Sep 24 | Posted by Barry Cohen

Well here I go again, writing about the red-hot housing market in our great city, but the numbers don’t lie and this is our current reality in the GTA.  Home prices soared by over 10 percent last month, and sales across the region rose 5.7 percent compared to the same period last year.  Single-family home prices once again jumped almost 13 percent to $1,017,652 in the 416 zone and rose by nearly 14 percent to an average of $733,577 in the 905 zone.  Let’s not forget the condo market – the current building frenzy shows no signs of weakening as starts surged to their highest level since 2007 and condo sales jumped 10 percent in the city and 23 percent in the 905 region.

As housing prices continue their upward climb, many Torontonians find themselves priced out of the single family home market and are turning their attention toward high-rise condos.

As far as luxury properties are concerned, offshore buyers, primarily from China, are driving demand and helping to fuel sales of multi-million dollar homes particularly in Vancouver and the GTA.  The majority of foreign buyers of these high-end homes are looking to relocate to Canada, rather than buying the properties purely as investments. These are families that are moving to Canada and buying a luxury property to live in and raise their families.

In the GTA there have been 279 sales of homes over $3 million so far this year, up 61 percent from the same period just last year.  Local professional couples looking to upgrade as well as the foreign buyers from overseas have driven luxury home sales.  While Chinese buyers are the largest consumers, buyers from Russia and the Middle East have also flocked to Toronto’s luxury home market in established and sought after neighbourhoods like Rosedale, Forest Hill and suburbs like Oakville.  

The housing market in the GTA continues to defy expectations for a slowdown or the dreaded “bursting bubble” as some pessimists keep predicting despite economic instability, low oil prices and the floundering Loonie.  We can credit historically low borrowing costs for helping extend the boom in our market. 

The bottom line is – our housing market is the strongest in the country right now, available inventory is starting to increase, in fact it outpaced sales last month for the first time in a long time.  There is no indication that interest rates are going to take a hike any time soon and our city remains a fabulous place to work, live and play so it’s no wonder that everyone wants to live in the GTA.

With market conditions changing on an almost daily basis, it is imperative that your GTA property be listed for the correct price that reflects the accurate market value to ensure you an expedient sale at the best possible price with the fewest number of hassles.  I would be happy to meet with you to discuss the attributes or your home and provide you with a professional, accurate and up-to-date appraisal of your home’s current value as well as answer any questions you may have about the selling process.