What's the Future of Toronto Real Estate?

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Today I'm going to fill you in on what will be happening in our local Toronto real estate market in 2015. Knowing what is happening in your local market is the best way to capitalize on it, so hopefully this advice is useful to you.

To begin, prices have continued to rise in 2015, but we're unsure of whether they will continue to climb. Some people think our home prices are still way undervalued for a world-class city like Toronto. For a detached home, the average price is right around $575,000, which is low when compared to New York City. 

With interest rates under 3% for 5 year terms, a lot of people think now is a great time to purchase a home in Toronto. This is driving an incredible amount of activity, and it's common to see
good homes getting upwards of 10-15 offers. 

We've been on quite an upswing in the last seventeen years, with prices increasing by 5-6% compounding. This means that prices have basically tripled in the last seventeen years in Toronto. 

Now is a great time to move up into a larger home because you can probably expect it to gain considerable value in the next few years. However, this is a big decision to make, and I would be glad to be invited into your discussion of whether or not to move up. 

If you need any assistance or have any questions regarding the real estate market in Toronto, please don't hesitate to contact my team or me.