In spite of forecasts predicting falling prices for 2013, home values continue to rise throughout the GTA. Rockwood Village is actually outpacing the market with an overall increase in value in excess of 8% in year to date sales versus the same period in 2012. The average increase in the GTA was 5.4%. While the number of sales is only slightly higher than last year, the number of sales continue to be strong.
The average sale price for a 4
bedroom home rose from $650,500 in 2012 to $720,500 in 2013. The most amazing part of this new benchmark is that 22% of these sales were over $800,000. Town homes posted similar increases. The average selling price of a townhouse was $401,000 driven by the availability of more 3 storey units this year.
Unlike last year, we are not hearing predictions of gloom in the market, however, mortgage rates have been increasing steadily and government restrictions on lenders is having an impact on affordability.