The Toronto residential resale market is coming back! Yes, the market is showing steady sustainable improvement in spite of negative press and two quarter-point mortgage rate increases.

In October, the selling price for Toronto homes averaged $818,201. This equates to 1% more than last month and 6.3 percent higher than September 2016. This is a good sign and the first step to the market’s return to normalcy.

Here’s a summary of the current state-of-the-market:

• The market is strong and stable.
• Buyers are back and many find themselves competing again.
• Condos are moving quickly at record prices, 21% more than a year ago. Average sales price for Toronto’s central core is an eye-popping $620,000!!
• Will the looming “stress test” impact the market? We think so, but it could be a small speed bump in the housing demand.

As the resale market approaches year-end, buyers and sellers should be thrilled with the market’s transformation since April. We have an increase in inventory for buyers, and steady, but sustainable price increases for sellers. On our way to a balanced market? Perhaps. We’ll have to wait until January to see how this looming “stress test” plays out. It could act as a further control on exuberant increases in home prices. Time will tell.

If you’re thinking about selling or buying, bear one thing in mind: your circumstances are unique. While I can share industry averages and figures with you, the reality is that everyone has different expectations for selling or buying. The best way to prepare yourself to enter the market is to speak with a professional who knows the GTA. If you’ve got questions, reach out to me today: 416.566.7730 or susanbandler@chestnutpark.com.

I’m happy to help you determine the best strategy for a successful move in this market.

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