5 February 2014
“With this trend continuing, the strong price growth (and, as a result, the increase of home equity) will probably make more households list their homes for sale. Especially, in case of those owners whose lifestyle is about to change: expanding families searching for something bigger or nesters deciding to downsize,” – noted Dianne Usher, TREB’s President.
Last month the average home selling price was $526,528 – it’s up by more than 9% from $482,080 in January 2013.
“Such pace of price growth will remain in 2014. Just like last year, strong competition between buyers looking for detached, semi-detached and town houses in Toronto and suburbs will support the price growth. In the same time, mortgage rates are expected to remain extremely low, so home ownership will be still affordable for the average Canadian in the GTA,” – said Jason Mercer, TREB’s Senior Manager of Market Analysis.