Monday, January 20, 2014

More competition and Price Increases in 2014

Fewer homes will be on the market; stronger multiple offer competition, Buyers prepared with letters of approval from their lenders or they will be left standing on the curb as an unrepresented buyer wondering what happened?  2014 will continue with price increases and competition for detached homes in Toronto that outpace the rate of inflation.

Detached Homes will have the best return as Millennials compete to remain in Toronto's City Center. Last year the Toronto Real Estate Board sold 87,000 units. That's over 85,000 in 2012. The average price of all types of Homes in Toronto was at $520 thousand. This is up a collective 9% year over year,  the average price of a detached house in the 416 is topping out at $864 thousand, and there are 5% fewer available for sale. This is going to cause 
more price increases, multiple offers and competition this year. The average price of a house in the 905 have moved itself to $627,000 dollars .

Many are opting to compete in the downtown Toronto core for rental properties,
There is currently a 1.4% vacancy factor in Toronto. People are downtown as families, not as expected as singles and retirees.

Seniors are staying in their homes longer by making them suitable to their long term occupancy. This adds to the lack of inventory that's available for sale.

Affordability is playing a huge factor in the housing market.

There is so much information available for you online. From Hood Data Reports by postal code, to finding out the house History with 

Verified Home Reports, to actually buying Condominium Insurance to guard against a Special Assessment.

You need someone to sift through all that data. Someone to help you interpret the numbers. If you have a sincere real estate challenge, a problem to deal with, give me a call. I've got 25 years of experience.
I available at 647 218 2414

Detached Vs Condo / Townhouse Prices

Affordability VS Income

Hood Data reports available by postal code