Breaking Down 2013/2014 Market Trends in the GTA
When it comes to a conversation with a Realtor, the first question often asked by both buyers and home owners is “how’s the market right now”. This loaded question often doesn’t have a short or simple answer. The state of the market can mean different things to different people. Market trends ultimately have different effect on different groups of people interested in Real Estate. Whether you are a Buyer or a Seller, it is important to research how market trends effect your specific needs.
When is the best time for Real Estate?
Wondering when is the best time to buy and sell? It appears that every season carries a trend. Winter is quieter while spring brings new life to the market with lots of supply and demand. Things continue strong till the end of summer. The fall is more stable and balanced and the market cools off for the holidays. However, it is important to judge each season with more than the above general understanding. To do so, one must examine the facts and figures effecting the specific niché market of interest. If looking to buy or sell, you must consult the data and recent statistics available on your area of interest with your Realtor.
Breaking down current stats:
Toronto Real Estate Board President Paul Etherington recently released a report stating TREB’s 2014 sales figures show that while home prices increased substantially in 2014 across the GTA, the purchase of an average priced home remained affordable, in terms of the average household’s ability to cover their monthly mortgage payments. Etherington went on to say that the average selling price continued to grow in 2014, with an 8.4% annual increase to $566,726 for the average selling price of homes from detached homes through to condominium apartments. Below is a simple breakdown of the growth of number in sales and prices between 2013 and 2014. This will provide a general understanding of the direction the market has recently taken is 2 key areas. This trend would indeed show potential Buyers and Investors that Real Estate continues to remains a reliable and profitable investment.
Annual Summary of TorontoMLS Sales and Average Price
January 1 – December 31
- Greater Toronto REALTORS® Report Resale Housing Market Figures. January 7, 2015.