September 2014 Toronto Real Estate Market Report
Wednesday Oct 29th, 2014Share
The Toronto Real Estate Market continues to flourish, proving that real estate is an investment for the ages. By looking at current numbers compared to last years (as well as previous years), the favourable results garnered from investing in a Toronto residential home are clear. There were 8,051 transactions reported in September, which is a 10.9% increase over last year. Toronto is up 6.9% compared to 2013 with 73,465 transactions. Additionally, selling prices continue to climb with the average detached home in the former city of Toronto selling for $951,792 last month, which is an 11.5% increase from a year earlier. Semi-detached home prices in the city also rose 12.2% to an average of $689,414.
What do these numbers tell us? That real estate is and will continue to be a great investment. These financial gains are not possible in any other industry – real estate provides an opportunity for investment and growth, while appreciating year over year. Nigel Etherington, Toronto Real Estate Board (TREB) president, states that “despite a persistent shortage of listings in some market segments, we have experienced strong growth in sales though the first nine months of 2014. This is evidence that GTA households remain upbeat about purchasing a home. The majority of home buyers purchase a home using a mortgage.”
Recent surveys have shown that Canadians maintain a positive outlook on housing and the vast majority agree that real estate is a worthwhile, solid investment. The residential homes and properties for sale in Toronto and the GTA are being snapped up by buyers who are either eager to enter the market or who are trading up after a successful initial investment. Either way, the investment in a Toronto residential home will provide a lucrative investment that cannot be matched.
Calgary and Vancouver are also seeing strong growth patterns, and some feel affordability of residential homes for sale may become an issue. However, in a recent press release, Mr. Etherington maintains that the share of average household income dedicated to mortgage payment remains affordable.