#1 PROBLEM: Lack of Supply!
September stats are in and though it appears we are headed for a record breaking year…there is just not enough product to meet demand in the city.
Sales were up only 2.5% compared to September 2014, and while we had more new listings than same time last year, the total number of listings available for hungry buyers to visit was down by 7%. This, of course, forces the average sale prices to rise…by 9.2% in the GTA and those listings that sold…did so in only 22 days! A whopping 12% faster than last year.
The average sale price for a home in the GTA is now $627.4K, but except for condo sales, 2/3 of housing sales are still taking place in the 905 area code.
Condo sales in the city are up 5.6% and so are average prices for this most coveted sector of our housing market. (Who thought we’d ever say this!!).
#1 SOLUTION: (I don’t really have one…but I thought the PUMPKIN HOUSE I posted in this blog might be a “digestibly priced/micro/green” alternative.
If you want real RESULTS in getting the home you really want in this frothy market of ours, contact me! I’m confident I can help you move forward.
Signed,
“Your Toronto HOME Advantage”!