GTA House Prices Will Keep Rising: Report

According to a new report released by a real estate agency on Wednesday, house prices in the GTA will not come down any time soon.

The report indicated that the overall price of a home increased by 10.2% to $656,365 during the first quarter of the year.

The real estate agency president and CEO stated that the prices of homes will not drop this year and is unlikely to occur during the spring of 2017. He said that he does not see any changes in interest rate during the spring of next year.

He added that the prices of homes will continue to go up as the economy in the Greater Toronto region is one of the strongest in the country.

The report forecasts the overall price of a home in the Greater Toronto Area will increase by nearly 15% to $718,000 by the end of this year. A 8.4 per cent increase in price was seen for homes located in the City of Toronto during the second quarter of the year in comparison to last year.

The national average home price jumped 9.2 per cent during the second quarter in comparison to last year. This is the largest year-over-year gain in five years.

According to the report, the average Canadian home price will climb 12.4 per cent during the second half of the year.

Reference:

Toronto Sun

http://www.torontosun.com/…/gta-house-prices-will-keep-risi…