The demand for a Toronto residential home remains strong despite high pricing. This shows the level of trust buyers have in real estate as an investment. Price growth is expected in all areas but the greatest demand is expected for condos which may trigger increased price growth. Canadians who are looking at residential homes and properties for sale should act now while lending rates are low and demand for condos has not yet resulted in above-inflation price growth. Homes such as singles, semis and town houses are expected to see increases in price while demand remains steady. The bottom line is that now is the time to take a look at a Toronto residential home for sale and take the plunge into the real estate market.
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.