October home sales were up year-over-year. The GTA recorded a record 9,768 sales through October 2016 – this is up by 11.5% compared to October 2015. Similarly, the average selling price for all home types combined was $762,975 – 21.1% increase over the same period.
Although the Federal Government has tried to slow down the market with hurdles, this tactic is very similar to “throwing a bucket of water on a raging fire”.
The 905 area continues to be strong in sales with an increase of 13.4% for detached houses and a 29.4% increase to the average house price.
With new information coming out that the big banks plan on raising the prime interest rate this could mean a different look to the real estate market in the coming months.
Although this news could be bad for some, others are taking it in stride. All this activity has meant that a seller market continues to prevail as buyers of all home types experience intense competition in the marketplace.
SO WHAT DOES THIS REALLY MEAN?
Moving forward the market in York Region (Markham, Unionville, Stouffville and surrounding area) will continue to remain strong. The coming US election will cause some tentativeness in the market place; however, when all the dust settles it will be business as usual.