Greater Toronto Area is a changing market. Homes and commercial real estate in Toronto are going through a dynamic transition right now. What you ask? Well, for one the definition of a 'spacious' house has changed to the 'efficient' house. The intensification process seems to have dug in and now widely accepted, even in sub-urban areas such as Markham, Richmond Hill, Vaughan and so far out as the Durham region. Regardless of any of these trends, home ownership is now in demand more than ever. Buyers have realized that if they don't buy now, it is only going to get harder.
For the home owners, here are you reasons why you should sell today.
1. High demand for your property
Sale of homes is at a record high since 2007. In the most recent study home sales have increased by 9.2% over the previous year. There is an influx of serious buyers waiting for the right home.
2. More buyers in GTA Market
The supply of homes for sale is at lowest point since 2005. There is a drop of 21.6% compared to his time last year. Selling your properly now when there is more buyers than homes for sale my get you the best price.
3. New Competition
Over the last several years, most homeowners selling their home did not have to complete wit
h a new construction project around the block. As the market is recovering, more and more builders are jumping back in. these “shiny” new homes will again become competition as they are an attractive alternative to many purchasers.
4. Interest Rate Climbing the Ladder
Whether you’re upsizing or downsizing, your housing expense will increase more a year from now as mortgage interest rates will increase approximately one full point this year.
5. Timeline Rather Seems To Be Promising
There is less transaction during this time of year, so the time spent waiting for appraisals and inspections are shorter, therefore during the next 90 days is the best time to do these transactions. Buying a home at this time will be a friendlier experience.
One thing is for sure. If you own a home, its foundations just as well be made of cold hard cash. Now is the time to get your hands on it.
Formally educated as an Architect, Jagdeep Singh is Toronto REALTOR™ consulting on both resale real estate and new developments. Powerful Local Focus on Real Estate with a Global Perspective™. This post is for information purposes only. Though effort has been made to ensure the accuracy of the contents, the reader is advised to verify the information independently. This post may contain contain information that is privileged, confidential and exempt from disclosure under applicable law. The reader is not allowed to reproduce it in any medium without the author’s prior written permission. Jagdeep Singh is a broker with Century 21 Heritage Group Ltd., brokerage (416) 798-7133 which is independently owned and operated. This message is not intended to solicit parties currently under contract.