Although overall prices in the GTA were up nine percent compared to January 2013, inventory is low! Homes listed for sale were down 16.6% which is likely accounting for the drive up in price.
This market trend is definitely reflected in the Beach. Just the other week we listed a semi-detached that sold for more than a $100,000 over asking in 48 hours!
That combined with the release of the federal budget, low interest rates will likely fuel ongoing sales.
As per Peter Majthenyi from My Mortgage Planner…
“This months Federal Budget indicates “tame growth” for Canada so we should not expect any interest rate increases for the time being. In fact; fixed mortgage rates appear to be dropping and therefore most borrowers seem more comfortable with the flexibility of a variable/convertible mortgage at 2.5% … everyone’s expectations vary so we always must address individual tolerances. Our Government has also announced it is going to be more proactive to protect borrowers from being over charged by lenders … this is good news!”
Check out some of the reports in the news and the most recent Toronto Real Estate Board Market Watch report for January…
CBC News Posted: Feb 05, 2014 – House prices still rising in Toronto, Vancouver
Detached homes up 12% in GTA, 3% in Greater Vancouver from January 2013 to 2014
RE/MAX Canada Luxury Home Market Report
Canada’s luxury home market on a clear, upward trajectory, marked by record sales in most major centres in 2013
Toronto Real Estate Board – Market Watch for January 2014
Financial Post – Condo correction not in the cards for Toronto, Vancouver, says new report
Garry Marr | February 13, 2014 | Last Updated: Feb 13 9:04 AM ET