Strong growth in Toronto’s condo market in October
More available homes for sale, increasing number of home transactions, robust growth in condo markets, and the finalization of the new mortgage guidelines, which will be carried out on the first day of the new year. This was what happened in the past month in Toronto’s real estate market.
Wondering what the changes on the market and the new mortgage rules really mean to your biggest purchase decision that you’re going to make? I’ve included some highlights for you.
- Available listings are on the rise across the Greater Toronto Area, up over 78% compared to October 2016.
- The number of transactions leaps up 12% from the month before, and above-average increase pointing to stronger autumn market conditions. However, it dropped 27% compared with the same time last year.
- On a year-over-year basis, while the average price of all housing types is held up at 2.3%, the price of condos is rocketing, up 21.8%.
- Industry insiders suggest that buyers are seeking to move up before January 1st 2018 when the mortgage stress-testing rules take effect.
Not sure whether you should buy or sell before or after the new mortgage rules take effect? Are you interested in finding out how much money a family with $100k annual income can borrow from a lender before and after January 1st?
Keep on reading here to find out the impact of the mortgage stress-testing rules.
Got more questions?
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Buying or selling a property can seem overwhemling and stressful in this shifting market. We’re here to help and answer any questions you may have. Send us an email or call 416–572–1016.