The GTA market update!
Tuesday Mar 17th, 2020
A huge month of sales for the GTA area as realtors reported the sale of 7,256 homes, up 45.6% over the 4,982 homes sold in February 2019, with the average price increasing 16.7% to $910,290.
While this seems to be good news for homeowners, the reality is its not, unless one has no intentions of purchasing another property, but simply cashing out. For those first time who purchased in the last little while, congratulations! You are in the market, and will keep pace with prices increasing when you are ready for your second home!
If you are looking, or considering buying, March represents a unique opportunity which I would advise you to consider. The economy is very strong. Immigration into Toronto continues at an unabated pace. Interest rates are at an all-time low. All of the experts are predicting prices will increase 10% over last year.
No one predicted the Corona virus! While I do not believe it represents a huge threat to us in North America, it is a psychological factor to some people who want to make sure the world does not fall apart before they buy. The media, with their sensational reporting, is your friend if you are considering buying. Did you know: “The CDC estimates that as many as 56,000 people die from the flu or flu-like illness each year. SOURCES: National Institute of Allergy and Infectious Diseases: "Common Cold." Foreign buyers are also postponing purchasing trips because of the concern of the virus. This means that there are fewer buyers in March than there would normally be! Fewer buyers, less competition, an opportunity to buy at a better price!
If you are at all considering a purchase, do it now! Whether it’s a condominium, or a home outside of your ideal neighbourhood, do it now! Its only going to get more expensive as time goes on.
If you are considering a purchase or know of a friend who is, give me a call. Let me put my expertise and experience to work to help you achieve your goals!
Remember, Fortune favours the bold!
Have a wonderful March!
Making You My First Priority
Patrick Chung, Broker.