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.
Real estate sales in the GTA were up 21% from last year for the month of February says the most recent Toronto Real Estate Board housing market update. As multiple offers become more and more commonplace, sellers who effectively prepare, price and promote their property continue to get their asking price and more. The average sale price in the GTA spiked up to over $685,000 making for a 15% increase over last February’s average sale price of $596,320.
Mississauga and Oakville proved to be even more busy with an increase in sales for the past month of 28% and 40% respectively in comparison to the year before. The average sale price, on the other hand crept up just under 6% in Mississauga and 12 % in Oakville.
As expected, seizing the gold ring of homeownership and buying a detached home also cost more this February over last year. The average sales price in the GTA for a detached increased by 16% and landed at $909,761. West of the 416 saw an increase of just under 11% with detached homes selling at an average sales price of $889,524 in Mississauga and $1,171,571 in Oakville.
If you are considering selling or would like an updated valuation of your home I invite you to contact me. I would be happy to provide a comparative market analysis of your property. As always, our meeting is confidential and without cost or obligation to you.
A recent report from the Teranet – National Bank House Price Index indicates that the average home price in the GTA decreased in the month of January, 2016 by 0.2%. This is the first monthly decline in 11 months for Toronto although the year over year average sale price is still up 8.6% since last January. From my vantage point there is still not much inventory available in South Mississauga and Oakville, so it remains to be seen whether this most recent Teranet – NB report is a sign of things to come or only indicative of fewer high end sales during this period.
For those of you keeping track of the local real estate market the Teranet – NB monthly report is available here and more details including national and historical data are available at housepriceindex.ca
The Re/Max 2016 Housing Market Outlook is forecasting another year of gains for the GTA. In Oakville and Mississauga in particular, buyers and sellers can expect to see an increase of five to six percent in the average price in 2016.
Citing continued low inventory for single family homes, the recent study matches my own day to day experience in the marketplace. The combination of demand for move up property and low interest rates continues to drive the market.
The local real estate market continues its upward stride. According to the most recent Re/Max Spotlight on Luxury Report the number of home sales in the GTA over $1 Million went up by 55% compared to last year. That’s over 2500 more sales breaking the $1 Million mark.
Price gains throughout the market and immigration into the area have combined to push the price of luxury even higher. Sales over the $3 Million mark in the GTA increased by 61% with a total of 106 more sales this year than last.
If you would like to know what the current value of your home is please contact me and I’d be happy to provide a confidential Comparative Market Evaluation. In the meantime if you are interested in the entire Re/Max report, including the rest of Canada its available here.
According to the most recent Teranet–National Bank National Composite House Price Index™ release, the GTA housing market has outpaced the country wide average increase of 1.4% last month. Over the past year the GTA average gain of 7.8% is well above the national average increase of 5.1% and second only to an 8.5% increase in Vancouver. For those of you keeping an eye on your property value the summary is here and full details are at housepriceindex.ca . Enjoy!
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