What does the future hold? Well, I certainly don’t know, mine nor yours. What does the future hold for Toronto real estate in 2017? I have a better idea there…
No need to recount the heat of the market, we all know, those of you buying who’ve missed out in bidding wars know all too well, including clients of mine though we won in the end!
Some of you might find this a bit dry but it’s the kind of information we like clients to be aware of, to seek out, to consider. Real estate can be emotional, in Toronto absolutely, it’s also a numbers game; as we say, knowledge is power, it can help with the emotional rollercoaster.
If you really want to dig in, if you’re feeling studious, take a look at the Royal LePage report providing insight into various markets across Canada—the last quarter of 2016 was particularly strong in Toronto, the GTA and the GTHA (Greater Toronto and Hamilton Area); we anticipate the same carrying into 2017.
In Toronto we’re seeing homes early in January selling 14%, 16%+ over asking. Condos in Toronto are expected to make a price leap too: with the desire to live downtown, the urban lifestyle, key of course is the greater affordability of condos and the new mortgage rules last fall impacted some Toronto buyer situations.
If a condo is on your radar:
—last fall there was a 22% increase in condo sales
—prices up 10% over the previous year
—80% of pre-construction condos across the GTA were pre-sold by the end of the third quarter last fall.
I made the downtown condo move myself in 2016—I love it, absolutely, whole heartedly, 100%, can’t say enough about it.
If you aren’t married to Toronto, if a detached home is what you’re after and Toronto’s $1.3mil average price is out of reach (up a staggering 25+% year over year) you’re likely already aware of the shift to Hamilton. Prices, on average, rose 14.5% last year, with that price standing at $445,000 you can see the appeal and with the increase continuing apace you can see the appreciation too (if it’s a consideration, I have a trusted partner in Hamilton, just ask)
What’s in store for 2017? Selling? You’re in a great position. And with an attentive, dedicated realtor, strong marketing, an even better great position 🙂
Buying? You need to be ready. Have your financing in place, know your non-negotiables i.e. your must-haves in a home or condo and find a realtor you’re comfortable with, who knows the areas, one who really wants to support you in your home buy—that relationship can be key.