Toronto Market Starts to Climb Again in October as Fall 2017 Settles In
Tuesday Nov 07th, 2017
Toronto Property Values are up Again Year Over Year as the Toronto Market Starts Gaining Some Steam in its Engines again
October 2017. 7,118 sales changed hands - a decrease in sales compared with October of last year.
Average selling prices grew by 2.3% year over year. A much healthier growth than we've seen recently leading to a more balanced Market!
Condos are now starting to increase in value by a higher percentage compared to houses. This will represent a harder time for first time home buyers and buyers priced out of houses.
Prices have risen over the last year in Toronto due to lack of inventory in the marketplace However new inventory has finally started to make its way into the market easing up the sharp price increases. Bidding wars are not nearly as common as they were at the beginning of the year. As fall continues the market will surely start to pick up steam in the months ahead. We are in a shoulder market and now is a great time to buy and now is a great time to get ready to sell in the fall.
The New Mortgage Lender stress Tests coming into play January 1st 2018 for buyers with 20% or more as a downpayment will definity play a role in affordability come the new year. Contact me to find out just what this might mean for you.
Contact me for more details: gaelen@gaelenpatrick.com or direct at 416-801-9265
Check out the detailed report here...
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