<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=556351655249744&ev=PageView&noscript=1" /> Whats up for 2017 ? - Susan MacLeod
Susan MacLeod

Whats up for 2017 ?

19 January 2017
Susan MacLeod

Last year

 2016 was the second consecutive year for record home sales.

  The overall average selling price for a home in 2016 was $729,922, which was up 17.3 % from 2015. In the 416 area code, detached homes were up 23.7%, and condominiums up 16.6%.

What Does Toronto Real Estate Look Like for 2017

Read On....

  • There have been a few changes surrounding financing, but all signs show that the Toronto market will remain strong.  Interest rates continue to rise, the government continues to intervene, and yet Toronto continues to show its resilience.This is largely due to huge demand from buyers, and the lack of available listings.  A relatively strong regional economy, low unemployment, and very low borrowing costs have kept the demand for home ownership strong in the GTA  as the region's population continues to grow. 
  • The condo market continues its upward trend, as high prices push Buyers out of the housing market. Holding back and setting pre determined dates for bidding on condos have become the trend. In January 2015, only 5% of condos sold over asking in the ‘416’. This January, 45% of condos have sold over asking, and some sold within days. Also, high rents make purchasing condos for investment purposes very attractive.
  • Buyers are looking further outside the GTA. The areas surrounding central Toronto have slightly lower prices, and with that in mind, Mimico, Etobicoke, and Scarborough don’t seem so far away. Suddenly the ‘outskirts’ are starting to look more and more inviting
  • Townhouses continue to be in high demand.  I predict, that in 2017, they’ll increase in price faster than semi detached houses. In the last year they’ve increased 23.5% in value. Condo townhouses, often with lower prices than freehold properties, and street level access, are currently a hugely popular option.Luxury condos will continue to struggle to find their footing in Toronto, though an influx of international Buyers (both from the US and overseas) may save this market.
  • Detached house remains the most desirable property of all, especially if they have parking. These lucky homeowners cling to their detached properties, choosing to renovate rather than sell.
  •  The rental market is crazy! There is huge demand and rents are high. Renters are frustrated and often hire a real estate service rather than deal with the bidding wars, which are becoming increasing normal for central rentals. It’s becoming next to impossible to rent in downtown Toronto unless you’ve got a roommate or a big bag of cash.

Reading about Real Estate might sound confusing, complicated , or intimidating.  Sometimes it’s all those things. But it can also be exciting. I really enjoy being a Realtor, I aim to make it more clear, more interesting, more fun, and more beneficial to those buying or selling home. Please feel free to call if you have any questions, or if you’d like to talk.