June 2014 Real Estate Report

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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!

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