The Market statistics for January are out and the data gathered by TREB show that the year-over-year sales in GTA have increased for 6.1 per cent. Same goes for new listings on the market, that increased for 8.37 per cent in the city of Toronto alone. The average price has also increased for 5,26 per cent but with the borrowing costs getting lower, it’s safe to say that homes will remain affordable.
Looks like 2015 is off with a bang with price increases and active sales in the Greater Toronto Area.
While the west of Canada may be concerned about Oil Prices and jobs out there, it will be interesting to see how we will be affected by low or even lower interest rates. Also, please realize that for U.S. and Chinese buyers, Canada is now on SALE because the dollar is dropping to potentially 69 cents on the dollar. Of course, the effect that this may have on Toronto buyers is that they may be in competition with overseas buyers for product. At the end of the day however, I am predicting that sellers will be smiling again this year.
Title Photo: Just a Glimpse by Michael Muraz