Real Estate Homeward Blog

MARKET UPDATE JUNE 2014

 

 

 

 

MARKET UPDATE JUNE 2014

 

Real estate prices have taken another jump.  This is partly because the supply is low and buyers are still very eager to get in the market.  There is a huge pent up demand of second time buyers that would like to make a move to a bigger home near an excellent school and amentias.  Generation Y (Baby Boomer’s kids) is yearning to move up because.

  1. They have outgrown their condo or smaller home.
  2. They have kids or are planning to have them. 
  3. Their wants now include  large back yards, swimming pools and garages
  4. Incomes have increase and in some cases, family is willing to help.
  5. They want to be on a quiet street near downtown, parks, etc. They want to be part of a community

 

Home sales were up by 11.4% last month in comparison to May 2013.  The average selling price was up by 8.3% compared to last April.

 

 

Home Market Indicator

 

                    May 2014                 May 2013                 % Change

 

Sales                                                  11,279                        9,946                            +11.4%

Average Price                                   $587,204                   $540,544                 +8.3%

Source: Toronto Real Estate Board, Jason Mercer

“Price growth for the GTA as a whole was driven by the single-detached, semi-detached and townhouse market segments in the City of Toronto. So far this year, there has been no relief on the listings front for these home types in many neighbourhoods in Toronto and surrounding regions. Until we see a marked and sustained increase in listings, we should expect to see the annual rate of price growth above the long-term norm,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.

 

Regards,

 

Roger Gallibois, B.Sc., P.Eng.

Broker/Owner



Featured Listings

Trademarks owned or controlled by The Canadian Real Estate Association. Used under license.

The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.

Information is deemed reliable but is not guaranteed accurate by TREB.

Toronto Real Estate Board - IDX Last Updated: 8/18/2017 6:34:31 AM