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We are in the middle of the hottest spring market!

Yes, no doubt this is a seller’s market and will continue to be for a while! However, buyers still manage to find deals out there and purchase their dream homes without overpaying! Let’s see at statistics of March 2015.

March  was another successful month for Toronto Real Estate Market.

There were 8,940 sales reported resulting in 11 per cent increase compared to March 2014.

March 2015

Sales were up for most major home types, both in the City of Toronto and the surrounding regions.

New listings were also up, but by a lesser 5.5 per cent, indicating tighter market conditions.

Home sales increased compared to last year as the cost of home ownership remained affordable, with lower interest rates going a long way to mitigate the effect of rising home prices.

However, a substantial amount of strong demand remains in place, especially as it relates to low-rise market segments. This suggests that strong competition between buyers, which has fuelled strong price growth so far this year, will continue to be experienced throughout the spring.

In March, the average selling price for all reported transactions was $613,933 – up 10 per cent year-over-year.

It is clear that seller’s market conditions in many parts of the GTA are driving price growth.

Forecast From Central 1 Credit Union

Strong population growth and demand will keep the GTA housing market hot, pushing the average home price up 17 per cent higher in 2017 than in 2014, according to Central 1 Credit Union.

Booming condo construction has been a cause for concern among some real estate analysts who believe it will lead to a glut in the market. However, Central 1 is predicting it’s unlikely there will be a down-turn in prices as growth in completed and unabsorbed inventory was modest at the start of 2015.

“Fears that new condos are being purchased for flipping is unfounded with MLS new listings stable and active listings still trending lower in early 2015,” said the credit union in their report.

The only thing that will cause a drop in prices would be a recession, such as the ones experienced between 2008 and 2009, 1990 and 1992, and 1981 and 1982.

Since there don’t appear to be signs of another economic recession in Ontario in the next three years, Credit 1 believes prices will hold steady, “though the unexpected may happen.”

If you are thinking about selling, buying or investing in real estate, call us today! We cover Newmarket, Aurora, Vaughan and other Toronto areas!
The Nikolay and Tatiana Team
Sutton Group -Admiral Realty Brokerage, Phone: 647-833-3287 

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