What can I say other than the real estate market is crazy hot! There were 7,621 homes sold in February – up 21.1% over February 2015. This brings the total sales for 2016 to 12,278, on the way to another record breaking year for Toronto. The average price jumped to $664,533, brought about by huge demand and a lack of inventory.
Sales were up strongly despite the new federal mortgage lending guidelines coming into effect that require at least a 10% down payment on the portion of purchase prices between $500,000 and $1,000,000.
The culprits causing this market? More immigration to Toronto from other parts of the world and other provinces, more investment from foreign sources, (Canada is 35% cheaper because of the strength of the US dollar), and a serious shortage of rental properties. All of this creates demand and the resulting increase in prices. None of these factors seem to have any reason to abate in the near future!
It’s still not too late to buy!
Call me and let me show you how I can help you create a great real estate investment portfolio! Have a great March, and remember, I am never too busy for your referrals!
Your Sales Representatives
The 6 Real Estate (Team Jon Amante)
Re/Max Realtron Realty Inc., Brokerage
Phone: (416) 782-8882