Home prices rebound sharply after short slump - Can I call you today?
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Greater Toronto Area Report September 2017, Steve Moran, Remax
Average home prices climbed almost 6 per cent in the Greater Toronto Area in September compared to August, marking the first month-over-month price increase since the region's housing market began a steep sales slide in May.
The average selling price for all types of property sold in September was $775,546, up 2.6 per cent compared to September 2016.
Although buyers pushed prices higher, the number of homes sold was down 35 per cent over the same month last year. The decline in the number of homes sold is in line with similar drops in monthly sales volumes seen since June.
Condominiums remained resilient, with prices climbing 2.5 per cent in September compared to August and 23 per cent compared to September, 2016. The condo market has faced far less impact in the recent housing cooling as buyers continue to prefer the least-expensive housing category.
As we move through the fourth quarter, we could see some buyers moving off the sidelines, taking advantage of a better supplied marketplace and in advance of further interest rate increases or stricter mortgage rules.
Thanks for watching, I would be happy to help you with your real estate needs. I can be reached at 416-949-1684 or you can visit me at http://www.stevemoranhomes.com.