08/09/2019
July has been one of the best months so far this year for real estate. Sales volume for the month was up over last July by 24%, including all home types with prices being up a modest 3.2%. Price growth continues to be very healthy compared to the extreme appreciation we saw back in the spring of 2017 which brought on a slowdown to the market.
The demand for real estate is being largely driven by the low interest rate environment where we are seeing rates under 3%. In some communities of the GTA the inventory of homes for sale has fallen under 2 months, if another home was not to come up for sale we would be sold out of our product in just over a month.
Condominiums remain consistent with the volume of sales up over 13% for the month and prices appreciating at a rate of 6.8%. The demand for more affordable housing, like condominiums around the GTA continues as investors and first time buyers continue to enter the market.
Toronto and the GTA is one of the best places in the world to live hence the demand for housing we continue to experience.
