Toronto, Canada, October 8, 2015 – Canadalend.com , the leading low-cost, private mortgage solution provider in the country, is reacting to September resale housing figures in the Greater Toronto Area.
According to data from the Toronto Real Estate Board, home sales and prices across the Toronto region remain very strong. Sales hit a September record, up 2.5% year-over-year at 8,200, while sales through the first nine months of 2015 increased 9.5% year-over-year to a record 80,331. (Source: “GTA Realtors Release Monthly Resale Housing Figures,” Toronto Real Estate Board web site, October 5, 2015; http://www.torontorealestateboard.com/market_news/release_market_updates/news2015/nr_market_watch_0915.htm.)
“The GTA continues to be one of the hot spots in Canada and is on track for record homes sales in 2015, with total transactions expected to broach the 100,000 mark,” says Bob Aggarwal, President of Canadalend.com. “In Toronto, a detached home is going for almost $1.1 million while one in the surrounding area is at $732,852. The brisk sales and consistently rising prices are testaments to the long-term value property buyers put on home ownership in the GTA.”
The average selling price for all home types in Toronto (the 416 area) was up 7.8% at $674,922. For the rest of the GTA (the 905 area), prices were up 10.1% at $597,947. The average selling price for all home types combined was up by 9.2% annually at $627,395.
“It is expected that strong price growth will continue in 2015 and into 2016 and that the GTA resale market is to remain extremely competitive, especially in light of continued low interest rates,” Aggarwal adds. “At the same time, a stronger economy could also result in higher rates of variable rate loans and mortgages in 2016.”
Canadalend.com is one of the largest, most trusted private mortgage brokers in Canada, with skilled independent, licensed professionals helping Canadians coast-to-coast. Canadalend.com provides its clients with residential and commercial mortgages, home equity credit, debt consolidation, and addressing financing concerns. To learn more about Canadalend.com, visit the web site atwww.Canadalend.com .