The Toronto housing market presents a great opportunity for sellers, as the prices have soared above the record average of $ 481,305 in November, this year. It is a 2.1% surge from October's figures. According to the figures released on Thursday, by the Canadian Real Estate Association, the prices have increased almost 10% more than the average GTA home, when we take adjusted seasonal fluctuations into account.
The sales for the month of November across Canada were 7% percent above the 10-year average for the month of November.
Consequently, the fourth highest level of sales is achieved, in a rather slow season. Britain's top magazine 'The economist' warned about Canada's housing market and reckoned that the market may be 25% overvalued. The warning will certainly concern housing experts throughout Canada. However, that doesn't seem to affect the growing list of Toronto homes for sale. Even If it is a bubble, it wouldn't burst any time, soon.
CREA's chief economist Gregory Klump, suggested, "With interest rates expected to remain low for longer, the housing sector will no doubt be closely watched for signs of excess," "That said, current trends for selling housing and new home construction counsel that tightened mortgage laws are operating as meant and fostering economic stability in North American country."
The trend is not homogenous, though: the record November sales in Halifax-Dartmouth has certainly offset a 10.5 decline in sales in Toronto, where 77,773 homes were changed.
The prices were raised by 9.7% while the new listing across the GTA was down 4.4, in November. Despite the trends of global recessions, Canadian real estate is perceived to be doing well. 4,32,048 have in fact, traded hands across the country between January and the end of November, which is a 2.1 % increase from last year.
According to Real Estate Toronto, 7092 residential transactions were recorded in the Toronto MLS system, in November: a trend favoring new houses for sale.
According to the Real Estate Board (TREB), "We have seen strong annual sales growth through the 2011 fall market. The increase in transactions has been broad-based, with sturdy growth across low-rise and high-rise home varieties throughout the larger provincial capital space."
It is also reckoned that the market is now better supplied more balanced market conditions are predicted to prevail, in the coming year.
According to the experts, the strong growth this year doesn't affect the affordability in the GTA. Time will reveal if the trend will continue increasing the prices of Whitby Houses For Sale.