Hello....
I hope you are enjoying the fall season and staying healthy as we all navigate the through the pandemic. I wanted to reach out to give you a brief update on the residential real estate market. Home prices for the month of October are up over 13%, with the volume of sales also jumping up 25% across the Greater Toronto Area.
In smaller sub markets like Brampton and the entire Durham Region, in October the volume of transactions has soared up over 40% and prices up almost 20% in both communities. The demand for real estate in these areas has drastically increased due to the affordability of the real estate, approximately $865,000 in Brampton and $740,000 in Durham Region and with interest rates being at all time lows it is drawing more buyers into the market that may have not had the ability to afford a home before.
In major city centres like Toronto and Mississauga we have seen the demand and prices of resale condominiums begin to flatten out. In Toronto prices were only up slightly for the month, just under 1% with the volume of trades down almost 9%. Mississauga saw prices go up slightly for condominiums by just over 2% with demand sliding down almost 5% compared to the same period last year. Condominiums have been appreciating at an average of 6% a year for a long time and many sellers are looking to cash out as the demand for rental units declines.
Where we are seeing gains in the condo market are in the outlying communities that surround the larger city centres. Toronto and Mississauga have seen the inventory of condos for sale rise with demand unable to keep up. The outlying communities have seen strong demand due to affordability and for the simple idea that people are looking for locations that offer something a little different than downtown living.
The demand for new condominiums has remained steady as more and more developers have launched their projects before the end of the year. The purchase of a new condo enables the buyer to greatly spread out the deposits required to buy, not requiring the 20% down you would need to purchase a resale condo investment. If you have any investing questions please never hesitate to contact me.
Stay well and stay safe. Know that I am always available to answer your real estate questions, I hope to speak with you soon.
I hope you are enjoying the fall season and staying healthy as we all navigate the through the pandemic. I wanted to reach out to give you a brief update on the residential real estate market. Home prices for the month of October are up over 13%, with the volume of sales also jumping up 25% across the Greater Toronto Area.
In smaller sub markets like Brampton and the entire Durham Region, in October the volume of transactions has soared up over 40% and prices up almost 20% in both communities. The demand for real estate in these areas has drastically increased due to the affordability of the real estate, approximately $865,000 in Brampton and $740,000 in Durham Region and with interest rates being at all time lows it is drawing more buyers into the market that may have not had the ability to afford a home before.
In major city centres like Toronto and Mississauga we have seen the demand and prices of resale condominiums begin to flatten out. In Toronto prices were only up slightly for the month, just under 1% with the volume of trades down almost 9%. Mississauga saw prices go up slightly for condominiums by just over 2% with demand sliding down almost 5% compared to the same period last year. Condominiums have been appreciating at an average of 6% a year for a long time and many sellers are looking to cash out as the demand for rental units declines.
Where we are seeing gains in the condo market are in the outlying communities that surround the larger city centres. Toronto and Mississauga have seen the inventory of condos for sale rise with demand unable to keep up. The outlying communities have seen strong demand due to affordability and for the simple idea that people are looking for locations that offer something a little different than downtown living.
The demand for new condominiums has remained steady as more and more developers have launched their projects before the end of the year. The purchase of a new condo enables the buyer to greatly spread out the deposits required to buy, not requiring the 20% down you would need to purchase a resale condo investment. If you have any investing questions please never hesitate to contact me.
Stay well and stay safe. Know that I am always available to answer your real estate questions, I hope to speak with you soon.
Cynthia
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