October Elections and Real Estate's Torrid Pace

Despite the elections last month, the real estate market kept its torrid pace!

 

The Toronto Real Estate Realtors reported the sale of 8,804 homes through the Toronto Real Estate Board system, the most October sales in the history of the Board! The average price of a home has increased as well:

 

City of Toronto $661,831
York region $775,456
Durham Region $440,627
Peel region $ 526,301

 

Call me if you want to know a breakdown of your particular area, I have the information.

The demand for homes remains high (and will go higher as immigration continues) and a shortage of homes for sale will ensure strong price growth into 2016, well above the rate of inflation.

 

There are several factors in play that make this is a great time to invest in real estate.

 

1. A real shortage of rental properties. Basement apartments in Newmarket and Aurora are renting for well over $1,000 per month. For a basement apartment!

 

2. Immigration continues and the influx of refugees as promised by the Liberal government will increase demand which will increase rental rates and purchase prices.

 

3. The Wynne government is seriously considering allowing municipalities throughout Ontario to institute a second land transfer tax on top of the existing provincial tax. This will just increase the costs of purchasing a property if that occurs.

All in all, NOW is the time to invest in real estate!

 

If you have some questions, or are considering investing outside of the City, give me a call and let me put my expertise to work for you.

 

Have a great November and remember, “I am never too busy for your referrals!”

 

 


September was on fire!

September home sales were on fire and we are on pace for a record breaking year!

I wish I could say that this is a surprise to me, but the truth of the matter is that real estate has been going strong for the last 20 years and other than the media occasionally trying to stir up fear in the marketplace by predicting that there is a bubble or the bubble will burst, it is it has been and will continue to be very very strong market. I know that this sounds like a self-serving statement, however these results are a testament to the importance that people give to home ownership, both as the enjoyment of home ownership, as well as a long-term investment. When these factors are combined with massive immigration and investment from outside of the country by individuals who see Canada as a safe investment vehicle as well as a great place to live, these results are not surprising at all.

Two factors are fueling the demand for ownership and investment opportunity. One is the low interest rates which makes homeownership affordable to more people than ever before and second the low Canadian dollar (70 cents US) puts Canada “on sale” to overseas investors at a third off.

Despite the increased prices, real estate still remains a viable investment and I’m still strongly recommending to my customers that they buy more and invest more property in Toronto. Without a doubt our population will continue to increase and as a population increases the demand for housing continues and……prices increase!

If you’re thinking of buying or selling or know of someone who is, please give me a call. I’ll be happy to chat.

September numbers and stats:

The 8,200 home sales reported for September 2015 by the members of the Toronto Real Estate Board was a new record for September’s sales! This brings the number of sales for the first nine months of 2015 to 80,331, (another record), a 9.5 per cent increase compared to the same time period in 2014. At this rate, total sales for 2015 are expected to be at or near the 100,000 mark.

 

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