As a mortgage broker Toronto, the local real estate market is something that I constantly watch. Last month, the market was as hot as it has ever been and is leading the country in growth.
A new record was set back in May as 12,870 homes were sold in the Greater Toronto Area, a 10.6% increase from May of last year. There is certainly no lack of buyers in today’s market as the number and are still exceeding the amount of supply out there. Unless we see listings increase to match the number of buyers out there, the growth in the Toronto market will continue.
The City of Toronto contributed 4,638 sales in May, more than any other area in the GTA. The total dollar volume for homes sold in Toronto this past May was $3,627,154,766 with an average price of $782,051. The average price was an increase of 15.7% from May 2015 or $64,262 while many officials point to the fact that the shortage of listings are cause for the price hike.
In areas that are covered by the Toronto Real Estate Board, the average price stood at $751,908 for May 2016, 15.7% higher than May 2015. Additionally, 30.4% fewer active listings were available in May 2016 than in May 2015 as there were nearly 6,000 less units listed for sale. The average days that a home spent on the market also decreased by 3 days from 18 to 15 as demand continues to rise.
Here is how Toronto was divided and how each sector contributed to the overall numbers for the city:
Toronto West: 1,151 sales; $670,451 average price; 19 days on market
Toronto Central: 2,283 sales; $904,532 average price; 19 days on market
Toronto East: 1,204 sales; $656,496 average price; 12 days on market
In the areas covered by the TREB, the most popular housing type sold in May were condominium apartments in the $300,000 to $399,999 price range and detached houses in the $600,000 to $699,999 range, selling 1,001 units and 891 units, respectively. A total of 6,500 detached homes were sold in May 2016 to represent 50.5% of all sales while 3,056 condo apartments sold to take 23.7% of total sales.
The average price for a detached home was nearly $1 million as it cost $986,691 on average, by far the highest amount of any housing type. The second-highest average price was for link homes at $676,885 while semi-detached homes came third at an average price of $670,074.
The Toronto real estate market is white-hot as buyers continue to demand homes. Values will continue to rise. As a top Toronto mortgage broker, I can provide you with solid, professional advice while helping you get low mortgage rates and a package that best fits your needs.
The mortgage process can be complex for many people. In such a competitive market, it will be important that you set yourself up with someone who can get low Toronto mortgage rates so you don’t end up overpaying. This is where I excel with my clients and what I am known for. I am a mortgage broker Toronto and I welcome you to contact me today if you are looking at buying or selling in the area!
Source: http://www.trebhome.com/MARKET_NEWS/market_watch/2016/mw1605.pdf
Source: https://www.thestar.com/business/2016/06/03/toronto-house-prices-up-157-in-may.html
