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NEWS FEBRUARY 2017
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WHAT TO DO IN 2017

Do not sell if you don’t have to. If you have the opportunity to buy then you should do it NOW. Over the next 5-10 years prices will be 40-50% higher.

My view from ‘the street’ is always more accurate than someone's view from 'the executive floor’.

 

GTA REAL ESTATE FACTS AT PLAY

 

  1. City of Toronto sales increased by 21% in 2016, new listings declined by 36%.
  2. Immigration levels to Canada are expected to increase from 250,000 to 400,000 people per year. Most will end up in Toronto. We need about 40,000 + new units each year just to keep up with the current population growth in the GTA and to keep markets in balance. With higher immigration levels, that will be impossible to maintain. There are also fewer building sites for condos downtown and what can be found will be more expensive.
  3.Toronto is still a place where people want to live. We are the number one multi-cultural city in the World and just like the centre of gravity has shifted from Silicon Valley to San Francisco, so has the shift been to Toronto. The concentration of people who want to live in Toronto will only intensify. Millennials want to live and work in town.
     
  4. Millennials will become the dominant market segment (replacing baby boomers). In the next two decades over one trillion dollars will be passed by way of inheritance to this group. The ‘bank of mom and dad’ has already opened for many
 
  TORONTO, ONTARIO, February 3, 2017.
TREB reported 5,188 residential transactions. This result was 11.8 per cent higher than the 4,640 sales reported in January 2016.

Average price by major home type.
  416 905
Detached $1,336,64 $999,102
Semi-Detached $902,688 $661,545
Townhouse $658,349 $604,263
Condo $471,409 $379,169
     
"Home ownership continues to be a great investment and remains very important to the majority of GTA households. As we move through 2017, we expect the demand for ownership housing to remain strong, including demand from first-time buyers who, according to a recent Ipsos survey, could account for more than half of transactions this year. However, many of these would-be buyers will have problems finding a home that meets their needs in a market with very little inventory,"
 
       
   
   

 

 

 

 

Konstantin Kichtchenko Sales Representative Right at Home Realty Inc., Brokerage 416-391-3232 1396 Don Mills Road B121, Toronto, Ontario, M3B 0A7