The Toronto MLS ® System reports 697 Home sales for the Georgetown market in 2014. That number is up from 606 in 2013, an increase of 15% in the volume of transactions. The average price has risen about 6% to $528,000 almost $30,000 up from last year.
Today, January 21, 2015 the Bank of Canada announced a reduction in the key overnight rate, down 1/4 of 1 %, this typically is what banks use to set their prime rate, so expect interest rates to fall in the short term, with no rebound in sight, especially in the wake of falling oil prices and significant job losses at the likes of Target, Sony and other retailer's who have decided it is not worth investing the time and effort into learning the Canadian consumer wants and needs.
The general consensus among the top financial minds is that yes Real Estate is overvalued in the GTA, Toronto especially, (just this week a TD Economist called Toronto the New Manhattan of North America. The combined income to carry a detached home in the city required now exceeds $100,000. While the thinking is that we are overvalued, no-one is talking about a crash in Realty value, in fact most are predicting continued rises in value as the core fundamentals of what drives price growth continue to exist in this market. High demand for homes, and a potential shift in location as thousands of displaced Oil-patch employees return to Ontario may actually impact pricing higher!
At the street level, I admit this year is starting off extremely well, personally I have never been busier, and I feel the same is true of showings/listings activity in Georgetown. There is more confidence among Realtors that listings priced well will move quickly, and even in some of the traditionally tougher segments such as rural properties over $700,000 we are seeing sales and showings that last year just did not happen.
If you are considering your options regarding a potential move, I urge you to give me a call. Most folks I chat with around this subject cite being afraid of a fall in price as soon as they list or buy a new property. While this risk exists in every region of the country at any time, there is ample evidence that the GTA remains a solid housing investment opportunity, and the risk of a crash is currently remote.
high demand due to immigration and relocation
lower Canadian Currency value vs the US and Europe means more competitive Manufactured goods being available - improving the jobs market and housing demand for Ontario
low interest rates continuing for the foreseeable future
If you wish to discuss your particular situation, give me a call!
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purchase, sale and lease of real estate as part of a cooperative selling system. Canadian Real Estate Association Last Updated: 11/21/2019 11:19:01 PM