Where did the summer go? It is that time again for our monthly residential market update. This has been very busy fall with the volume of sales up over 14% and the inventory of available properties for sale down over 18% during October. With low interest rates, more people moving into the Great Toronto Area and fewer people selling, prices have begun to appreciate at a greater pace up 5.5% for the month. Months of inventory have now dipped below two months, without the Toronto Real Estate Board taking on one more listing we would be sold out of homes and condos in less than two months.
Some interesting numbers to share from communities around the GTA, Mississauga’s sales volume was up over 20% over last October and prices are up over 17%. Inventory numbers of homes available are down putting the months of inventory number at just over one month. Mississauga is a busy market and one of the major reasons behind that is affordability. As prices become out of reach in the central Toronto core buyers are looking to purchase in more affordable neighbouring communities.
The resale condo market continues to grow with prices appreciating up over 9% for the month of October. Resale condos continue to be attractive to purchasers due to their price point and ease of entry into the real estate market. Detached homes across the GTA are now averaging over $1,000,000 during the month of October.
New condominium construction continues to be in strong demand with many developers launching projects across the city throughout these past couple months. Please contact me should you have any questions on how to invest in such projects. The good news is that the market continues to move!
Please let me know if you have any questions. Have a great weekend!