Toronto Real Estate Market January Market Review

In this current news report, TREB Market Watch and Jason Mercer release a current report on the Toronto real estate market. Just last month, sales of homes were down from a year ago, in January 2013. While this may sound like a bad thing for the city of Toronto, it is actually a sign of recovery for the Toronto real estate market. In terms of numbers, 87,111 transactions were made in January 2013, while that number went down to 85,496 in January 2014. This may sound like bad news, but this means that there is more competition between sellers, so it is actually driving prices.

A Light At the End of the Tunnel For the Toronto Real Estate Market

The reason is that there has been a price jump of 9 percent since last year. Further, there are less homes on the market compared to a year ago, meaning that the competition for home in the Toronto real estate market has grown. This is good news for those seeking to put their home on the market as they won’t have to weight long to sell, however for the person attempting to purchase it can be very challenging..

All homes saw an increase in prices, with the highest increase being single detached homes in the city of Toronto. In 2013, the average price of homes in the Toronto real estate rose to 523,000 from 497,000. The analysis indicates that there are strong indicators that the rise will continue in the upcoming months and well into 2014.

Jason Mercer gives some very good news for the Toronto real estate market. Sales are expected to continue this trend, while the continued competition between buyers will ensure that prices will remain affordable. This means that this is good news for both homeowners looking to sell and for those who are looking to purchase an existing home.

https://youtube.com/watch?v=CzG5fxugQlI%3Flist%3DPLB94680CD5C4ADD11