It’s a strong, active real estate market, and the Toronto Real Estate Board’s prediction of a 10% increase in both number and sales seems to be holding up as TREB members reported 4,581 home sales in January 2020 – up by 15.4 % compared to January 2019. The average selling price in January was up by 12.3 %, driven by the detached and condominium apartment segments in the City of Toronto.
The average price for the whole Toronto Real Estate Board now stands at $839,363.
While the price increases may seem daunting to some, it’s a matter of area. Affordable homes are still available, it’s a question of flexibility of location. Durham Region areas such as, Ajax, Brock, Oshawa and Simcoe County areas like Essa and Innisfil are just a few of the examples where great homes are available in the $500-$600,000 price range. Areas such as Barrie, offer great ownership opportunities as well.
The key factor which we have seen over the last 15 years, is to get into the market as soon as you can. This gives you a hedge over rising house prices, so that when your circumstances change, you can get closer to the areas you would like to be in. Perhaps it’s not ideal, but it is a great strategy that will help you get a great house now, enjoying the benefits of home ownership, and help you get closer to the area you want in the future.
The market continues to be strong. Higher demand, lack of available rental units, low inventory of properties available for sale make it a great time to invest in real estate.
If you are looking to upgrade your home or buy an investment property or are helping your kids with their first purchase, give me a call and let me put my expertise to work for you.
As always, I’ll be happy to answer any of your questions. After all, you do have a friend in Real Estate!
Have a great February!