The unusually active December real estate market is just proof of how strong the desire for home ownership is in the GTA! December’s 4,399 sales were up 17.4% over December 2019’s 3,746 sales! Total sales for calendar year 2019 amounted to 87,825 – up 12.6 % compared to the 78,015 sales reported in 2018 and the average price increased by 4% from $787,756 to $819,319. Based on the demand and continuing lack of homes for sale, we believe prices will increase a minimum of 6% in 2020. A strong economy and declining mortgage rates have brought new buyers into the market place, and that results in price increases. Toronto is in a growth phase and that means increasing home prices. While certain areas might be now out of some buyers reach, there are still great opportunities to be had in other areas. The key is to get into the market as soon as possible, at least that way, when financial circumstances improve, you can always move to your area of first choice. Good buys exist, you just have to know where to find them…..and we do! If you are thinking of upgrading, have children looking at condominiums or know of a friend considering buying, give us a call, no obligation. Let us put our knowledge and experience to work for you!
Have a great January!