Amazing prices increases in Toronto's real estate market with detached homes leading the CHARGE at almost 955K as an inner city sale! Average Home Prices are close behind at $553K. This is an increase of 15.7% over just last year and a reduction of 8% in teh number of homes sold. Homes are purchased with the heart for family and needs. They are paid for with our wallets. Have the prices moved beyond reach?
Affordability
If we did not have CMHC backed financing, you would require a minimum of 20% down. Amortizations were available to 30 years and beyond. Investors never had the opportunity to have these cash flows on rentals. Toronto currently has a vacancy factor near 1.4%
Compare with 20 years ago
Rentals are subject to Landlord Tribunal control, except for properties built after Nov. 1991. You can raise the rent to what ever the market will bare.
Immigration
If one million people could come to Canada would they? Why?
Health Care, Financial Safe Haven, No war, Democracy, Education, Employments, Schools, Universities, Freedom of Religion. What Have we left off?
Will Prices drop? Why would they, at 3% interest rates and reducing numbers of homes for sale there is intense competition for homes in west Toronto. Investors are purchasing as a hedge against inflation. Mortgage defaults (foreclosures) are below 2.5% That means that 97.5% pay on time.
When will you buy? Lets talk about it.
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