December 3 2021
We know it’s a gloomy market wherever you go right now, but it’s especially challenging to find a universally affordable property in Toronto. Demand continues to rise as supply can’t keep up, inflating prices that might cause a pop in the coming years.
Still, experts expect it to rise within the next few years. Here are a few key insights to consider whether you’re buying or selling a property.
Home Prices Are Still Soaring
In August, the Toronto Regional Real Estate Board (TRREB) showed local Toronto property prices increase up to 12.6% yearly, with the average residential property prices reaching $1,070,911.
We Were on The Third-Highest Sales Result Record Last August
Ownership demand in the 905 regions indicates a 25.6% increase in value from August 2020 - August 2021. This pushed up local property average pricing up to $1,365,973.
No Relief from Property Supply
Real estate property analysts believe that there’s no relief from property supply to quell the rising demand for properties. The demand for and price of properties will continue to increase without new Toronto properties, according to professional analysts.
Condominiums Get Dragged Along The Hikes
Homebuyers who are seeking alternatives to traditional detached homes and properties have turned to condominiums and apartments. Real estate market in Toronto saw a huge spike from the previous year’s prices versus today.
Experts Continue to Foresee Growth
With demand at an all-time high and without new properties to fill the void, analysts and real estate brokers agree that the property prices will continue to rise in an artificial manner. Sellers are in an almost perfect market condition for selling because of the high demand.
Find The Most Affordable Properties with Us Today
Real Pavel continues to provide high-quality agent and brokerage services for homeowners across Toronto and its surrounding areas. Visit our website today and find the home of your dreams at affordable prices!