1.99% Mortgage Rate Shocks Toronto Real Estate!
When it comes to buying home real estate in Toronto, we often shop around for the best mortgage rate we can get our hands
February 27, 2014
In January, the number of homes listed for sale was down compared to last year.
Greater Toronto Area Realtors reported 4,135 sales through the TorontoMLS system in January 2014. This number was down 2.2 per cent in comparison to January 2013. New listings entered into the system were down over the same period by 16.6 per cent to 8,822.
“Looking forward to the spring market it’s likely that strong price growth, and an increase in home equity, will spark more households to list their homes for sale. This is especially the case for households whose life styles are changing, including those with an expanding family looking for a larger home or empty nesters looking to downsize,” said Dianne Usher, President, Toronto Real Estate Board.
The average selling price for January 2014 was $526,528 – up by more than 9 per cent compared to $482,080 in January 2013.
“The pace of price growth will remain strong in 2014. Similar to last year, competition between buyers for singles, semis and town homes in the City of Toronto and surrounding regions will continue to exert upward pressure on selling prices. At the same time, mortgage rates will remain near historic lows, so despite strong price growth, home ownership will remain affordable for the average household in the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.