The real estate industry in Toronto has turned into a giant, the unexpected is taking place and buyers, sellers and developers are excited about future prospects. Semi-detached properties are currently at the forefront of this revolution, with the average house selling for approximately $1 million! According to the Toronto Real Estate Board, there has been a colossal jump in the price of these properties in the last year, with prices rising as high as 17.2 percent.
On the other hand, the price of condos has only increased by 7 percent, which is an interesting twist considering the fact that they had taken the lead in terms of price a few months ago. There has been a decrease in price for town houses in Toronto, and single-family homes are still the most expensive in the city but only increasing in price by 1.8 percent.
The TREB director of market analysis Jason Mercer claims that “cheaper houses are increasing most in price because there has been a shift in borrowing requirements.” Experts have been unable to work out why semi-detached properties have experienced such a high price increase.
However, other sources claim that semi-detached houses are taking the lead because people now prefer this type of property. Research shows that they only stay on the market for 18 days in comparison to other properties that remain on the market for an average of 27 days before they are sold. Regardless of the reason, semi-detached houses are continuing to sell in record numbers.
Toronto Central is the most expensive location to purchase a property. House prices in this area have reached an all time high of $1,377,550, and there doesn’t appear to be any indication that the area will be knocked off the top spot any time soon. Rosendale-Moore Park appears to have taken first place, the area has managed to sell properties at twice the price of the city average!
The real estate boom in Toronto doesn’t look like it is slowing down any time soon. Not only is this the perfect time to buy for home owners, but it is also the perfect time for investors to start injecting some serious capital into the area. The future looks bright and promising, this is an exciting time for the city of Toronto as the economy continues to thrive and create more and more lucrative opportunities for its residents.
How long it will last, we don’t know, but its advised that you get your foot in the door before its too late.
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