TORONTO, ON--(Marketwired - August 30, 2016) - Long-time Toronto realtor Alex Moloney of Right at Home Realty Brokerage Inc.'s Toronto House Team (www.torontohouseteam.ca) claims that a dwindling inventory of single family home listing is helping to push prices in Toronto's frenzied housing market past record highs. "The Toronto real estate market has been going strong for quite a while now. Low mortgage rates, price increases that are well above annual inflation rates, and a steady stream of new people arriving in the city in need of housing, have driven the market thus far. Demand is at an all-time high, but the supply of resale listings is dwindling. The Toronto Real Estate Board reported a 14 percent drop in Toronto resale home listings last month. Limited supply and demand that is stronger than ever add fuel to Toronto's already sizzling housing market where frantic bidding wars and escalating prices are now the norm," says Moloney.
In July, the average price for a detached resale home in the city of Toronto rose a staggering 20.7 percent from last year, with an average selling price of just over $1.2 million. Resale semi-detached homes and townhomes in the city experienced double-digit increases as well. The entire Greater Toronto Area (GTA) saw an annual price increase of 21 percent for detached resale homes, with an average price of just under $953,000. According to the Toronto Real Estate Board, July was a record-breaking month for home sales in the GTA with nearly 10,000 existing homes sold.
"The shortage of active resale listings in Toronto is troubling. Usually, when prices are high, we see more listings as people want to cash in on the equity that they have built up in their home.
The dynamics are changing. People that may want to sell are waiting to list for several reasons. Some are staying put because they are betting on prices going much higher, others are reluctant to list if they don't have to because they don't want to get caught-up in Toronto's ultra-competitive housing market looking for a replacement home. I don't see the pent-up demand for homes slowing down anytime soon. The number of new homes that are being built in Toronto in no way comes close to easing demand. And, the just implemented 15% tax on Vancouver residential properties purchased by foreign buyers will increase foreign speculation in Toronto as off-shore buyers turn away from Vancouver to putting their money into Toronto real estate. Prices can only go one up," predicts Moloney.
About Right at Home Realty Brokerage Inc. Toronto House Team: The experienced realtors of Right at Home Realty Brokerage Inc. and the Toronto House Team specialize in buying and selling Toronto single family homes. Whether you are shopping for your dream home or wish to sell a detached house, semi-detached or townhome in Toronto, let the real estate professionals of the Toronto House Team put their extensive knowledge of the Toronto housing market to work for you. Their website www.TorontoHouseTeam.ca is the place to start your search for Toronto homes for sale and Toronto homes for rent by price point, location, and other preferences, through a real estate listing database that simplifies the search for the perfect Toronto residential property by matching buyers with houses for sale and rental properties. For more information about the Toronto residential realtors of Right at Home Realty Brokerage Inc. and the Toronto House Team, call 416. 800.0767, or email firstname.lastname@example.org.