The Toronto Real Estate Board has reported new record home sales for July 2015.
The volume of sales are up 8% compared to July 2014. The average sale price is also up 10.6% compared to last year in the GTA. According to the Toronto Real Estate Board (July 2015 Market Watch), the upward mobility of the market and home ownership seems to be driven not only by the low interest rates, but also by GTA’s economy performing well, in terms of the unemployment rate being lower compared to last year.
The 905 real estate market has steadfastly stayed strong for the past year and looks to remain that way for the last quarter of the year. Housing prices in the 905 real estate market is up 12.5% and the volume of sales is up 13.9% compared to July 2014.
New and active listings are down (2.5% and 14.7% respectively) indicating that we are in a very strong seller’s market. There’s never been a better time to capitalize on getting top dollar for your home!