GTA REALTORS® reported 9,880 sales through MLS in July 2015, representing an eight per cent increase compared to July 2014. The average price has jumped to $609,236 – a 10.6 per cent increase in a year-over-year comparison.
Another great report from the Toronto Real Estate Board and as I had predicted, TREB is heading towards a record year. The Torontoism Team was very busy till just a few days ago and it looks as if we will have a more normal quiet August.
The scariest issue in the TREB report is the absorption rate being just under two months. That is very low and means that if nothing new came to the market from today on, it would take less that two months to run out of inventory. Normal would be an absorption rate of four or even six months.
A continuous lack of inventory means a heated market where we see more multiple offers and prices moving up farther, especially with still lower interest rates. Looks like it will be another busy fall. If you are thinking about buying or selling, let us help you get all your ducks in a row!!
Title photo by michaelleckman