Toronto condo market showing great signs of comeback and higher sales in September 2013
Toronto’s real estate market continues to confuse the people trying to predict what it will do next. The rebound in sales in the first half of September was even more eye-popping than the jump in August. The Toronto Real Estate Board reported this week that sales increased 29 % in the first 14 days of September, 2013. What’s more, the already large condo apartment market led the way.
Over all, new listings slipped 2 per cent while prices rose by 4 per cent on an annual basis.
Toronto Real Estate Board’s senior manager of market analysis, says, “the only argument that makes sense is for continued home price growth in the Greater Toronto Area for the remainder of 2013.”
All segments of the market had a bump, but sales of the condo apartment market in the Toronto core increased by a whopping 42.6 %.
The market during last August and September was in terminal decline that it’s easy to look good in comparison.
Sales in cities across Canada were no doubt juiced by potential buyers who were jumping in with their pre-approved mortgages before rates move higher.
No one predicted a big mid-year bounce in home sales at the start of 2013 and in fact most media reports forecasted a considerable decline in prices, which all proved totally wrong. While the sales figures have been up and down like a yo-yo over the past year, prices just keep quietly churning ahead.