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.
Selling your house or searching for your dream home can be a daunting task. Going it alone can be even more overwhelming – and quite frankly, very complex. When housing prices in Toronto and the Greater Toronto Area have skyrocketed exponentially, year after year; where can someone look when they’re looking for a home in a Toronto location, with specific features and upgrades? You start with a realtor with expertise using MLS listings and one that is a part of the community – from the local schools and parks, to the small shops and malls .
Having a real estate agent who knows the competitiveness of the real estate market is essential. Especially when realtors and brokers need to work with each other to ensure a successful transaction. Working with a Toronto realtor who has access to MLS listings is an advantage to find cooperative brokers who can help buy or sell a client’s’ homes.
Whether, it’s in Forest Hill, The Annex, Yorkville, Rosedale, High Park or Roncesvalles you can be assured Elli Davis knows her Central Toronto neighborhoods. If you’re interested in buying a home in Toronto or you’re looking to sell your home; you’ll be confident working with a professional Toronto realtor with over 25 years experience. She has access to the largest pool of properties for sale in the marketplace! Get in contact with Elli Davis today, your local real estate agent or REALTOR ® at Royal LePage.