Read all about the real estate market in Toronto this August
August Real Estate Market Report | Toronto
As we enter the traditional fall market, the big story in Toronto is inventory shortage. At the end of August there were only 9,949 residential properties available to buyers, a number only slightly higher than the 9,813 properties reported sold in August. This is a historic low. For the past few years it was the historically low interest rates that were having the greatest effect on the re-sale market in the greater Toronto area. The inventory shortage has now been added to that mix. The information contained in this report is driven by these two factors: a lack of inventory and cheap borrowing. In August there were 9,813 reported sales of residential properties. This represents an eye-opening increase of 23.5 percent compared to the 7,943 reported sales last year. There was a time when sales slowed in July and August, the traditional summer vacation months. That is obviously no longer the case. The dramatic rise of monthly sales, especially in 2016, has reduced the available inventory of properties for s...
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