Toronto Home Listings Surge 62% Over Last Year

toronto real estate agent

It seems that Toronto home owners are cashing in on Toronto’s hot real estate market. During the first two weeks of April, new listings (detached, semi-detached and townhouses) on the Toronto real estate market have surged 62% – compared to April of last year. A total of 3,845 new properties came on the market during the first week of April, up from 2,371 in 2016.  

New listings aren’t the only thing climbing in the real estate market.  In March 2017, the average prices for houses in the greater Toronto area shown in increase of 33% when the average price reached just over $900K from $695K over the last year.  

Real estate experts can speculate that low Interest rates and foreign buyers may all be contributing factor to the surge in prices. From 2015 to 2016, approximately 120,000 new immigrants settled in Ontario and since Toronto is a magnet for Canadians and for visitors from other countries, the majority of newcomers choose to settle in Toronto.  In addition to the swell of newcomers, interests rates are near record lows, making mortgages more desirable to potential buyers.  Both these factors play a significant role in the recent surge.

If you’re looking to buy or sell a home in Toronto, contact Elli Davis, the top Realtor in the Toronto area. Elli Davis will get you exclusive information on Toronto real estate listings and keep on top of properties that were just listed on MLS.  Learn more about buying real estate in Toronto today.

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