Average price of home in Toronto.
Last year Toronto’s red hot real estate market showing signs of overtaking the Manhattan. By and large the prices of Toronto real estate is 5th in North America and first in East end, follow by New York. The real estate pundits have been calling for a housing correction in Toronto. Government policies and mortgage rules are making dent on the market but yet now and average price has not deceased up to the expected level.
The most affordable segments of Ontario housing market are seeing the biggest price hikes as recent changes to mortgage regulations fuel demand for lower priced homes. According to the CREA. The tighter mortgage lending rules, which make it harder for home buyers to qualify for uninsured mortgages, are also shrinking the pool of qualified buyers for higher priced homes said by TREB official.
“Price growth well above the rate of inflation will be the norm for the remainder of the year,” said TREB senior manager of market analysis Jason Mercer last year. GTA housing is overvalued and many analysts continue to see a correction in the cards. Whether the market is overheated remains to be seen, but you might be surprised by how many Canadian cities make the top 10 position in North American market and Toronto is one of that. In fact Toronto is on top of real estate market in the east end.
New listings remained down but that’s a significant improvement from the decline in new listings in last year which was blamed, along with the unrelenting polar vortex, for a drop in sales across the GTA.
In near future the is chance of decrease in average price of home in Toronto because of mortgage rules and Government polices. Presently only 3000 to 2800 houses are for sale on MLS which is below average. So it is expected that average price of home in Toronto will not increase during the next year.
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