The Toronto Real Estate Board announced that Greater Toronto Area Realtors reported that there were 5,188 residential transactions through TREB's MLS System in January 2017. This result was up by 11.8 per cent compared to 4,640 sales reported in January 2016. Annual rates of sales growth were higher for condominium apartments than for low-rise home types.
January 2017 picked up where 2016 left off: sales were up on a year-over-year basis while the number of new listings was down by double-digit annual rates for most major home types.
Home ownership continues to be a great investment and remains very important to the majority of GTA households. As we move through 2017, we expect the demand for ownership housing to remain strong, including demand from first-time buyers who, according to a recent Ipsos survey, could account for more than half of transactions this year. However, many of these would-be buyers will have problems finding a home that meets their needs in a market with very little inventory.
The MLS Home Price Index Composite Benchmark price was up by 21.8 per cent on a year-over-year basis in January. Similarly, over the same period, the average selling price was up by 22.3 per cent to $770,745, with double-digit gains in the average prices for all major home types.
The number of active listings on TREB's MLS System at the end of January was essentially half of what was reported as available at the same time last year. That statistic, on its own, tells us that there is a serious supply problem in the GTA - a problem that will continue to play itself out in 2017. The result will be very strong price growth for all home types again this year.
Customer Satisfaction Response: "We met Elvis roughly 6 years ago when we purchased our first home in Alliston. We immediately loved his charisma, knowledge and experience that he had in the real estate market. He was so approachable that after 6 years, and 5 homes later, we now consider him family.
Although he is from the Mississauga area, we used him for our most recent sale of our home in Bolton which got us over asking price within 48 hours! Thank you for helping us find our final dream home and we look forward to always hearing from you!" - V. Calamia
One thing is for sure; we all know that we need a roof over our head.In most peoples case they end up having to pay either Rent for this roof or a Mortgage payment, unless of course you have a rich family that can offer you FREE or Reduced Rent. The point is, we ALL have to pay for a roof over our heads. Real Estate has always been considered a Long-Term Investment. The real question you need to ask yourself; do I really want to pay RENT for the rest of my life?
This Grant offers financial assistance to low-income households who own and occupy substandard housing to enable them to repair their dwellings to a minimum level of health and safety. It is called the Residential Rehabilitation Assistance Program (RRAP). Who is eligible?
If you are buying a home, then, before you decide on whether this home is your dream home, the following checklist will help you look at prospective homes with a critical eye. We suggest printing this page and putting it on a clipboard. When you find a home that really interests you, mark the features you see and note their general condition on this list.
There are many television shows today that focus on home staging. If you have not watched any, do yourself a favor and tune in. They all say the same thing: do not even consider putting your house on the market until you have taken a close look at its condition.