The Toronto Real Estate Board announced that there were 9,902 home sales in the month of September 2016. This result was 21.5 per cent above the number of transactions reported for September 2015.
For the region as a whole, strong annual rates of sales growth were experienced for all major home types. The pace of detached sales growth was slower in the City of Toronto and the number of semi-detached sales was down compared to last year. In both cases, the year-over-year dip in new listings was likely the issue.
We continued to see strong demand for ownership housing up against a short supply of listings in the Greater Toronto Area in September. The sustained lack of inventory in many neighourhoods across the Greater Toronto Area continued to underpin high rates of price growth for all home types.
The MLS Home Price Index Composite Benchmark grew by 18 per cent in September 2016 compared to the same month in 2015. The average selling price was up by 20.4 per cent to $755,755. It is important to remember that the MLS Home Price Index provides a price growth measure for a benchmark home, thereby allowing for an apples-to-apples comparison from one year to the next. The average selling price can be influenced by changes in both market conditions and the mix of homes sold.
The Toronto Real Estate Board will be closely monitoring how the recent changes to Federal mortgage lending guidelines and capital gains tax exemption rules impact the housing market in the Greater Toronto Area. While these changes are pointed at the demand for ownership housing, it is important to note that much of the upward pressure on home prices in the Greater Toronto Area has been based on the declining inventory of homes available for sale.
Customer Satisfaction Response: "We met Elvis roughly 6 years ago when we purchased our first home in Alliston. We immediately loved his charisma, knowledge and experience that he had in the real estate market. He was so approachable that after 6 years, and 5 homes later, we now consider him family.
Although he is from the Mississauga area, we used him for our most recent sale of our home in Bolton which got us over asking price within 48 hours! Thank you for helping us find our final dream home and we look forward to always hearing from you!" - V. Calamia
One thing is for sure; we all know that we need a roof over our head.In most peoples case they end up having to pay either Rent for this roof or a Mortgage payment, unless of course you have a rich family that can offer you FREE or Reduced Rent. The point is, we ALL have to pay for a roof over our heads. Real Estate has always been considered a Long-Term Investment. The real question you need to ask yourself; do I really want to pay RENT for the rest of my life?
This Grant offers financial assistance to low-income households who own and occupy substandard housing to enable them to repair their dwellings to a minimum level of health and safety. It is called the Residential Rehabilitation Assistance Program (RRAP). Who is eligible?
If you are buying a home, then, before you decide on whether this home is your dream home, the following checklist will help you look at prospective homes with a critical eye. We suggest printing this page and putting it on a clipboard. When you find a home that really interests you, mark the features you see and note their general condition on this list.
There are many television shows today that focus on home staging. If you have not watched any, do yourself a favor and tune in. They all say the same thing: do not even consider putting your house on the market until you have taken a close look at its condition.