Brian Madigan LL.B., Broker
BRMadigan@iSourceRealEstate.com

RE/MAX West Realty Inc.,
Brokerage
Independently owned and operated

96 Rexdale Blvd. 
Toronto, Ontario 


Phone: 416-745-2300
Toll Free: 1-888-507-0817

 

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September 2014 Market in GTA _ Steady and Predictable

October 15, 2014 - Updated: October 15, 2014

September 2014 ~ Market Resumes Upward Direction

 

This September the market has returned and is as predictable as ever. We expected the downward trend from June to August and then we were expecting a turnaround in September. Have a look at the TREB report:

 

“Sales and Average Price Growth Continued in September

 

TORONTO, October 3, 2014 – Toronto Real Estate Board President Paul Etherington announced that there were 8,051 transactions reported through the TorontoMLS system in September 2014. This result represented a 10.9 per cent increase compared to September 2013. On a year-to-date basis through the first three quarters of the year, sales were up by 6.9 per cent annually to 73,465.

 

"Despite a persistent shortage of listings in some market segments, we have experienced strong growth in sales though the first nine months of 2014. This is evidence that GTA households remain upbeat about purchasing a home. The majority of home buyers purchase a home using a mortgage. The share of the average household's income dedicated to their mortgage payment remains affordable, which is why buyer interest has remained solid," said Mr. Etherington.

 

"If the current pace of sales growth remains in place, we could be flirting with a new record for residential sales reported by TREB Members this year. On the pricing front, the multitude of willing buyers in the marketplace coupled with the short supply of listings will continue to translate into very strong annual rates of price growth in the fourth quarter," said Jason Mercer, TREB's Director of Market Analysis.

 

"If the current pace of sales growth remains in place, we could be flirting with a new record for residential sales reported by TREB Members this year. On the pricing front, the multitude of willing buyers in the marketplace coupled with the short supply of listings will continue to translate into very strong annual rates of price growth in the fourth quarter," said Jason Mercer, TREB's Director of Market Analysis.

 

Here are the actual average sales prices in 2013 and 2014 to date:

 

2013

 

January                $482,028

February              $509,447

March                  $517,247

April                    $524,823

May                     $540,581

June                     $529,614

July                      $512,286

August                 $501,677

September            $532,455

October                $539,286

November            $538,690

December             $520,189

 

2014

 

January                $526,965

February              $552,857

March                  $557,969

April                    $578,346

May                     $584,925

June                     $569,277

July                      $550,960

August                 $546,743

September           $573,676

 

The September number reinforces the validity of the April 2014 numbers. They are now locked in place.

For October, we are expecting a continuance of the upswing. The peak of the Fall market should be 31 October 2014. We’ll see what happens!

 

Brian Madigan LL.B., Broker

www.iSourceRealEstate.com

 


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Brian Madigan LL.B. Broker

RE/MAX West Realty Inc. Brokerage

Independently owned and operated

96 Rexdale Blvd. , Toronto Ontario,

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