GREATER TORONTO AREA MARKET WATCH END OF YEAR 2014
Monday, 02 February 2015, 07:08:32 PM
The number of units sold in 2014 was the second highest in the past ten years reaching 92,867 after 2007 that reported 93,193 showing the great importance households have given to Real Estate as it is considered a great long time investment. During the past 10 an average of 86,250 units per year have been sold and the price has been increasing on an average of 6.0% yearly.
The Year Average Price for the Greater Toronto Area had an 8.35% year increase from $523,036 in 2013 to $566,726 in 2014. There has been a shortage of listings for single family homes that resulted in higher prices for the overall available properties.
For 2015, banks are not seeing any changes in borrowing costs so consumers are expected to continue with the trend of investing in Real Estate. Condos are also estimated to continue its popular growth and areas such as Yonge & Eglinton and Yorkville are going to have a whole array of new offerings that are good for consumers who will have lots of choices to select and invest. Townhouses are still a norm on main arteries and are transforming neighbourhoods such as Little Italy.
Following the yearly trend, the beginning of the year started slow having a peak of sales and prices in May and October which are traditionally the highest months for transactions.
Detailed reports of specific neighbourhoods are available on demand. Please contact Alex Pino, Broker if you would like to receive yours.
NEW CONDO MARKET
Based on Urbanation Inc., a total of 21,605 new condominium apartments were sold across the Greater Toronto Area during 2014, representing the third best year after 2011 and 2007. A record 20,809 condo units were completed in 2014. These figures are extraordinary and keep Toronto on the world map as a destination for real estate investment