December 13 Market Update
All quiet on the home front? Well, listings are dwindling but buyers are still out there. We had a listing out of our office this week and there were 179 booked showings and yesterday it received 19 offers. Will this continue and what will it be like in 2020? Will the lack of housing supply in a big city market like Toronto drive prices up? We’ve already heard that interest rates will likely drop again next year and that the housing market has finally come out of its slumber since the stress test was imposed, making conditions for home buying overall favourable. CMHC (Canada Mortgage and Housing) forecasts population growth, rising incomes, and strong employment will support a rebound in home sales and prices for the next two years, and by 2021 the average home in Toronto will cost $949,400!
The condo market has played a significant role in the housing recovery in the GTA. The average condo price saw an 11% increase and will continue to remain strong as long as Toronto keeps attracting new residents to the city for jobs. Condos in the GTA and Toronto offer first time home buyers the chance to achieve their dreams of owning property. Of course, all this good news leads us to believe that the momentum is expected to continue into the coming year and the Spring Market is going to be very active. Every December, we’re asked to take time to think about making some resolutions that will change our lives in the coming year. We know this doesn’t always work, leaving us feeling guilty and depressed. There’s nothing wrong with bettering ourselves, that’s why, for 2020 let’s embrace just a few small changes, ones that have a big impact.
Whatever you celebrate this holiday season, may your holiday time be all wrapped up with cheer and filled with celebration for a new decade and a New Year!