The Toronto Real Estate Board, in response to the improving sales activity since October, firmly believes in the realignment of previous psychological impacts. The move by real estate entrepreneurs is noticeably improving consumer sentiments. There has never been a better time to venture into Toronto real estate, a choice Stomp Realty will help you make. The Fair Housing Plan, having amended many taxes including for foreign buyers, is starting to make tangible impact. The impacts experienced so far are;
1. 12% Increase in Monthly Volume Sales
The latest real estate data from TREB paints a consistent market, with condos taking up most of the 12% sales increase in two months. Areas such as Roncesvalles are doing well in spite of the 27% overall decrease in transactions within the year. As a renowned real estate agency in Toronto, we are certain that the provincial government measures worked in stabilizing the market.
2. Lower Benchmark Prices
Upon contacting us for advice on acquiring real estate, we will give you insights into benchmark prices. While the market offers these on standard terms, condo units in different Toronto neighborhoods might attract varying prices. The greater Toronto area has experienced as much as 8.4% reduction in property asking prices, greatly boosting sales since effect in May. As a new home buyer, Stomp Realty is the best positioned to locate the best property with the fairest benchmark price.
3. Preference to Condominiums
Following the direction for commercial banks to reverse mortgage issuance, more first-time home buyers are heading for condos in Port Credit and other neighborhoods. The heat in the detachable properties market has given to new demands, prompting an approximate 22% increase in average prices. All other housing types seem more preferable and reserved for the elder population. The balanced conditions we have experienced will translate to better prospects for buyers and sellers, until up to 2019.
4. A Purchasing Rush
Due to the leniency now introduced by some tax incentives, buyers across the market are rushing to close deals before implementation commences next year. At Stomp Realty, we will help you avoid getting caught in the maze. We strongly believe that the effect on prices won’t be as degenerating as some perceive. The periods of jaw-dropping price increase in Toronto real estate are long gone, giving way to a leaner market going forward. Speculators and investors no longer have a free pass to run amok on the buyers’ dreams.
5. Reduced Lease Transactions
The second half of this year has seen an unfortunate slow in Canada’s economic growth; this has seemingly lowered the demand for industrial spaces within the GTA. In a global context, however, the entire real estate market is on tracking to keeping in pace with G7 countries’ growth. We have noted the consistent increase in condo prospects amidst all this.
Are you interested in real estate within the Greater Toronto Area? Stomp Realty is your go-to, actionable agency with a growing family of happy clients. We would be glad to have you too! For all your real estate and condo purchase inquiries, get in touch with our support staff and experienced realtors. We can’t wait to make this a worthwhile experience for you.