With low interest rates, and a somewhat limited inventory of resale homes, the Toronto and GTA area resale home prices are expected to continue to rise approximately 2.5% year-over-year. While this is slighly below last years 3.65% baseline increase, we still see this as a strong indicator of strength of the local housing market.
In our core Unionville/Markham/Stoufville areas, we have begun to see an uptick in available inventory (resale homes available on the market), with reasonable price stability. Looking at the last month in this particular area, we see approximatley 268 closed sales, with an average sale price of 99% of list (minimum 92%, maximum 117%). The greatest volume area was Cornell with 35 sales.
With the active market, and top-dollar prices, we are expecting to see volume significantly rise during the balance of July heading into August.