The Great Toronto Area Market Continues to Sizzle
The summer heat may be winding down, but the local real estate markets are still very hot. Canadians and international buyers alike know that Canadian real estate is still one of the smartest and safest investments they can make. This summer saw some record high statistics for the Greater Toronto Area including a 16.6% year-over-year increase in the average selling price of all home types combined.
The demand for homes in the Burlington, Oakville, Mississauga and Toronto communities remains high. In Burlington, the average number of days on the market dropped from 33 to 24 this summer. In Oakville, the number of sales this summer dropped from 2015; however, the average sale price of a detached home remains high at $1,049,190 with the median at $916,000. In Mississauga, detached homes are selling in less than 20 days with condos selling in 23. The average price of a detached home in the suburbs of Mississauga has reached a record high at $888,565. Toronto has soared even higher sitting at an average of $1,202,753 for a detached listing. In July the Real Estate Board reported 9,989 homes were bought and sold in Toronto, a record high for the summer month.
This seller’s market does not seem to be slowing down any time soon. The demand for homes in these communities continues to rise forcing listings to go quick and above asking price. If you’ve been considering a move, this would be the time to make it.