Tembo Financial February 26, 2016 No Comments

In the GTA, the sales of houses and condos over $1 million were up 56 per cent in the first half of this year over the same period last year. This means that Toronto has surpassed Canada’s big-ticket city, Vancouver, where houses and condo sales in that bracket were up only 48 per cent. This is mostly attributed to the immense increase in conventional detached, semi-detached houses and condominiums in the $1 million-plus price range. Caused by a combination of low interest rates, a demand that continues to outstrip supply, an escalating sense of urgency, a lower dollar, increasing foreign investment, and strong immigration, the demand for these luxury homes continues to grow in the GTA, year after year.

Furthermore, multiple bids are becoming increasingly more common on these higher end homes. Across the GTA, 47 per cent of $1 to $2 million homes sold over list price in the first half of 2015, up from 30 per cent in the same period of 2014. 35 per cent of $2 to $4 million homes and 18 per cent of $4 million-plus homes sold over list price, therefore doubling from the first half of 2014.

Are you selling your home and looking for quick access to your funds without having to wait until the closing day? Call Tembo Financial now! A unique non-traditional finance company located in Toronto, serving the GTA and Ontario! Receive your funds in as little as 48 hours with Tembo Financial – no appraisal or credit check.*

*Subject to qualification.

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