It has been reported that the house sales across the GTA reached their highest levels in July for that summer month since 2009, with a 16 per cent surge in sales.
The average selling price also spiked, up eight per cent to $513,246, largely based on sales of low-rise homes, according to figures released Friday by TREB.
The report also points out that the condo apartment transactions, and prices, however, were also up. Sales increased some 10.5 per cent across the GTA over a year earlier – with a healthy increase in transactions in both the 905 and 416 regions.We always have a details analysis of the housing market and the house prices, through our real estate agents and our mortgage brokers as we need to serve and advise our Rent to Own clients and investors the correct strategy to buy real estate. For details information about our programs, you can email us at firstname.lastname@example.org or visit us at www.gtarenttoown.com
“We are forecasting continued average price growth for the remainder of 2013 and through 2014 as well, says TREB senior manager of market analysis, Jason Mercer. “Months of inventory for low-rise homes remain near record lows, suggesting that sellers’ market conditions will remain in place the second half of 2013.”The factors that may have affected the numbers and house prices:
1. A year ago the market was softening significantly, especially condo sales, in the wake of tougher mortgage lending rules that had been imposed that month by Ottawa, sidelining many first-time buyers.
2 . July’s sales were pushed upward by a rush of buyers into the market, armed with 90-day pre-approved mortgages at rates often under three per cent, concerned that a slight uptick in mortgage rates in June was just the beginning of what might become a steady upward trend.
3. The weather may have also be a contributing factor: The spring market was pretty much a wash-out across the GTA this year as the cold, wet weather kept buyers at bay.
Some of the real estate gurus say that on the price side, some of the upward pressure in July can be attributed, quite simply, to a lack of inventory for sale, most notably single-family homes, especially in the high-demand City of Toronto.
Highest growth in demand, by far, was for semi-detached homes where sales were up 26.4 per cent in July over the same month of 2012, according to the TREB figures. Sales spiked almost 29 per cent in the City of Toronto and 25.2 per cent in the 905.
Average house prices hit $584,499 (up 11.1 per cent) in the 416 region and $416,420 (up 6.5 per cent) in the 905.
Detached home sales were up 20.7 per cent in the 416 and 19.6 per cent in the 905 regions.We pay a lot of attention as to the housing market, house prices, where the market is going, what and where the economic factors are headed. We do this with the help of our great team and thus help our clients and investors to make the best of their investments. Please email us at email@example.com or visit www.gtarenttoown.com and we can give you a detail of what is happening in your city or area or neighbourhood that you are interested in.
The average price of a detached home in the 416 rose 6.5 per cent, to $793,842, in the City of Toronto and 8 per cent in the 905 regions, to an average of $597,404.
Average sale house prices, which had largely flatlined over the last year because of slumping sales and fears the condo market was headed for a crash, rose 4.1 per cent in the City of Toronto to about average house price of $362,000.
They were up just 1 per cent in the 905 regions, to an average of $281,044.
Special attention is paid to the housing market by the first-time buyers and it appears to have adjusted a year later to the mortgage lending rule changes. Due to the housing market changes, they have had more time to save up bigger downpayments, seem to have more confidence that the condo market is holding up much better than many observers had expected a year ago, and seem to be out buying again, realtors say.
The TREB numbers would appear to reflect some of that.
Even the condo sector is seeing a firming up of prices, which largely flatlined as of a year ago, although the number of units for sale remains high.
Thank you to www.thestar.com for the update and some content on this report on house prices and housing market.
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