Stomp Realty Weighs In On Record Annual Home Sales in Toronto

Stomp Realty, a full service boutique-style real estate brokerage, discusses Toronto’s record-setting real estate sales in the month of November.

Toronto, Canada – December 11, 2015 /MarketersMedia/ —

Stomp Realty (www.StompRealty.com), a full service boutique-style realty brokerage, is weighing in on news that Toronto has set a new record for annual home sales.

November was the tipping point for Toronto home sales with well over 7,000 homes (classified as condos or stand-alone houses) sold. This number increased by 14% from the same time last year, setting a new record for Toronto. November also saw the average price for a home jump about 10% to $632,685. The previous sales record for homes sold in a single year in Toronto happened back in 2007 when 93,193 homes were sold. So far this year, over 96,400 homes have been sold, and there’s still a month of sales to go. (Source: Pigg, S., “GTA sets new annual home sales record – in November,” thestar.com, December 3, 2015; http://www.thestar.com/business/2015/12/03/gta-sets-new-annual-home-sales-record-in-november.html.)

“I don’t think anyone working in the Toronto real estate market is surprised by these figures,” says Erica Smith, Broker of Record at Stomp Realty. “The market in this city has been surging for a while now. I think people almost expect these kinds of numbers and, as realtors, we just need to keep looking for ways to find the right homes for our clients.”

The supply of homes in Toronto hasn’t been able to meet demand, which is causing listings to go up in value. Again, this is shown through November’s sales figures. Although record sales figures were generated throughout last month, the number of active listings was actually down nearly 9% from last November.

“It all comes down to what the homeowners or potential homeowners want to do,” Smith continues. “Whether they want a house or a condo, if they want to lease or buy, whether they want to live in the downtown core or not are things that need to be considered in order to make the best decision.”

Average prices for condos have increased 5.4% to $415,316. Semi-detached homes are the most popular purchases, prices for which have gone up 11.8% to $750,608 for units in Toronto proper (the “416” region). These prices are significantly different when looking at suburban homes. For condos in the “905” region, average costs are approximately $315,322. For semi-detached homes in the suburbs, the average price is set at $504,928.

“This generation typically prefers to live in the city. They like the lifestyle that Toronto has to offer,” Smith points out. “But that lifestyle comes at a premium, and you have to come to terms with that if you want a home in the city.”

The average cost of townhouses in the GTA jumped over 14% reaching nearly $550,000 while single, detached homes are still over the million dollar range. Sales for these increased by only 0.7%, most likely due to the fact that they are increasingly expensive and low in supply.

As an established real estate brokerage, Stomp Realty Inc. helps Toronto residents who are looking to buy or sell homes as well as those who are looking to lease. For more information, visit their website at www.StompRealty.com.

For more information about us, please visit http://www.stomprealty.com/

Contact Info:
Name: Erica Mary Smith, Broker of Record and Co-Founder of Stomp Realty Inc., Brokerage
Organization: Stomp Realty Inc., Brokerage
Address: 163 Sterling Road, Unit #10 Toronto, ON M6K 2B2
Phone: 416-366-3033

Source: http://marketersmedia.com/stomp-realty-weighs-in-on-record-annual-home-sales-in-toronto/98819

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