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In the Greater Toronto Area, home prices continue to rise, despite the efforts of the government to cool the market. In September 2013, sales of Toronto homes increased by nearly 30 percent over the previous year. Prices also rose by 6.5 percent since 2012.
For homes and condominiums in Toronto, the average sale price was nearly $534,000. For detached homes in Toronto, prices are even higher. As of the end of September, the average sale price for a detached home is more than $804,000. For many buyers, these prices may be nearly out of reach.
Despite the tighter lending regulations promoted by Ottawa, the housing market continues to surge. As of the end of September 2013, nearly 69,000 houses and condos have been sold in and around Toronto. This just one percent off the previous year's pace.
Sales of condos have also surged. They are up nearly 29 percent over 2012, with sales in the City of Toronto up 31 percent. The surrounding areas have seen a slightly smaller increase, with sales rising 22 percent.
A good deal of the demand for homes may be the result of a rise in fixed interest rates that happened in the spring of 2013. Since buyers do not want to see their rates increase significantly, they are trying to make sure that they complete a purchase before their 90-day or 120-day rates expire.
Since the spring weather was cold and damp, this may also have put a blanket on home sales. As the weather has improved, sales of Toronto homes have increased as well. Since the weather is expected to be pleasant well into fall, the surge in home sales may well continue through the end of the year.
Since the sale price of detached homes continues to rise, condos are becoming a more attractive alternative for many families. The average sale price of a detached home has risen by nearly $50,000 annually for the last few years, and this rise shows no signs of slowing.
Since many families simply cannot afford these prices, this means that they will turn to condos as an affordable alternative. However, this will of course increase the demand for condos, which will cause an increase in their prices.
There seem to be few signs at the moment that the market for Toronto homes and condos will slow down at any time in the near future.
One thing is for sure; we all know that we need a roof over our head. In most people’s case they end up having to pay either Rent for this roof or a Mortgage payment, unless of course you have a rich family that can offer you FREE or Reduced Rent. The point is, we ALL have to pay for a roof over our heads.
Toronto Homes have always been considered a Long-Term Investment