Hi
Everyone,
I
have been getting lots of questions on how the current real estate market is doing
and what some of the predictions are for this year. I have been to 3 economic
meetings so far this year, and I wanted to just give people some insight.
Everyone
this year was scared that with the new STRESS test being introduced in January
would cause a major downturn in the real estate market. I am happy to state that it did not.
It
seems that people are still getting qualified, and purchasing close to what
they had hoped for. The changes that
have taken place since last year, is that more people of purchasing with bigger
downpayments, and the first time home buyer segment of the market is not as big
as before.
The basic statements from these
meetings was that:
Ø The condo market is be
very hot, and prices are rising quickly
Ø Rental Rates will continue
to rise
Ø The worst case scenario,
of the market would be 3-5 % increase in prices over the end of last year.
Ø Interest rates will rise,
but very slowly, not as fast as first predicted.
Ø Most people can easily
with stand a 2 % increase in rates
Ø Last year still ended up being
one of the busiest years in the Toronto Real Estate History with overall
increase from 2016 and some of the top volume in sales
Ø This year’s volume, will be less than the last few years.
Some of the current statistics from
TREB are:
Ø Properties are taking an
average of 25 Days to sell
Ø Properties are getting 99%
of the list price
Ø We have 2.1 months of inventory
on the market
Ø 50% of the houses are
selling per month
Ø Overall market, Toronto is
once again doing the best, followed by Durham Region and then Halton Region, no
one is in double digit increases yet.
Ø The Condo market,
especially downtown Toronto is in double digit increases, seeing multiple
offers, bully offers, and condos selling over list.
Now what my team and I have seen,
lately, face to face, while selling in a number of different Toronto GTA
markets, is:
Ø People still qualifying to
purchase a home
Ø An incredible Condo market
in the Downtown Core
Ø All areas selling at
different paces, yet all going up.
Ø Multiple offers in East
Durham Region
Ø And homes selling higher
than they were in January.
It
is great time to make that move, call me if you are thinking of buying, selling
or investing this year.
Cristian Vergara,
Your AMIGO
in Real Estate
No comments:
Post a Comment