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2016 September Housing Stats & New Mortgage Rules


Blog by Brittany Poole | October 12th, 2016


· Historically, low interest rates combined with an ongoing lack of inventory insufficient to meet buyer demand continue to be considerable forces acting on the re-sale market in the GTA.

· The Toronto Real Estate Board (TREB) has reported for September 2016 that GTA home sales were up 21.5% and the average selling price was up 20.4% to $755,755 as compared to one year ago in September 2015.

· Although detached and semi-detached sales were down in the city of Toronto compared to last year, TREB attributes this to the ongoing shortage of listings across the area.

· TREB will be closely monitoring how the recent changes to Federal mortgage lending guidelines and capital gains tax exemption rules impact the housing market in the GTA.

September 2016 MLS sales activity:

NEIGHBORHOOD

# OF PROPERTIES SOLD

SOLD PRICE RANGE

TYPE OF PROPERTY

Lawrence Park South

12

$1,675,000 - $5,250,000

12 detached

Lytton Park

7

$1,252,000 - $3,401,000

7 detached

Leaside

20

$1,003,000 - $2,400,000

13 detached

6 semi-detached

1 multiplex


To learn more about the recent changes to Canadian mortgage rules, we encourage you to read this handout resource provided by Hanley Mortgage Group, a Chestnut Park mortgage affiliate.