Posted by: MonsterMortgage.ca
Toronto Real Estate Board stated on Wednesday that the average price of detached home has hit 1,040,018 million dollars. Polls have shown that Toronto has joined the million dollar club as of this February. This surge in prices has been recorded as a 9 percent increase compared to earlier years. Prices are expected to continue to increase in both sales and prices in the following months to come. Sales on detached homes has also increased by 11.3 percent to 6,338. Average prices also rose to $596,163, which is a 7.8% increase.
Paul Etherington, Toronto Real Estate Board president, stated that “Even with the record low temperatures last month, we still saw an increase in the number of people purchasing homes in the GTA,” The number of people purchasing homes has started to cause market conditions to tighten and buyers are competing with each other through bidding wars.
With the oil slumps in Calgary, many fortunes have started to shift in Canada. Calgary has been hit the hardest with a decrease in prices of 34% in detached home since February compared to earlier years. According to reports these price plummets have almost been compared to the activity levels that were seen in 2009’s financial crisis.