Fall has arrived!
The August market is up 8.5% in the number of transactions from August 2017.
Average pricing and the Home Price Composite Index are both up from 2017 - 4.7% and 1.5% from August 2017. Month over month average selling price was down 0.2% on the back of the last 3 rising months. Average cost of detached home in August 2018 was $977,187 and across all home types was $765,270.
Overall the market is still a seller's market with limited inventory throughout most GTA markets. There was no interest rate hike on September 5th which also helped the market along.
The market sentiment is definitely positive and both buyers and sellers are active in the market, with more buyers coming back into the market and still restrained selling inventory.
The rental market continues to defy gravity with prices rising and a shortage of rental units. Competition is fierce and for those with poor credit, employment issues or non-resident status, a professional is definitely required to navigate the nuances and competition and win tenants a home in this market. Average lease price for 1 bedroom is $2250 and average lease price for 2 bedroom is over $2800.
Foodie Tip: Cumbraes has the best meat in the city. Period. Welcoming atmosphere and the best quality meats! Must try is the aged Tomahawk chop! They also serve salad and sandwiches for the lunch crowd and for those driving in and worried about parking, call in and they'll run your order out to your car for VIP service. 3 areas to serve you: 714 Queen St. W. or 1591 Bayview Ave. or 26 King St W (in Dundas, Ontario).