Toronto, ONTARIO–(Marketwired – Mar 11, 2020) -Toronto real estate market is expected to see another solid week of price increases, but it is still not expected to be as much as last week, according to an official from Toronto Real Estate Board.
Real estate prices are expected to increase by an average of 2.8% for the week ending March 10.
The last time the number of days that a month is over the 1% range is March 9-10.
The next highest increase is 2.4% for April 11-12.
Realtor Brad McNeil expects the city to see a strong rebound in prices on the heels of the record winter storm that struck the city.
“There’s a real buzz about this, especially in Toronto.
We had a strong winter storm, so there’s a lot of excitement about this week,” McNeil said.
Realtor Chris Chiu believes the real estate boom will continue and he expects prices to continue to rise.
“There are a lot more houses and apartments coming on the market than there was before,” he said.
“We’re still going to see the city get more expensive and the value of homes get lower and lower as they go through the winter.”
“I think the price of condos is going to go up a lot this year,” said Chiu.
The number of condo units in the city is expected the average price of a one bedroom will go up by $250,000 in April, compared to a one year ago.
Last week was the second straight week that prices in Toronto were down, with the number down 3.7%.
Last month the city saw an average price drop of 11.7%, according to the Toronto Realestate Board.
As we have reported previously, the Toronto real estate board’s latest real estate price report predicts the average Toronto condo price will go down by $2,300.
The average price for one bedroom units will be down by a whopping $8,600.
Toronto realtor Brad Chiu says the condo market is a lot hotter than ever.
Chiu says that the number one reason for condo price increases is a rising number of investors wanting to get into the Toronto market.
There’s an influx of people that are looking to buy a condo in Toronto and they’re not paying much for it, he said, adding that that’s a huge factor.
“When the market is hot, it’s very easy to make money,” he explained.
If you are interested in buying a condo, Chiu suggests that it should be considered a good investment and it should go up in value when prices go up.
While there is a surge in condo purchases in Toronto, there is also a slowdown in sales of single family homes in the region.
At the same time, the number and type of condos being built is increasing, said Chu.
That said, he expects condo prices to stay in the low teens until they reach their peak.
According to Toronto Real estate board, condos are still the largest housing type in the Greater Toronto Area, but that’s still a small number compared to the number that are being built in the surrounding areas.
In the past five years, the average condo price in Toronto has increased by 9.8%.
According the Toronto Regional District, the median sales price of homes in Toronto was $1.5 million last year, and that number is expected rise by 6.5% in 2020.
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