Toronto is going through a real estate boom!
Bidding wars are still very much a reality for many home buyers across the GTA, especially in regards to the house market. The condo high-rise housing sector got chilled last year due to the surge of new condos, however the housing market seems to be booming.
Finance minister Jim Flaherty has been tightening the mortgage lending rules in order to calm the real estate market in recent years, making the rules and requirements to attain a mortgage a bit more demanding.
Although home sales were down 11.5 per cent and listings up slightly as of mid March over a year earlier, unrelenting competition among buyers for too few properties for sale — especially in the City of Toronto — saw prices jump six per cent across the GTA, according to the Toronto Real Estate Board.
Semi-detached homes sold for an average $622,044 in the City of Toronto in mid-March, up a whopping 12.2 per cent from a year earlier (they were up just 2.9 per cent in the 905 regions to $398,328.)
Detached homes climbed by 7.2 per cent to an average $909,910 in Toronto, outpaced slightly in the 905 regions were a 7.7 per cent climb saw average prices hit $603,797.
Townhouses in the 416 region climbed by 8.2 per cent in mid March year over year to $447,460, compared to an almost seven per cent increase in the 905 regions to an average $375,420.
Even the condo has seen a price growth of 1.9% in Toronto.
Areas like Roncesvalles Village and Leslieville are seeing a supply/demand imbalance, as semi-detached homes between $500k-$700k are in demand.
“The good thing is, this will weed out a lot of the realtors who’ll just say, ‘It’s too hard right now to be an agent.’ This is when the good ones will stick out.”
Lets hope that this trend keeps going!