TREB – the Toronto Real Estate Board reported a record number of sales of homes in the Month of September. A 2.5 % increase over last year and a 9.5 percentage increase in the firs 3 quarters of 2015 – on pace for a record setting year in the GTA.
What’s this mean for the average consumer? The chart below illustrates the changes in sales and price from September 2014 to September 2015.
If you have a detached home, semi-detached or a townhouse in the 905 – you are doing extremely well – on paper of course compared to the continued rapid price changes in the 416.
The question is, will this continue.
According to a story in the BNN, The CEO of RioCan – Canadian’s largest REIT (real estate investment trust) “Canada’s hottest real estate markets in Toronto and Vancouver to continue gathering strength as more Canadians flock to urban centers and immigration inflows remain consistent.”
In the city of Toronto, there is an average of 12K new households moving to the city each each, on average. Approximately 15K new housing units are released into this market, of those, less then 1000 are rentals – from recent reports.
As more empty nester downsize, the abundance of larger condos is decreasing and their price point is escalating.
There seems to be no slow down predicted or coming to area like Vancouver and Toronto, the main hubs of immigration in Canada.