Toronto Forges Ahead!
The demand for housing continues to be strong! GTA realtors reported the sale of 9,012 homes in May, up 24% from last May’s 7,226. Sadly, new listings were down by 18.7% over the same period and as we all know it’s all about supply and demand. This shortage of homes for sale resulted in multiple offers on well-priced properties and brought the average sale price in May up to $1,196,101. This scenario is repeated in rental properties where bidding wars on rental units are no longer the unusual.
Toronto’s population continues to grow and our government’s commitment to increase immigration to 1.5 million over the next 3 years will only exacerbate the situation. For the last 20 years builder shave not been able to build enough units to satisfy Canadian population growth and the increase in house prices has resulted. That situation will only get worse in the coming years. The rise in borrowing rates started in 2022 resulted in builders delaying their plans to build, and housing starts in 2022 are down significantly from previous years.
One can blame the building department’s red tape process, high interest rates, government bureaucracy, and foreign investors, however none of that will change the fact that we have a drastic shortage that’s not going to improve in the short-term or even the medium term.
So, if there’ a high wind, one can wait for it to pass, or hire a master sailor to hoist the sails, take advantage of the weather and get you to your destination ahead of the others!
I not a master sailor, but I am a master realtor. I know the market, I know the opportunities, (they are out there!) and I can help you navigate the intricacies of the real estate market.
If you have any questions about real estate, need help in refinancing, thinking of buying or selling, please give mea call and let me put my experience to work for you.
Opportunities abound, I would be happy to discuss them with you.
Have a great June!
Your Friend in Real Estate,
PS: I am never too busy for your referrals