Demand for existing homes in 2007 reached record levels in the Greater Toronto Area (GTA). Existing home sales exceeded previous records and ended the year at 95,164 – an increase of almost 11 per cent over 2006. A resurgence in first-time buyer activity was a key factor leading to the jump in sales.
According to CMHC’s 2007 Renovation and Home Purchase Survey undertaken in the Spring, 60 per cent of people who had already purchased or were intending on purchasing a home last year were first-time buyers. These households were confident in their ability to purchase and pay for a home over the long-term, due to continued job and income growth, low mortgage rates and a greater diversity of mortgage products.
Similar to the new home market, condominium apartments accounted for a growing proportion of total existing home sales, with sales above the 20,000 mark for the first time. On average, existing condominium apartments have the lowest price point in the GTA, making this housing type a popular entry point into the ownership market for first-time buyers.
While resales jumped to a new record, new listings remained relatively flat. This meant that choice diminished and stronger seller’s market conditions resulted. Less choice translated into more aggressive offers on some homes, pushing the average price up seven per cent to $377,000.
This growth rate was well above the average of 4.8 per cent experienced in 2006. Condominium apartments led the way in terms of price growth, with the average price growing 10.6 per cent to $265,940 – further testament to the growing popularity of this housing type among first-time buyers.
Overall average prices.
So, if you are thinking of selling and buying a homes this year, should you buy or sell first? I've had many clients purchase before they sell. I just want you to have all the information so you can make the best decision for yourself and your family. You may read more about buying or selling first here
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