Market Update for October

Soaring Sales Strike Again

Not only did homes sell thirteen days faster than last year in the month of
September, the yield in average sold pricing was 6 per cent higher than last
year at 105 per cent above listing price.
There were 129 Sales for the month of all home types which is 49 more than in 2015 and 210 homes were placed for sale which is an increase of 75.  Less homes remained available for purchase leading into October compared to the prior year as the strong Sellers market story continues.
The total real estate spend in Aurora in September was $135 942 910; up by almost $60 Million.  When you examine all home types which had an average price of $1,053,821 or a Median Price of $938,000 both areas grew by greater than a $230 000 rise in value.

With announcements from the Federal government revealing tighter lending
guidelines for purchasers requiring mortgage insurance effective October
17th, 2016 the question is will this Sellers market continue or taper out.
The focus will be placed on affordability risk assessment versus discouraging all Buyers from acting on purchasing real estate.

It’s crucial to plan a face to face discussion with you lender and your
REALTOR® of choice to create and customize your strategy for acquiring or
Selling your next home to understand how the changes proposed may or may not
affect your next investment move.

-written by Connie Power

Connie Power is a Real Estate Sales
Representative SRS® Sellers Real Estate
Specialist ABR® Accredited Buyers
Representative SRES® Seniors Real Estate
Specialist with RE/MAX Hallmark York
Group Realty Ltd., Brokerage serving York
region and beyond.  EmPOWERing YOU in
Real ESTATE!

*Statistics were provided by the MLS®
Regional Housing Market Tables Report
York Region, Aurora September 2015, 2016

**Not intended to solicit those currently
under a real estate contract