Summer might be over soon, but the Real Estate market in the GTA is not cooling off. The end of August marked a seventh straight monthly gain in the GTA and the average sale price has more than doubled since June of 2005 says the most recent Teranet – National Bank House Price Index report. The report goes on to say that the year over year average sale price increase in the GTA was over 14.5%.
Closer to my own home in Port Credit the gains have been even higher. As of the end of the 2016 second quarter the average sale price in Port Credit is up over a staggering 27% year over year and the median price is not far behind at an over 24% increase.
Whether these continual and substantial gains in our local market are for the better or worse is another important conversation, but one thing is for sure. A lot of people want to own property in the GTA and they are willing to pay keep paying extra for it. It is also becoming clear that the secret is out about Port Credit and I am not the only person who might beleive that living here might be worth even more.