Greater Toronto Area Report October 2019
Steve Moran, Remax
The Toronto region's strong economy and growing population are continuing to push the cost of real estate higher with average home prices - including all types of houses and condos - rising 5.5 per cent year-over-year to $852,142 in October.
A strong regional economy obviously fuels population growth. All of these new households need a place to live and many have the goal of purchasing a home. The challenge is that the supply of available homes is actually dropping, resulting in tighter market conditions and accelerating price growth.
While the current pace of price growth remains moderate, we will likely see stronger price growth moving forward if sales growth continues to outpace listings growth, leading to more competition between home buyers.
With low interest rates and more people moving into the Greater Toronto Area, home buyers at virtually all price points are kicking the tires once again. If you are interested to purchase a home, I suggest that you begin to have a discussion with a lender. I'll be happy to facilitate an introduction with a lender.
I am ready to help you with all of your real estate needs .Contact me today at 416-949-1684 or visit me at http://www.stevemoranhomes.com.
Have a great day!