August 2014 Market Report: A Great Time to Pay Down That Debt

August 2014 Market Report: A Great Time to Pay Down That Debt

"How much further can prices go, who knows, but remember that Vancouver house prices are historically 30% higher than Toronto and people still rush to live there and manage their mortgages."

Defying all the naysayers, The Toronto Real Estate Market, like my body weight, keeps going up. The "new normal" every month is that the market gets stronger and the prices get higher. I cannot remember when the Toronto stats were off significantly or that I had a 28" waist! Rather than jump on the BUBBLE bandwagon, I look at the continuous influx of new Canadians and the lack of space caused by Lake Ontario and the Oakridges Moraine to the north.

Not to mention that in "its final session before the October municipal vote, Toronto City Council gave its blessing to an estimated $21 billion in new real estate development, most of it, apparently, high-rise and residential" ** (John Bentley Mays in Globe and Mail)

How much further can prices go, who knows, but remember that Vancouver house prices are historically 30% higher than Toronto and people still rush to live there and manage their mortgages...speaking of which, mortgages are scheduled to stay low for another two years...a great time to pay down that debt!

TREB reported 7,600 sales through the TorontoMLS system in August 2014. This is a 2.8 per cent increase compared to August 2013. Sales were up for all major home types in August, which suggests that buyers and sellers remain very active.

The average selling price in August 2014 was $546,303, which is a 8.9 per cent increase in comparison to the selling price in August 2013. The number of listings in August was however down in comparison to 2013.

RS data2014 AUGUST 2

Title photo by Simon Carr

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