15.4 percent is the year over year sales as per Toronto Regional Real Estate Board (TRREB)!
Most homeowners will be wondering how much is my house worth? We can remember overheating like this 2017 where supply shrank and prices climbed higher and higher.
One of the main reasons for this hot market is listings fell by 35%, which made the market into a hot real estate market for sellers. The average price of a home in the Greater Toronto Area (GTA) is now $839,363, up by 12.3 percent compared to last year.
Some other factors for the boom in the Toronto Real Estate market, steady population growth, lower borrowing cost and low unemployment. With these factors, we can say there’s prosperity in Toronto.
Condos in the Greater Toronto Area (GTA) went up by 15.1 percent, but sales only increased by 8 percent. I guess now the question comes, why is the condo market going up? Strong demand from investors and buyers are in anxiety mode to afford some sort of real estate in Toronto.
As we head into the 2020 Hot Toronto Spring Real Estate Market, we feel the market will become tighter and continue to be more sellers market. Where the demand will outpace the supply. Which may be good for sellers, but at the end of the day we must not repeat Spring 2017 once again.
With the Toronto Real Estate Market being as hot, Crib Ji offers ways for sellers and buyers to save. If you wish to list your home for sale we offer a Flat fee listing for only $2500. Full Service without the expense. For buyers in the hot market we offer a cashback of 1.5%, some conditions do apply, give us a call to find out more.
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