The last 5 months have been unprecedented in the GTA real estate market. A sharp spike in pricing (not really rooted in any logical past sales) has led to all levels of government to seriously look at implementing “cooling measures”. Over the last 15-20 years the market has been increasing at roughly 5-8% annually. We are now seeing a 28%- 33% price increase year over year. The average price of a Toronto (416) detached home is now just under $1.6 million. This type of market activity is truly concerning. Sales volumes also increased by 18% vs same time last year.
We FINALLY moved in last Thursday evening for our first sleep in the home. It was 2 years ago that we moved out of our old home and 1 year and 8 months since construction began. It’s also worth mentioning that their was about 8 months of pre-construction planning that went into the whole endeavour.
The market has literally been going nuts! I have been involved in 4 offer presentations in the last 2 weeks and in each case the homes have sold for 120k-350k more than what I considered to be market value based on recent comparable sales. Each sale attracted at least 20 competing offers! This is uncharted territory.
Good morning everyone and hope you are having a great start to 2017. This communication has a lot of interesting news and views of the year just past and the year ahead in terms of real estate. The real estate market has not taken a break and 2017 is poised to be another frenzied year….
Good morning to all my wonderful friends and family. Firstly I want to wish everyone a wonderful, Merry Christmas and Holiday season. I hope that everyone is excited and looking forward to the new year – may 2017 be an amazing year for you all!
Good morning to all, Once again I am guilty of falling (way) behind on my weekly communications. It has been a trying few months between home construction, business and family obligations. We are finally able to see the light at the end of the tunnel in terms of moving back into our home. See construction…
Where has the summer gone? My communications have been more sporadic than I’d like. It has been tricky/difficult to stay on top of them. Thank you to all of you who keep asking for them. This is a glorious weekend to say goodbye (unofficially) to summer. The kids are excited (scared, nervous, sick) at the…
Property Listing coming soon! I absolutely love this home. Please reach out to me if you want more info on this property! Here is the teaser: 10 minutes to Roncesvalles, NO joke Country in the city – Surrounded by mature trees and greenery, LARGE LOT 67 feet x 148 Feet, Move in Ready 3 bedroom bungalow, 2 bedroom basement Apartment, 1 Bedroom Apartment in the rear, Super Nice curb appeal and Gorgeous Back Yard!
The GTA market has been on fire! In the last 2 months we have seen both record sale prices and record low inventory ratios. This combination has meant super speedy sales in all sectors. As free hold properties become even more elusive, buyers are starting to turn to larger apartments as an alternate. Developers are also beginning to shift their focus somewhat by designing a larger number of 2 bedroom and even 3 bedroom units. Over the last 20 years the trend has been to design and squeeze out as many apartments as possible to maximize profit.