Colder weather doesn’t cool hot GTA market

Toronto, ON

“The average selling price of all home types in the Greater Toronto Area (GTA) rose by 7.3 % in just one year (October 2014 – October 2015). Small developers continued to purchase old, single-family homes, renovate or demolish them and then resell or build new houses quickly, due to the lack of vacant land in the GTA. The average price of a detached home in Toronto was $823,177 and over 4,100 detached homes sold in October 2015. Toronto is definitely a sellers’ market. Buyers tend to be very aggressive and are offering more than asking. The cold weather doesn’t seem to slow down the housing market in the GTA. Case in point: in September 2015 there were 8,200 reported home sales and in October 2015 there were 8,804 reported home sales. In September 2015 the number of new listings available in the GTA was 16,077 while in October 2015 the number of new listings available was 13,339. The average-days-on-market for both September and October 2015 was 22 days. I believe that by the end of 2015, the number of sales of all home types in the Greater Toronto Area will exceed 100,000.”

Kasipillai Baleswaran, Scarborough, ON - Solidifi EXTRAORDINARY APPRAISER