Toronto sales to pick up pace in Q3, report reveals

As per reports, home sales in and around the greater Toronto Area are likely to spike up significantly during 2016 Q3, regardless of visible declines witnessed during the last few months.

In this regard, Trimart Research Corporation recently released a report citing that low-rise sales in Toronto fell by 27.1 percent on a year-by-year basis and 38.5 percent month-by-month during July 2016. As per a report released by The New Home Buyers Network Blog, this rendered to 1,107 new Canadian low-rise sales for that month, The New Home Buyers Network Blog reported.

The Trimart report revealed that a dash of new home sales will be witnessed by the fall Q3 2016, in view of 30+ new openings as well as releases scheduled across Toronto for the fall season.

The Building Industry and Land Development Association (BILD) landed on to an identical observation in a report released on August 22, adding that new-home supplies in the region has dipped by 41 percent over the last 10 years or so, 17,213 today from 29,238 in 2006.

This shortage has resulted in average low-rise home prices in GTA skyrocketing by over $100,000 year-by-year in July, reigniting concerns that the market’s affordability state is bouncing out of control.

In addition, the BILD report highlighted that this disturbance in the low-rise home segment is synchronized with a rush in high-rises demands.

GTA apartments’ sales volume skyrocketed by 52% in July as opposed to the same period in 2015, whilst high-rise transactions, counting condos too, got up by 25% during the same phase.

“There is a stronger demand for larger units. I suspect that is young people again choosing to raise their family in condominiums or possibly empty nesters who are moving into the condominium market and selling their ground-related home,” revealed BILD CEO Brian Tuckey.

This is a clear indication that there has been a significant increase in the demand for bigger unit; as a result, more and more Canadians are selling our ground-related houses and eyeing the condominium market.