With Christmas only 4 days away, the spirit and celebration of the holidays is everywhere!
But if we may take quick break fro real estate news, here's a brief breakdown - courtesy of our parent brokerage, Bosley Real Estate - of the Toronto housing market stories that dominated the second week of December 2017!
The time is almost upon us to ring in the new year and for many of us to embrace change. The real estate market in 2017 has been anything but typical in the GTA and the fickleness looks set to continue right into 2018. There is so much uncertainty as to how the real estate market will unfold as we head into the new year. Royal LePage is forecasting a 6.8% increase in housing prices next year, but Remax Canada predicts a more conservative 0% price change. So, what will it be? Will the lack of housing supply in big-city markets, including Toronto drive prices up?
The City of Toronto continues to strengthen following the market declines after the province introduced the Ontario Fair Housing Plan in April, and in particular the 15% foreign buyers tax and other cooling measures. The foreign buyers tax has had more of an impact in the 905 area where the residential resale market seems to have stalled.
The condo market has been the hottest sector with the average sale price at $555,396 up twenty-five percent from the same time last year. The high demand for entry-level properties like condos is likely to continue in the new year, as well as a tight vacancy rate for renters.
Going forward what we do not need is further government intervention in the market place. As the market continues to recover in 2018, it is expected to be a more balanced market.
Whatever you celebrate this holiday season, wishing you all peace and joy. Take the time to be with your family and friends and enjoy the fun holiday season.
Happy New Year!
*Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake and Port Hope, Ontario since 1928. We have four centrally located offices and over 250 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately reflect the true temperature of the real estate market.
HERE ARE THE TOP FIVE TRENDING STORIES OF THE PAST WEEK:
How boomers and their progressive policies squeezed millennials out of the housing market
“Toronto-area real estate agents will be allowed to publish details about house sale prices under a Federal Court of Appeal ruling released Friday in a long-running battle over data privacy.”
Starter Homes Are Going To Be More Unaffordable In 2018: Report
“New stricter mortgage rules are expected to slow the housing market next year, but prices are still expected to rise about five per cent, according to a report by Royal LePage."
Toronto region home prices forecast to rise 6.8% next year
“One of the country's biggest residential real estate companies is forecasting a 6.8 per cent increase in Toronto area housing prices next year with starter homes — particularly condos — expected to be in high demand again.”
We’re Torontonians Who Moved To Hamilton, And We Come In Peace
“Please don’t call us callous bargain-hunters. We moved here because Hamilton felt like home, not just because it made sense for our budget.”
Toronto Sets Tough New Rules On Airbnb Rentals
“Toronto city council has approved regulations for short-term rentals in the city that would apply to such services as Airbnb.”
In case you missed last week's Market Insight, here's what topped Toronto real estate news in the first week of December!
~ Steven and the Urbaneer Team
- earn your trust, then your business -
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