11 February 2017 ~ 0 Comments

Spring has come early and sellers are doing very well!

The Toronto real estate market is on fire as of late, and properties that have come early to the market are reaping very big rewards!

Detached homes continue to be in very high demand everywhere, and semi-detached and townhomes in the trendier parts of Toronto, multiple offers are the norm and will continue to be so for a long time to come.

Rental demand along with buyers who are switching their focus from the house market to a condo, has translated into multiple offers on many condos as well.

So when will this hectic pace end many buyers are wondering? Not anytime soon.

Supply is near all times low on the house side of things and with demand far exceeding new listings that are coming to market, it will continue to be a battle to buy. Battles can be won, you just need to be prepared properly, and act swiftly and confidently when the right opportunity presents itself.

Rental demand and costs to rent are rising as well, so this can weigh in on housing availability.

In 2016 there were approximately 20,000 sales of detached, semi-detached and townhouses in the 416 area of Toronto. Add in about 21,000 condo sales (neither include all new construction sales figures).

When you look at this on a monthly basis and take into consideration how many neighbourhoods this represents, you can see the picture clearer. Some neighbourhoods have a few dozen sales throughout the entire year in certain price points.

If these areas are seeing 10-15 offers per property consistently, then it may take a long time to get your purchase. This goes back to the being prepared for when the opportunity presents itself. Make sure you are.

Owning real estate in Toronto is truly a wonderful thing. Be it a house or condo where you will live, laugh and make lifetime memories, or that of an investment property which will help build your wealth. Even though it can seem like madness trying to get in or move up, in the end it is well worth it. Happy house hunting!

 

 

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