Google+ Real Estate by Fanny Lee & TheTeam :Own Homes. Grow Wealth. Pass It On.: TREB Market Watch July 2013 Highlight

Saturday, 3 August 2013

TREB Market Watch July 2013 Highlight

Over the last few months, quite a few friends and acquaintances expressed their concern over the GTA property market.  The new mortgages rule introduced mid-last year, in addition to the Toronto Land Transfer Tax, did indeed cool down the market. In fact, the monthly resale total of 2013 had been lower than 2012 until July.

TREB's President Dianne Usher announced "last month's sales represented the best July result since 2009 and was the third best July result on record.  Despite recent increases in average borrowing costs, home buyers are still finding affordable home ownership options in GTA."


Some quick points from the TREB July Market Watch:-

- No. of resales in July was 8,544, +16% of July 2012;

- Average GTA home resale price was $513,246, a +8% growth in past 12 months;

- The detached and semi-detached segments of the market experienced  a 20%+ increase in transaction over last July.  This happened to both the 416 and 905 area.

Going forward, TREB is "forecasting continued average price growth for the remainder of 2013 and through 2014 as well."


For the full report, please visit: http://www.torontorealestateboard.com/





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