Posted 4.18.14 @ 12:45
If you’ve been looking for a home in the GTA, you’ve probably had some trouble finding a good one: you’re not alone. Today the shortage of listed homes across the Greater Toronto Area has reached new heights, with the average home price rising almost twice the national average.
More buyers are beginning to look at condos - and with good reason. They’re more affordable, you can’t beat the views and you know what you’re getting with a condo… for the most part.
Why Are Home Listings so Low?
Over the last two years there was a rush on homes - from Baby Boomers moving from their family homes to their dream homes, to the Millennials leaving the cities to raise their kids in idyllic suburban neighbourhoods, there are only so many homes to go around.
It’s more of an inventory problem, than an economy problem. Hundreds of thousands of homes will be built over the next decade - but if you don’t want to wait, you’re going to have to have the right team on your side to help you find a home.
That team is the Goodale Miller Team!
When “Money is No Object” Makes No Difference
There are almost no single-family homes in Toronto today, even if “money is no object”. So you can buy a condo and hope that the glass won’t fall out of it in the next few years…
Or you can work with us!
Just because price is no object doesn’t mean you’ll be able to find your dream home; sure, you might find a house, but that’s not what you’re looking for.
It’s not just about what kind of home you want, it’s about where you want to live and what you want to surround yourself with. Even if you do opt for a condo, you need to know that it’s the right condo.
Condo Prices Are Expected to Stay “Soft”
With over 43,000 new condos expected to be completed in the next year, condo prices are expected to stay soft for the next two to three years.
National sales of condos dipped by 1% in January and February, but in March the numbers hopped up. It could be that the infamous Spring Thaw finally kicked in, or it could just be that a lot of condos finally finished construction.
Sales Slowing Due to Supply
The last two years have been tempestuous, but home sales and sale prices are beginning to meet in the middle. While the luxury home market tends to be immune to changes in prices that the residential market experiences, there are other factors at play.
What kind of home do you want? Where do you want to live? What makes a house a home? Whatever you’re looking for, we can help you not only find it, but buy it too! With competition at an all time high for the best properties, you need more than a realtor, you need a team! Give us a call today and find out what we can do for you.
For a listing of our fantastic luxury condos for sale in the Oakville area, you can visit our page here: http://www.goodalemillerteam.com/Feature/Lifestyles/Condominiums/9