Canadalend.com, the leading low-cost, private mortgage solution provider in the country, reacts to Toronto’s robust January real estate data and says it points to an early start to the traditionally strong spring housing market.
“The housing market in Toronto, and surrounding areas, continues to post strong growth in January—a sign that the momentum of a record 2015 is carrying into the new year,” says Bob Aggarwal, president of Canadalend.com. “Sales in the Greater Toronto Area [GTA] increased 8.2% year over year in January to 4,672. The average prices for all homes were up by 14.1% at $631,092.” (Source: “GTA Realtors Release Monthly Resale Housing Figures,” Toronto Real Estate Board, February 3, 2016; http://www.trebhome.com/market_news/release_market_updates/news2016/nr_market_watch_0116.htm.)
While Toronto’s housing market remains strong, the numbers coming out of the surrounding areas is even more impressive. In Toronto, sales for detached houses increased 11.6% to $1.06 million. But in the 905 area, sales for detached homes soared 20.9% to $783,565. Price gains for semi-detached houses and townhouses were also greater in the 905 area, at 12.8% and 12.0% respectively. Only condos showed increased growth in the 416 area in January, at 3.1%.
“Robust sales and price appreciation continues to show that first-time homebuyers see home ownership as an affordable, smart, long-term investment,” Aggarwal adds. “On top of that, the January housing data is an encouraging sign as we get closer to the traditionally strong spring real estate season in the GTA, especially with interest rates near record lows.”
“In fact, thanks to low interest rates and strong demand, the real estate market in the GTA could break 2015’s record numbers,” Aggarwal concludes.
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 assistance addressing financing concerns.