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Market Performance in Greater Toronto Real Estate

Finding Top Condos Market Performance in Greater Toronto Real Estate

August 16, 2016Zia Abbas
Effects of BC’s Foreign Buyer Tax
Last week the Toronto Real Estate Board released the July 2016 home resale numbers. Although they don’t reflect the new home sales and pre-construction sales that I specialize in, they do show trends that investors can use as they complete their due diligence before buying an investment property. What stands out is this: Homes of all types are selling faster outside of the City of Toronto, namely Durham and York regions, than in the city, mostly at or above the asking price and the inventory of homes for sale in these areas (and across most areas) are in tight supply. City of Toronto
• Average 19 days on market
• 104% of asking price
• July listings are at 1.8 month’s inventory (meaning the condos and townhomes for sale currently listed should all sell within 1.8 months)
• Year-over-year prices up 13.35% (All home types)
York Region (comprising of Aurora, East Gwillimbury, Georgina, King, Markham, Newmarket, Richmond Hill, Vaughan, and Whitchurch-Stouffville) 2016 year-to-date:
• Average 16 days on market
• 104% of asking price
• July listings are at 1.4 month’s inventory (meaning the houses and condos for sale by owner currently listed should all sell within 1.4 months)
• Year-over-year prices up 21.34% (All home types)
Durham Region (comprising of Ajax, Brock, Clarington, Oshawa, Pickering, Scugog, Uxbridge, and Whitby) 2016 year-to-date:
• Average 12 days on market
• 104% of asking price for sale by owner• July listings are at 0.9 month’s inventory (meaning the houses currently listed should all sell within 0.9 months)
• Year-over-year prices up 20.43% (All home types)
As any investor knows, historical averages don’t necessarily foretell the future, but we have seen this price growth (without the inventory shortage we are now experiencing) since 2012 in the Greater Toronto Area. Should this trend continue, and I fully expect it will, the Toronto real estate market will continue to outperform most other investment types with positive returns on investment into the foreseeable future. Homes outside of the GTA that were once considered to be too far outside of a commuter’s daily travels are now easily supported with the current and future expansion of public transportation and highways. As potential homeowners look outside of the city for an affordable place to call home, and as builders continue to provide the properties that are in demand, coupled with a low inventory of resale homes, price increases of the ranges we have seen over the past few years will be the normal course for returns. A new pre-construction home purchased today can expect to appreciate at price between 14% to 20% by the time it’s ready to be occupied. This is significantly outperforming most other types of investments today and

what do real estate agents do.

Still, we can help you to find cheap condos for sale in Toronto.

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Zia Abbas President of Realty Point Pre Construction King of Canada

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