Price Increases in Toronto

By
Real Estate Agent with RE/MAX Realty Specialists Inc.,

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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Topic:
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Ontario York Region Toronto Etobicoke
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Canada, eh
RE/MAX Ontario-Atlantic
Condo Specialists
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david pylyp

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Rainer
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Andrew Payne Realtor® Richmond VA Homes For Sale~804-938-5257~
Coach House Realty - Richmond, VA
Richmond, VA, Real Estate, SRES®, NAR Green

David,

It's good to be aware of the housing price increases in Toronto.  The chart you included in your post looks very helpful!

Mar 07, 2014 10:24 PM #1
Rainmaker
246,651
David Pylyp
RE/MAX Realty Specialists Inc., - Toronto, ON

Hello Andrew, 

Clearly shows why condominium investment is so strong lately with Landlords getting 2000 - 2400 in monthly rents on units that could be purchased at 400 - 500K

Best of 2014 to you!

 

Mar 07, 2014 11:37 PM #2
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Rainmaker
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David Pylyp

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