REAL ESTATE MARKET UPDATE DECEMBER 2017 ~ TORONTO/GTA
I was wrong! I predicted about 6,500 homes sold in November when in fact there were 7,374, making November 2017 one of the best Novembers in history. The reason for this is straight forward, the government announced changes to the mortgage qualifying rules commencing January 1st 2018 and a lot of buyers jumped into the market to make sure that they qualified under the old criteria. This resulted in stronger than usual sales and that trend should continue into December.
Some interesting facts; while the number of listings sits at approximately 18,200, a balanced market, (4 listing for every sale), and home prices are relatively stable, the condominium market is red hot. Prices on condominium apartments are up 22 % in 2017, with approximately 1/3 of all the sales on the Toronto real estate board being condominiums. This is a natural trend as many people can no longer qualify for freehold homes and have turned to condominiums. Condominiums have also become great investment opportunities. Condominium rents have increased significantly as we see Toronto continue to grow.
If you’re thinking of buying or selling, as long as you do it in the same marketplace there is no downside. Warren Buffet proved the benefit of buying a good product and holding. I found that over the years my clients never made a mistake buying, the mistake was typically selling.
If you know somebody considering buying, have them call me sooner than later. With the changes in the mortgage qualifications they should do it in 2017 vs 2018.
It’s been a wonderful warm fall, best wishes for the holiday season and throughout 2018.
Your Friend in Real Estate,
Suzana ( Sue ) Davies
Sales Representative ®
RE/MAX Realtron Realty Inc., Brokerage*
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