With summer coming, here are three new trends to expect in the real estate market Toronto, according to the latest market watch reports.
Here are a few new trends to expect in the real estate market Toronto, according to the latest market reports:
1. Largest growth occurring in the areas surrounding GTA
According to the Bank of Canada’s newest Financial System Review, the Greater Toronto Area (GTA) is experiencing a 32% increase in house prices. This is relative to April 2016 price levels. Most notably, the price of condos in the GTA has significantly increased. In the first few months of the year the price of condos was almost on par with prices of single-family homes.
As prices have risen, homeowners are looking for more affordable housing just outside of the GTA. Consequently, home prices in the Greater Golden Horseshoe area have risen. As a result of this increase, the areas surrounding the GTA have experienced growth at a faster rate than areas within the GTA.
2. Price growth strong despite increase in listings
The May 2017 resale housing market figures revealed that despite active listings going up to 42.9% in May, price growth remains strong. Elli Davis and her team suggest in their latest Market Watch Report that the average selling price in May hit $863,910. This is a 14.9% increase compared to last year.
3. Summer home releases and openings
Lastly, as homeowners begin to take advantage of the strong price growth, we’re bound to see many new home releases and openings this summer.
With listings growing, it’s sure to be an exciting summer for the real estate market Toronto.
It seems that Toronto home owners are cashing in on Toronto’s hot real estate market. During the first two weeks of April, new listings (detached, semi-detached and townhouses) on the Toronto real estate market have surged 62% – compared to April of last year. A total of 3,845 new properties came on the market during the first week of April, up from 2,371 in 2016.
New listings aren’t the only thing climbing in the real estate market. In March 2017, the average prices for houses in the greater Toronto area shown in increase of 33% when the average price reached just over $900K from $695K over the last year.
Real estate experts can speculate that low Interest rates and foreign buyers may all be contributing factor to the surge in prices. From 2015 to 2016, approximately 120,000 new immigrants settled in Ontario and since Toronto is a magnet for Canadians and for visitors from other countries, the majority of newcomers choose to settle in Toronto. In addition to the swell of newcomers, interests rates are near record lows, making mortgages more desirable to potential buyers. Both these factors play a significant role in the recent surge.
If you’re looking to buy or sell a home in Toronto, contact Elli Davis, the top Realtor in the Toronto area. Elli Davis will get you exclusive information on Toronto real estate listings and keep on top of properties that were just listed on MLS. Learn more about buying real estate in Toronto today.