A few weeks ago I spoke with The Toronto Star regarding predictions for the 2017 Real Estate Market. You can read the full article here but I wanted to expand on where I thought the market was going this year. Nothing below is scientific but just a snapshot of what I am already seeing the first few days of 2017.
- Detached homes in North, Central, West and East Toronto will have an average sale price of 1.3 - 1.5 million
- Semi-detached homes in North, Central, West and East Toronto will have an average sale price between 1 - 1.2 million
- Rockcliffe-Smythe and Weston Pellham Park in the west is going to see a huge growth in prices as well as Crescent Town and Danforth Village - East York in the east.
- 800 square foot plus, 2 bedroom condos will be highly desirable and we will see more and more bidding wars for these properties
- Smaller condos (under 500 sq.ft) are going to be higher in demand for investors
- 2 bedroom, 2 bathroom condos, and condo townhomes will have the largest demand in the condo sector
- The average 1 bedroom condo (without parking) will surpass $1500 in monthly rental price
- Large condo neighbourhoods such as Liberty Village and City Place will see a larger year-over-year increase in the average price than we have seen in recent years
- Unique original hard lofts will have the highest price per square foot of any of the condo buildings.
Buyers & Sellers
- Majority of buyers will not be making lateral moves because of housing prices and closing cost but will either upsize or downsize.
- Most buyers downsizing from homes will be looking for larger, 2 bedroom condos with unobstructed views.
- Buyers will settle for smaller homes (2 bedrooms over 3 bedrooms), semi’s or row houses in order to be in their desired neighbourhoods.
- Buyers will continue to be savvier when it comes to using an agent to represent them in the purchase of a property instead of going directly to the Listing Agent.
- Even with For Sale By Owner services, sellers will continue to have Real Estate Agents represent them in the sale of their homes but will work with more local agents that can best represent their interest and professionally showcase their homes.
- First-time home buyers will still make up a huge portion of the market but will continue to be selective in the location of their condos (close to subway, transit) etc.. and the uniqueness of the homes.
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