The Toronto Real Estate Board (TREB) reports another strong market for home sales in the Greater Toronto Area for September 2011. We saw 7,600 home sales representing almost a 25 percent increase over September 2010.
TREB sees this high level of sales as a good indicator of “affordability’ in the Toronto area.
While TREB’s statement may be true in the peripheral areas of Toronto, it is definitely not quite as true in central Toronto.
The average sale price of a ‘first time buyer’ home in neighbourhoods such as Davisville Village (Davisville and Mount Pleasant) and North Toronto is well above the $700,000 mark. Based on our daily discussions with potential buyers, this figure can hardly be called ‘affordable’ looking at the budget of most Toronto first time home buyers.
TREB expects to see more home listings coming online in the last quarter of 2011. In spite of such increase in the supply side of homes for sale though, the Toronto Real Estate Board’s opinion is that we will still see strong price growth.
As more inventory of homes on the MLS listing system becomes available in the Toronto Real Estate market place, TREB predicts a more moderate rate of home price increases.
At this point, the general consensus as far as price increases is that we will witness a rather flat market in Toronto in the next three years.
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