Welcome to my first ever blog post! I’m excited to share my real estate experiences and expertise with everyone. First and foremost, I just want to reiterate that you can contact me anytime at 416.555.5555 for any type of questions or concerns.
Let’s get to it!
The question that I get frequently is, “will the real estate industry slow down or crash?”
My take on that question is to address the facts and learn as much as possible and then answer the question from that position of knowledge. Firstly, let’s have a look at some statistics from the TREB Market Watch Report.
Top facts from the TREB Market Watch Report for February 2016:
- Average Condo Price
- City of Toronto: $435,579
- GTA: $403,392
- Average Detached Home Price
- City of Toronto: $1,211,459
- GTA: $909,761
- Average Semi – Detached Home Price
- City of Toronto: $848,835
- GTA: $638,106
- Average Townhouse Price
- City of Toronto: $578,667
- GTA: $512,739
In 2016, the GTA broke real estate records yet again. In the simplest of economics, the demand of the market exceeds the supply greatly. Increasing GTA population, investment properties, foreign investment and limited accessibility to the GTA are several reasons for the continued rise in the market. The current market is not being pushed mainly by speculative purchases, but rather needs from the population and foreign investors. One might suggest that unsold condos in the city dispute that fact, but instead it can be recognized that even the supply of unsold condos in Toronto is steadily shrinking (Canada Mortgage and Housing Corporation).