Don’t get caught standing on the real estate sideline
When is the best time to get into the real estate market? The answer is now. If you’ve been questioning the timing of purchasing a house or investment property, and until time travel is possible, now is always the best answer.
Prices will continue to rise
Housing prices in the Greater Toronto Area are expected to continue to climb as inventory sits at record low levels and demand remains high. In October 2021, the average selling price for all homes combined rose by just over 19 per cent year-over-year to $1,155,345.
Waiting for too long before jumping into the market could mean you end up paying significantly more for the same house thereby reducing your buying power. Purchasers will generally not be able to save money at the same pace as housing increases.
Available listings drop
Last month, home sales reached the second highest level on record for that month, according to the Toronto Regional Real Estate Board. This was fueled by an increase in condo sales in the Greater Toronto Area. But, the number of new listings was significantly down from the same time last year – by approximately one-third. These tight market conditions are expected to continue for the foreseeable future.
Increase in immigration will also have a large impact
In the early days of the pandemic immigration was affected, but that was just temporary. According to the governments population projections report, net migration to the province is expected to increase to 276,000 by 2021-2022. That increase will also have an impact on housing affordability as more people search for a home in the area. It’s up from 63,000 the previous year. For more information on the impact of immigration on the housing market, check out our previous blog here: https://torlonrealty.com/2021/11/12/immigrations-impact-on-the-gtas-housing-market/.
Secure your property before your dollar buys less
With prices continuously on the rise, it’s even more important to not wait and debate, and make the move now to purchase real estate.
At Torlon Realty Corporation Brokerage, we have listings available to browse on our website as well as a handful of upcoming developments in the GTA including 4 housing projects being built in Mississauga and others in Markham and Woodbridge.
Move-in Ready Homes
New listings are available to browse the listings portion of our website: https://torlonrealty.com/our-listings/
It’s no secret that now is an excellent time to consider pre-construction. By purchasing pre-construction, you can skip out on a potentially heated bidding war and invest in a brand-new piece of real estate.
To browse our available developments and ones coming soon, register to our broker portal at https://torlonrealty.com/broker-portal/ and get all the information you need.
Contact us today
For more information on our pre-construction opportunities or if you have any general questions, please feel free to reach us at 416-613-1010. You can also send us an email at firstname.lastname@example.org.