With around 100,000 people moving to the GTA each year, the growth of Toronto’s real estate market continues to rise. The combination of low inventories and buyer demand has caused homes to sell at a very fast rate.
In September of 2016, semi-detached homes in Toronto’s eastern district sold the quickest at an average of 8 days on the market, compared to detached homes which sold at an average of 11 days. These rates of sale are a record high in the Toronto resale marketplace.
What this means for home seller’s is that they can expect their house to sell quickly and at, or above, asking price. On the flip side, home buyers will need to keep a close watch on the market and be ready to make an offer if something catches their eye. Hiring an experienced Realtor will save a lot of time and effort in the home buying process.