Home sales stats continue to display an upward trend compared to last year. The Toronto Real Estate Board recorded that the GTA had 8,547 sales in November 2016 a 16.5% increase compared to November 2015 and the average selling price increasing by 22.7% to $776,684. All major home types saw an increase with the strongest sales occurring for townhomes and condominium’s.
York Region (Markham, Unionville, Richmond Hill, Stouffville) and surrounding areas continue to be strong in sales with an increase of 13.6% for detached houses and a 25.5% increase to the average house price.
With the market showing strong year over year results, there doesn’t seem to be any signs of it slowing down. Even with the increase of mortgage rates only time will tell what type of effect this will have on the market place.
With listings becoming more and more scarce as we move into the winter months and buying activity remaining strong across all market segments, home buyers are growing frustrated over the lack of inventory. Seller’s market conditions are still favorable.
SO WHAT DOES THIS REALLY MEAN?
The market continues to remain strong even though we are moving into the time of the year where it is generally slower. With low inventory and plenty of buyers this might be the right time to list your house. However, with the recent initiatives that were put in place this could deter some, would be first time home buyers, from taking the next step. Even with all the recent changes we expect the markets to increase in January 2017 for York Region, Durham Region and surrounding areas.