Is Toronto’s Real Estate on the Rise?

Buying property may seem like a far off dream to many young professionals in Toronto as the market seems to be going one way: up!  In the past year the average housing cost has been on a constant increase, going up about 18% from last year, and is showing no signs of stopping anytime soon.  In Toronto alone, the average cost of a house is $775k while a condo averages out to be about $445k.  That may not seem unreasonable but keep in mind, these are just averages.  Consequentially, housing costs across the GTA have been going up too as many city dwellers are looking for a more attractive price point outside of the core.  So why is Toronto’s real estate on the rise?

Factors such as delays in approval, stricter provincial policies and lack of developed land, the supply of new homes and properties in Toronto isn’t meeting the demand.  The result? People expanding their search into the GTA and committing to the commuter life.  But what about all the condos being built? Well, to put it into perspective, 10 years ago the number of new homes available was roughly 29,000 whereas now it sits at a 41% decrease at 17,000.

You’d think with the cost of living on a continuous increase, the housing market may soon plateau, but sales have reached a 10 year high.  Between January to July of this year, 28,000 sales were closed, and 15,500 of those were condos.

For a more in depth look into Toronto’s real estate, check out Choras’ blog here! Check back weekly for tips, tricks and the latest news about your money!

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