Rocking Real Estate Market!
The numbers are in and are looking better and better! In August 8,035 sales were reported in the GTA! That is a 27% per cent growth from August 2008. What’s even better is that the average sale price for August was $387,921! That’s a 6% growth compared to the same month last year! Moreover, the reported sales in the first two weeks of September are 3,361 sales – that’s 23% up compared to the first two weeks of September 2008. The average price for these transactions was up 8% cent year-over-year to $393,818. The Real estate Market has seen a stunning reversal from the almost ground to a halt seen over the winter. Toronto Multiple Listing sales on a seasonally adjusted basis have risen for 6 straight months and are up 61.2% as compared with the decade-low set in January. Sales are only off 1.4% from the May, 2007 peak!
Year-to-date sales, at 61,676 are up three per cent compared to 59,971 in 2008. Average price, at $386,302, is up by one per cent from $383,776.
Factors contributing to this hot market are record low interest rates, the surge of first time home buyers, and the begging of the Fall market!
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“We have heard more positive economic news lately. The improved housing market has played a key role,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis. “Home sales have helped other sectors of the economy through home buyers’ spending on things like financial and legal services, moving, renovations and home furnishings.”
So the question is should you buy or sell? Absolutely!
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For more information on market statistic as well as more detailed description by district, please visit http://www.torontorealestateboard.com/consumer_info/market_news/index.htm