Toronto Fall Market Update 🍁🏡 Best Toronto Real Estate Agents
Monday Nov 08th, 2021
It's no surprise that housing prices continue to reach new records throughout the Greater Toronto Area (GTA)
The average property price has gone up by +19.3% to $1,155,345 over the past year.
The housing sector that saw the highest increase in value, on average, were semi-detached homes in the 905 suburbs with a huge +31.5% increase in prices over the past year.
What continues to drive up housing prices so dramatically?
The demand to purchase housing remains stable and high, while the number of properties for sale is diminishing with -55.2% fewer properties for sale compared to the same time last fall. The GTA only has one month of housing inventory meaning if our demand for purchasing homes continued for one month straight and we only had our current supply of houses available for sale, we would be completely sold out of all properties for sale by the end of the month! In working towards a solution, our Toronto Real Estate Board President has been urging all three levels of government to focus on investing to build more housing supply, in order to meet the demand for housing.
Tips for Selling
*even though most housing sectors are experiencing a hot seller's market , maximize the amount of exposure to potential purchasers by working with a real estate team that executes a strategic marketing campaign with a successful track record. This will maximize the number of potential offers, which impacts your sold price!
Tips for Buying
*there are still opportunities for purchasers who are able to act quickly. Ensure your finances are in good standing order (including a firm mortgage preapproval) before heading out to see properties in this fast-paced seller's market. Also, work with a team that has access to off-market exclusive listings including VIP broker pre-construction pricing, to provide you with more options!