Toronto continued to see significant Price Appreciation in the 1st quarter of the year. The average Residential Sale Price during the 1st quarter rose 14 per cent to $675,000 thousand dollars.
High demand and low inventory for single-family homes continued to be the dominant theme in the housing market. Current owners are reluctant to sell as they are hesitant to become buyers themselves in a competitive market, and with rising home values, many are holding on for further Price Appreciation.
Aproximately a Quarter of Canada's Immigrants settle in the GTA Region, and immigration to the city is expected to keep the Real Estate demand high.
Consumer Confidence is high among Canadian between the ages of 18-34 years old. 78.5% agree owning a Home they love is attainable. 81.6% agree that finding a good job in their field is attainable. 68.2% agree that saving for a downpayment is a Priority.
For First-time buyers, Price appreciation throughout the market has put single-family homes in the City of Toronto out of reach. Those who do purchase them often do so with help from family and look to Brampton and Mississsauga for a greater selection of homes in their price range.
Condo market continued to experience strong demand from first-time buyers and downsizers. As the price gap between condos and single-family homes grows, developers are adding two-and three-bedroom units to meet demand from families.
The luxury market has grown substantially in recent years,
as price appreciation has allowed buyers to build up enough equity to move up to a luxury home. Whereas a few years ago it was common for a high-end home to remain on the market for a year, these properties now sell quickly.
Rising prices have resulted in more homes being sold for over $1.5 million in Oakville & Mississauga, the entry level price of the Suburb’s luxury market. Foreign buyers are attracted to good elementary and high schools and have played a large role in the luxury market resulting in a 94 per cent increase in sales in the luxury segment between January to March year-over-year.
Brampton has historically been more affordable than other areas of Peel Region, but is starting to catch up as demand increases. Brampton’s average residential sale price rose 16
per cent in the 1st Quarter. Multiple offer scenarios have become more frequent, particularly in the lower end of the market and average days on market has dropped to 15. Unlike many of Toronto’s suburbs, Brampton still has room to grow and new development is expected to bring more inventory onto the market. Improvements to public transportation and the potential development of a new highway are expected to increase the region’s appeal.
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