Looking for homes for sale in Toronto? Now is as good a time as any to enter the Toronto real estate market, in what is considered to be one of the top four most livable cities in the world. Toronto also offers easy access to all the amenities that you would expect from a modern city, and plenty of educational and business opportunities besides. For those looking to invest in real estate, homes for sale in Toronto is a good place to start.
Statistics seem to bear out the positive future of the Toronto real estate market. Paul Etherington who is the president of the Toronto Real Estate Board said that there were a total of 8,051 transactions logged in the TorontoMLS system in September of 2014. This figure represents a 10.9 % increase in transactions compared to September of the previous year. Basing the number of transactions by year-to-date, there was a 6.9 % increase in the first three quarters of 2014.
Buyers looking for homes for sale in Toronto should be aware that there are shortages in the listings of some real estate markets. Nevertheless, there has been a consistently strong growth in housing sales until the end of the third quarter of 2014. This indicates that there remains an upbeat attitude about purchasing homes in the Greater Toronto Area.
Another factor that should inspire confidence in the Toronto real estate market is the relative affordability of mortgages. Most buyers in Toronto finance their home purchases with mortgages, but most are finding that the portion taken from the household budget every month is quite affordable. With only a small portion of families’ incomes going to mortgage payments, Etherington feels that there is sufficient reason for the consistently high buyer interest for homes in the Toronto area.
As of September 2014, the average selling prices for homes for sale in Toronto is $573,676. This figure represents a 7.7 % increase from September 2013. Toronto experienced the highest average price increase year-over-year in the region, with most of the transactions involving low-rise residential units such as condominiums and detached and semi-detached homes. On the basis of year-to-date, the average selling price of homes for sale in Toronto is $563,813; a 8.5 % increase from the first three quarters of 2013.
All these figures point to one thing: the strong growth of the Toronto real estate market. Already there are expectations that the local real estate market will set a new record for sales of residential properties, a goal which is certainly attainable if the current growth in sale prices continues. The high degree of buyer interest and the shortages in listings in certain market segments is also expected to contribute to the continued price growth through the rest of the year and into the next.
For the first time home buyer in Toronto, the situation is definitely a promising one. With such an active real estate market to look forward to, homes for sale in Toronto may just provide the ideal option for you and your family.
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