Real estate remains a great investment in the Greater Toronto Area (GTA). While we have historically seen prices double every 13 years, the last 10 years have been exceptional for price growth, with home values doubling over that period. According to a report in the Toronto star.
Implications for buyer: as we’ve seen, first home buyers are finding it more and more difficult to get into the market. Various first time buying strategies include: teaming up with a relative or close friend, relying on parent for borrowing a big portion of the downpayment and maybe some monthly payment help, refocusing from detached homes to condos, where supply & price are both better.
Implications for sellers: Many older homeowners are cashing in, selling and “downsizing”, although that word’s meaning has certainly changed. Some are heading out of the GTA, where lower prices result in cash in hand for travelling and retirement. Others are taking the equity and reinvesting larger homes, while they continue to benefit from historically low interest rates.
Is likely to be an active market, once this deep winter chill lifts, around March 1.
We’re always happy discuss the market. Give us a ring any time of day or evening.
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