Home sales in Toronto GTA have increased by 29%, compared year by year with Condo sales tailing close behind the purchase boom happening this month. These figures were released by TREB [Toronto Real Estate Board] announcing that condo sales in the GTA had increased by 36%, specifically in the City of Toronto, it increased by a whooping 42.6%! What condo slump are people talking about? This could be largely due to the continued rising rates we are seeing, particularly fixed rates. People are trying to lock into their low pre-approval rates obtained 90-120 days ago, depending on their particular rate hold. Prices on homes in the GTA have increased by 4%, while overall home sales including were up by 29% before the months end.
This shows that even though rates are rising, people are still actively involved in the housing market in the City of Toronto.
Contact Robert Clancy today to learn about the best fixed/variable rates you can get for your new purchase, whether it be a owner-occupied residence or a rental/investment property!