Locally (in Durham Region) sales are down, a lack of inventory and cold weather is slowing sales and buyer activity. But once better weather arrives, supply will likely increase, creating balance.
Today an article by Michael Babad in The Globe and Mail reports that Toronto
home sales edged down in January, but prices surged, again throwing up red
flags.
Sales fell 2.2 per cent from a year earlier to 4,135 as new listings fell 16.6 per cent, the Toronto Real Estate Board said Wednesday.
The average selling price, in turn, surged more than 9 per cent to $526,528. The so-called benchmark price climbed 7.1 per cent from a year earlier.
“Looking forward, it is possible that strong price growth, and therefore an increase in home equity, will act as a trigger for more households to list their homes for sale,” said the group’s president, Dianne Usher, projecting price increases again this year.
“This is especially the case for households whose lifestyles are changing, including those with an expanding family looking for a larger home or empty nesters looking to downsize,” she said in the group’s monthly report.
Read the full article HERE!
To learn more about local market conditions, or insight into
prices for real estate in Whitby, Brooklin, Ajax, Pickering, Oshawa, Courtice
and Bowmanville, please contact me and/or visit my website.
Sales Representative
Re/Max Rouge River Realty Ltd., Brokerage
905-668-1800 or 905-427-1400
randy@randymiller.ca
www.randymiller.ca
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