Posted 5.25.18 @ 0:0
GTA Housing Market is definite heating up this spring and properties in some parts of Toronto are getting multiple offers, shared by realtors.
Sizzling Housing Market
A return to the usually vibrant and energized GTA Housing Market is seen this spring, far from the abrupt season of last year. This year’s spring forecast for the GTA Real Estate Market is predicted to be very much like the spring of 2013 and 2014, as March 2018 saw a historical peak of 34% price increase as compared to the previous year.
Meanwhile, agents share that there’s often room for negotiation for the right properties in sought after neighbourhoods despite the fact that those properties are getting multiple offers.
Rising Prices Everywhere?
Durham Region prices are steadily increasing since the beginning of the year, a notable observation for a usually affordable real estate in Toronto. This and other changes could be a product of the increasing number of young people who are moving out of their parents’ house and moving to Toronto for better job opportunities. Numbers state that there are 25,000 new Ontarians.
How the real estate market this spring will affect you largely depends on location and the type pf property you’re selling or buying.
What the Market Is Like
One can truly see the lingering effects of the real estate bubble in areas outside of Toronto where home prices are still a bit higher than normal due to speculation.
Durham Region’s average home prices rose $20,000 from January to March, recording at $578,000 to $598,000. This can be linked to increased demand as can be seen from the data on average day on the market dropping from 30 to 18 in the same period. Other factors for the rising prices of homes in Durham are the expansion of GO train service and extension of Highway 407 which means commuters won’t have to use the often congested Highway 401. Bigger houses owned by empty nesters don’t go as quick as lower-priced properties because their homeowners often can’t find a suitable housing in Durham to move in to. The area does not have the same level of condo development as is in other areas of GTA and existing condos are too small.
Things Heat Up In Oakville
Mississauga and Oakville real estate markets are starting to heat up again, generating interest because homebuyers are looking for homes that can suit their family’s needs. Buyers around Ontario also want to live in neighbourhoods with plenty of green spaces, that are near work, and with easy access to nearby public transit and stores. This is exactly what Oakville has to offer and more! Premium schools, beautiful recreational areas, rich culture, tradition, and a sense of community, plus living close to nature with amenities within reach, what’s not to like?
Looking forward to buy or sell an Oakville home this spring? Contact our agents to get topnotch help! Luxury homes with beautiful outdoor spaces are part of our specialty. Talk to us today!