2016 was a record year for sale of houses in Great Toronto Area.The annual rate of growth in MLS accelerated by 21% to an average of $730,000 for all properties and Detached home rose to an average of $1,016,145.
In 2017,Toronto RealEstate predicted 110,000 resale house will change hands with 18% to 20% average increase in price of resale house. There is less supply of house and high demand which contributed to soaring price in market. International investors are also big factor which is making RealEstate market more tough.Whenever there is house in the market for sale, multiple offers are causing huge difference in asking and selling price. First time buyer is worried that he is able to buy house in Ontario or not. Builders are also contributing to this hot market.Their asking price for booking house is increased 100,000 to 300,000 even more depends where are you looking.Builders are giving no or very less commission to RealEstate agents.
Trump policies,Immigration rules,political/economic factors and interest rates are also bigger factors which are red warning for Real Estate market.
Century21 Active REALTY INC Brokerage.,
3105 Unity Dr #22 Mississauga, ON L5L 4L2
Direct: 647 200 2200
Off: 905-997-7653 Ext 200
Fax: 905 -997-7654