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GTA real estate market analysis December 2013

Every month our company carries out the research of Toronto housing market. This information is extremely important for us because we should understand the current situation. Our research will be useful for those, who are going to buy a house in Toronto. This report shows the latest tendencies. So what has happened for the past months.

The number of new houses which were sold in October 2013 was about 8000. If we compare this number with October 2012 we will find about that the number of sold house has increased for about 20% (about 6700 sold houses in October 2012). And this just shows the tendency which was in 2013. People are buying more and more houses in 2013. As we see the demand for new property was very high and as a result the average price for the house has increased from $502,127 in October 2012 to $539,058 in October 2013. Of course most of the real estate agents predicted the growth of the prices by about 3% by the end of the year. Although the average prices for property were low in 2013. But they did not expect it to grow so fast. Of course for the past 2 month the number of sales is rising after the fall in August and September when people did not buy as many houses. But we do not expect the boom of sales at the end of the year. The maximum number of sold houses was in April and May.

We would like to predict the growth or fall of prices in 2014 because the situation in housing market is not stable now. We should see the latest trends in mortgage rates. The economists say that it will remain the same about 3,25% in 2014. If it will be so we can expect that the number of sold houses will definitely increase by 10-12%. In this case investing in Toronto real estate will be profitable in 2014. But the future will show. We wish everyone Merry Christmas and buy a new house in 2014.

This article is written by Julia Repkina with assistance of Dolores Frank from Prepareforcanada.com providing information on Canadian housing market trends.


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