Hello....
The cooling fall weather definitely did not cool down a very heated real estate market. October was a bustling month where we saw inventory of available homes for sale in the Greater Toronto Area fall by over 55%. With continued limited inventory and strong demand, pressure on prices continue to rise, pushing October prices up almost 20% over the same period last year. The total number of sales fell again in October but only due to the sheer lack of availability, there is simply not enough homes for sale.
The resale condominium market has completely rebounded from where we saw it last year. The volume of sales are up over 28% with prices following, up over 13%.
There are many reasons behind the continued strength in our real estate market but a couple are: the rumours of interest rates rising, many buyers are anxious to purchase now to take advantage of what has been a low interest rate environment. Another reason is with limited inventory many would-be sellers are not selling as they cannot find something to buy, holding back what would be some much needed inventory. There are other factors that are playing a role in today's real estate market trends, please do not hesitate to contact me to discuss how to navigate them.
It has been great to connect with you, please never hesitate to reach out to me with all your real estate questions.
Cynthia
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