Mavis-Steeles Houses Sale July Report - SarnailSarnail
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Mavis-Steeles Houses Sale July Report

Posted by admin on August 31, 2016
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Sales jump up 10.6%

A combination of too few listings and sustained demand drove detached home prices up by 18.9 per cent in May, compared to May 2015. “Whether we’re talking about existing homeowners or people looking to purchase for the first time on Mavis-Steeles area, there is no shortage of buyers in the marketplace today,” says Toronto Real Estate Board president Mark McLean. He adds, “While the record number of home sales through the first five months of 2016 is not necessarily surprising, it does mask the larger story in the GTA: the shortage of listings, which has resulted in strong upward pressure on home prices.” Sales were up by 10.6 per cent in the GTA compared to last May, while new listings were down by 6.4 per cent. There are 30.4 per cent fewer active listings on the market than at this time last year.

The average home spent just 15 days on the market in May and sold for 104 per cent of its listed price. Suburban house prices saw the biggest price jump, as detached homes sold for an average of $891,870 – an increase of 21.2 per cent compared to May 2015. In the City of Toronto, the average detached home sold for $1,285,693. Fewer semi-detached homes were sold in May, likely due to a lack of supply, but those that did sell averaged $670,074, an increase of 11.8 per cent over last year. Townhouse prices were up by 15.8 per cent, with the average GTA townhouse going for $553,370.

Multiple offers of all house types are common for homes.

The average home spent just 15 days on the market in May and sold for 104 per cent of its listed price. Suburban house prices saw the biggest price jump, as detached homes sold for an average of $891,870 – an increase of 21.2 per cent compared to May 2015. In the City of Toronto, the average detached home sold for $1,285,693. Fewer semi-detached homes were sold in May, likely due to a lack of supply, but those that did sell averaged $670,074, an increase of 11.8 per cent over last year. Townhouse prices were up by 15.8 per cent, with the average GTA townhouse going for $553,370.

The latest Canada Mortgage and Housing Corp. (CMHC) forecast says that a strengthening labour market, historically low mortgage interest rates and steady population growth means that home buying demand in the GTA will continue through this year and 2017. (No change in the interest rate is expected until sometime next year.) There is much controversy about what impact foreign buyers are having on the market, but so far no one can say exactly how much real estate foreign investors have purchased. CMHC has given Statistics Canada $500,000 to study the matter, but until some hard numbers are known, it’s unlikely that calls to curb foreign buyer activity will be seriously considered by the government.

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