The Toronto Real Estate Board announced that there were 9,989 home sales in the month of July 2016. At just shy of 10,000 transactions, this was the best result on record for the month of July. While sales were up on a year-over-year basis, the number of new listings was down over the same period, representing the continuation of a troubling trend in the Greater Toronto Area.
Listings for single-detached and semi-detached houses and townhouses continue to be in short supply. The result has been an increase in pent-up demand and annual rates of price increases well above the rate of inflation. Housing policy is now top of mind for all levels of government. Policy makers need to be focusing on solutions to the sustained lack of low-rise inventory throughout the Greater Toronto Area.
The MLS Home Price Index Composite Benchmark was up by 16.7 per cent in July 2016 compared to the same month in 2015. Similarly, the average selling price for all home types combined was up by 16.6 per cent year-over-year to an average of approximately $710,000.
Strong labour market conditions, above-inflation average income growth, and record low borrowing costs have kept many households confident about purchasing a home. While very strong buying intentions are up against an extreme shortage of listings, expect home price growth to outpace the rate of inflation.
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.