2022…The Good News
With 9,017 sales reported, November 2021 became not only the most active November in the history of the Toronto Real Estate Board, but also set a record for the highest average price, $1,163,323, up 21.7% over November 2021. The average sale price year to date as of the end of November is $1,092,212, up 17.5 % since the start of the year.
As predicted, the 416 area code condominium prices are quickly increasing and are now 16.5% up from the start of the year. (21.1% in 905)
It seems that good news and bad news are companions.
The bad news is the trend of increasing prices will not stop in the foreseeable future. There is huge demand due to immigration, and the low supply is mainly due to government red tape, delaying building permits and the building of more residential units. In other words, prices will continue to increase until we fix the supply problem.
The good news is that low interest rates, low unemployment and increases in wages continue to make owning a home affordable. While affordability is an issue as one gets closer to the city center, it is still possible. Buyers have chosen to either move further away from the city for lifestyle or have chosen condominiums to remain in the city.
The other good news is that there are great opportunities for buyers and investors!
With our 1,000 realtors, their contacts, our #1 market domination, and my experience, I can help you achieve your goals! Whether its to upgrade your home, purchase an investment property or help your kids buy their first home, I can help!
Contact me, let’s chat. Remember, you have a friend in real estate!
Have a happy, healthy, safe and fun Holiday season and all the best to you and your family in the New Year!