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