How Is the 2017 Toronto Real Estate Market Shaping Up?

Toronto Real Estate Podcast with Rene Ahmad

How is the real estate market doing right now? How are things shaping up for 2017? I’ll give you my market forecast today.

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One of the most common questions we get this time of year is, “How is the market doing? How will the market be this spring?”

First of all, I’m coming to you from our office. I’m here late because we’re working on another listing that we’re taking, as well as negotiating two offers. This pace has continued right through the holiday season.

A lot of that is driven by the fact that prices are still high, especially compared to 2014 and 2015. For the last couple of years, prices have grown. In fact, prices went up almost 24% across the greater Toronto area. That is a tremendous increase, and a lot of people are taking advantage of it by downsizing, moving up North, or moving to a cottage.

The market seems to be very strong right now. The changes in interest rates haven’t affected the market as much as we anticipated. Although a lot of first-time buyers got pushed out of the market because they couldn’t afford the rate increases, the markets in higher price ranges, like $600,000 and above, haven’t been affected.

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The market is very strong right now.

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As we continue into 2017, I expect that the market will be very strong. We have the lowest inventory that we’ve seen all year, so if you are thinking of selling your home, now is a great time to put your home on the market.

If you have any other questions about the real estate market or about selling your home, give me a call or send me an email. I would be happy to help you!