9,989 listings sold through TREB's MLS® System in May 2019, a substantial increase of 18.9 % over May 2018. Prices also increased bringing the year to date average price to $805,098, up 3.6 % since the start of the year. The year-over-year increase in sales activity reflects polling results that indicated that more home buyers in the Greater Toronto Area were likely to purchase in 2019 vs last year.
Home ownership demand remains strong in the GTA. Immigration both international and domestic are at a strong pace fueled by the regional economy that continues to create jobs across a diversity of sectors. The building of new housing units, both for rent and for purchase has been unable to keep up to demand resulting in higher rental rates and higher prices for homes. Unfortunately there is no end in sight. The only hope is for government to loosen the red tape for building permits and allow builders to create more living units to relieve the strain of no inventory.
Despite the fact that prices have risen sharply in the GTA over the last 10 years, there is still a great opportunity for investment and in purchasing or upgrading your home. Increased rental rates make owning a rental property a great business opportunity that I would love to share and explore with you. If you are considering purchasing a more expensive home or moving closer into the city, I can think of no better time than now.
Give me a call, let’s talk, I would love to put my experience and knowledge to work for you.
Have a great June!
You friend in Real Estate.
PS: I am never too busy for your referrals!