Toronto, Canada, June 13, 2016 – Canadalend.com, the leading low-cost, private mortgage solution provider in the country, is weighing in on real estate in the Greater Toronto Area (GTA) as both sales and prices reached record levels in May.
May was a record month for real estate in the GTA, with more than 12,000 homes changing hands. This represents a 10.6% increase over 11,640 sold during the same period in 2015. The average selling price for all types of homes was up 15.7% in May at a record $751,908. (Source: “GTA Realtors Release Monthly Resale Housing Market Figures,” Toronto Real Estate Board web site, June 3, 2016; http://www.trebhome.com/market_news/release_market_updates/news2016/nr_market_watch_0516.htm.)
“The GTA continues to be one of the strongest real estate markets in the country,” says Bob Aggarwal, President of Canadalend.com. “In May, the average sale price for a home in the city of Toronto increased 8.9% year-over-year, or $64,262, to $734,924. Price growth was even stronger in the rest of the GTA, where the average price climbed $123,259, or 16.7%, to $734,924.”
Aggarwal explains that strong demand has been helping lift housing prices in the GTA to record levels. The “905” region led with the biggest growth with all housing types, with the average prices for a detached home advancing 21.2% to $891,870. In addition, the price of a semi-detached was up 19% at $586,849, townhomes increased 17.2% to $527,503, and the average price of a condo climbed 8.7% to $347,431.
“Home buyers continue to see buying real estate in the GTA as a great long-term investment. And thanks to strong demand, near-record-low interest rates, and a solid local economy, the real estate market in the GTA should remain robust heading into the traditionally slower summer period,” Aggarwal concludes. “First-time home buyers or those looking to renew their mortgages should consider an independent, licensed agent to help them find the best financial products with the best rates.”
Canadalend.com is one of the largest private mortgage brokers in Canada, providing its clients with residential and commercial mortgages, home equity credit, debt consolidation, and addresses financing concerns. To learn more about Canadalend.com, visit the web site at www.Canadalend.com.