What’s driving the fall market? Two things… the lack of inventory and cheap borrowing costs.
The strong demand for ownership in Toronto remains the same due to our relatively strong regional economy and growth in average earnings. August brought no relief on the listings front – the number of new listings was down compared to 2015. Combine these indicators with low-cost borrowing, and the market is showing no signs of slowing.
As we head into September with only 1.4 months of inventory in the GTA, and 1.7 months of inventory in the City of Toronto (thanks to condominium apartments), market conditions will continue to challenge buyers. We can anticipate that prices will continue to rise and deals will close in a matter of days, if not hours. The competition for almost any available property, detached and semi-detached properties, will remain strong.
