Despite the elections, the real estate market kept its torrid pace as Toronto Real Estate Realtors reported the sale of 8,804 homes through the Toronto Real Estate Board system, the most October sales in the history of the Board! The average price of a home has increased as well:
- City of Toronto: $661,831
- York Region: $775,456
- Durham Region: $440,627
- Peel Region: $526,301
Call me if you want to know a breakdown of your particular area, I have the information.
The demand for homes remains high (and will go higher as immigration continues) and a shortage of homes for sale will ensure strong price growth into 2016, well above the rate of inflation.
There are several factors in play that make this is a great time to invest in real estate:
- A real shortage of rental properties. Basement apartments in Newmarket and Aurora are renting for well over $1,000 per month. For a basement apartment!IN the Downtown Area,1 bedroom condos are renting for $1650 and up to $1800.
- Immigration continues and the influx of refugees as promised by the Liberal government will increase demand which will increase rental rates and purchase prices.
- The Wynne government is seriously considering allowing municipalities throughout Ontario to institute a second land transfer tax on top of the existing provincial tax. This will just increase the costs of purchasing a property if that occurs.
All in all,it is still a good time to invest in real estate!
If you have some questions, or are considering investing in or outside of the City, give me a call and let me put my expertise to work for you.
Have a great November before the snow falls,