Greater Toronto Area Real Estate Market Update
Tuesday May 21st, 2019
Excited to Share:
We would like to announce our new referral program! For referring any deal that becomes funded the Ramani Real Estate team will donate 5% of our gross commission to help those who need it the most. This year we have a goal to donate $15,000 to Covenant House who help homeless youth and those in crisis in the Greater Toronto Area. As of April 30th, we have been able to donate $2,500! Your referrals really do have a positive impact in changing lives.
Toronto Real Estate Market Showing Signs of Life
After a long, slow winter, the real estate market in Toronto is showing signs of life. Demand is back in the double-digit category once again. In fact, the month of April saw a price increase of nearly 17 percent over the previous month. In April, more than nine thousand homes sold, and this stirred the interest of many people watching the market, including the experts. In fact, so far, 2019 has seen a two percent overall price increase, which is a good sign of recovery from 2018.
Why the big increase? Many people put off buying properties because loans were harder to get, and they were waiting for things to change. Now they may be ready to look at houses, and the old “supply and demand” rule is in place. Higher demand equals higher prices.
Detached Houses in Heavy Demand
Sales rose by 22% and the average Toronto home sold for 820 thousand dollars and specifically, the average home sale price for a detached home was just over 1.3 million. This is not a big surprise as the detached housing market in Toronto has a history of strong sales.
Condos in the Lead
Most of GTA price increase growth comes from the condo market, which has done very well for the past two decades (except for 2008). April prices were five percent higher than March, and condo sales were up by six percent.
Vancouver in Trouble
For years, Vancouver housing performed very well and garnered attention from real estate market followers all over the planet. However, its price drops represent a major decline in the market. March prices were lower than April and in the double-digit category. Foreign investors are looking outside of Vancouver for real estate, and this spells trouble for the future.
Affordable Housing in London, Ontario
You can buy a house in London for about half the price of a Toronto home. Because it is only two hours from London to Toronto (and the job market is good), many home shoppers are looking into properties located in London. The average selling price is 400 thousand, and this is a good reason for the ten percent price increase in April. There have also been a lot of developments in parts of London.
Summing it Up
The Toronto real estate market is looking good. Things in Vancouver are not so good and may be down for some time. London, ON has affordable housing if you are willing to relocate.
Whether buying or selling a home in the GTA, Ramani Real Estate – Guaranteed Results for Both Sellers and Buyers, is here to serve all your real estate needs. Click this link or call 416-890-3226 to learn more about our unique guaranteed services.
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