REAL ESTATE MARKET UPDATE FEBRUARY 2017
With the sale of 5,188 homes, January 2017 became the most active January in the history of the Toronto real estate board, just outselling January 2007’s 5,175 sales and January 2008’s 5,075 sales.
It’s no surprise that the annual rates of sales growth were higher for condominium apartments than for low-rise home types. As prices continue to increase and first time buyers (estimated to account for half of the sales) can no longer afford low rise type homes, it’s natural that they turn to condominiums as well as those communities outside of Toronto where prices are more reasonable. We have already seen and will continue to see price increases in those “bedroom communities” an hour outside of Toronto.
The big challenge continues to be low inventory. The demand is so strong that homes are snapped up as they hit the market. Unfortunately, there does not appear to be an end in sight to this trend.
A strong economy, large immigration, international investors and job seekers from other provinces all put pressure on the real estate market, and that means prices will continue to increase.
It truly is a difficult market for buyers as they scramble to buy something affordable as prices continue to escalate. More than ever before, it’s critical to have a full time, experienced professional looking after your real estate needs. With every house experiencing multiple offers and bidding wars, it’s simply not enough to just throw in an offer. There is a lot more that goes into looking after the best needs of your client, proper research and consultation to know what price to offer in a constant changing market. That is where my expertise comes in.
Give me a call if you are considering purchasing or know of a friend who is, and I will put my experience and expertise to work for you.
Have a great February!