June 2014 Real Estate Report

-

Summer is finally here, which means it’s the busiest season in the real estate market. A report has been released by the Toronto Real Estate Board comparing the numbers from this month to the same time last year.

New listings have increased from last year in the first two weeks of June of this year which is good because many are looking to purchase homes in this hot condo market. As a result, sales outpaced the supply of houses on the market which may be an indication that more houses need to be built or people need to start considering locations outside of the GTA.

The average sales price in June of the past year for the first two weeks was $535,865 compared to $582,100 today. The prices will only rise from here because of the vast amount of demand for houses. This may cause bidding wars among buyers and skyrocket the price to an amount that the house may not be worth. This is a great sign for sellers to generate as much income as possible from their houses.


Stay tuned for next months report!

Comments

Post a Comment

ad 2

Popular posts from this blog

5 Things you need to know about Canadian Real Estate in 2018

-
Image
With the new mortgage rule at hand, Canada’s Real Estate Market will bring new challenges and opportunities for the year 2018. Here are 5 Key Facts that you need to know. 1) More local than ever To begin with, there's no such thing as a Canadian real estate market. What happens in Toronto and Vancouver’s booming housing market is quite different from that in, say, recovering areas such as Calgary and Edmonton. The momentum for each month in national home sales activity gained strength late last year, and further expected economic and job growth will boost sales activity this year despite the rising interest rate.  According to  Canadian Real Estate Association  President Andrew Peck said, "Even so, momentum for home sales differs depending on location and type." "While activity remained below year-ago levels in the GTA, the decline there was more than offset by some sizable year-over-year gains in the Lower Mainland of British Columbia, Vancouver Is
Read more

What are the Forces Affecting the Real Estate Market?

-
There are several opinions on which direction the real estate market will go in 2017. Whether you are planning to buy or sell in the near future it is important to look at 5 forces that will affect the Canadian real estate industry in 2017.   1. U.S. Federal Reserve’s Interest Rates Although technically Canadian and American central banks set their interest rates autonomously from each other, changes in the U.S. rates generally has a huge impact on Canadian mortgages rates. U.S. Federal Reserve Chair Janet Yellen raised rates by a quarter of a percentage point at the end of 2016, and has implied three more rate hikes will occur in 2017. Although it is doubtfully Yellen will take action so quickly, Canadians should expect mortgage rates to increase throughout the year. 2. Canadian Economy By and large the Canadian economy will not nose-dive if interest rates increase and the demand for homes decrease. But rising interest rates accompanied with an already weakening economy c
Read more

Five Ontario cities that are poised for huge housing boom in future years

-
Image
Toronto’s real estate market has plenty of talks regarding the expected boom of housing market over the past few months. But according to a new report, five other Ontario cities’ housing markets are going to explode in the next few years. According to the real estate research organization Real Estate Investment Network (REIN), Ottawa, Kitchener-Waterloo, Hamilton, Barrie and Brampton all have the potential to become leading housing markets in the next five years. To back up their prediction REIN measured several economic factors that might affect the growth of each market such as GDP, employment and population growth. “On January 25, an agreement was signed to redevelop LeBreton Flats, prime land close to the downtown core of Ottawa,” reads the report. “The plan includes a new LRT station and will move Ottawa’s hockey team to a new home. It is expected that the plan will have a strong positive effect on demand and values.” Other factors driving the Ottawa housing market? Ho
Read more