BMO by Benson Kua
Every year, a natural slowdown occurs during the summer months in the real estate market in Toronto, but this year, the market has been incredibly steady. Sales are much better year-over-year, recording a 10 per cent increase and reaching 9,198 sales in the Greater Toronto Area. The prices are also holding up - the Toronto Real Estate Board (TREB) reports a 7.5 per cent year-on-year rise in average price to $550,700 in July 2014.
Some people, realizing that the spring market was so strong, are positioning themselves for the fall with an early entry. This means being in the marketplace with their property during July and even August, thus far. Rentals are being snapped up.
Anyone contemplating entering the housing market may want to consult their real estate professional shortly to see how they can make the most of the upcoming fall season, most importantly timing their search and/or listing, readying their home while they have time off and the weather is good, etc.