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Housing Prices in Toronto remain at Significant Highs
Toronto is one of the hottest housing markets in Canada which continues to help sustaining the booming price hike as high-rise and single-family apartment real estate stays in high demand.
The Toronto Real Estate Association reported that the prices for condo in the Greater Toronto Area are significantly increasing by 8% year-over-year which reaches $338,251. The semi-detached rates are also up top 11% increase while the townhouse rates have increased to 8%. Such figures show that Toronto is a city of costly living and Canadians yet to experience roe stable conditions in the real estate market in this city.
The strong annual growth in sales keeps on increasing according to TREB. Such increase in the transactions is based broadly with sturdy growth in the high-rise and low-rise home types in the entire Greater Toronto Area. The market is also becoming better supplied with yearly new listings which outstripped the sales. This market trend is expected to continue with much more balanced conditions in the market.
The sales activity has risen from 11% to 7,092 while the new listings grew by 14% year-over-year. The increase in home prices have caused some Canadians to find condos which makes Toronto as one of the popular cities in North America to rent or buy high-rise apartments. The Building Industry and Land Development Association reported that there are 23,747 condos sold in the Greater Toronto Area last 2011.
For instance, in Alberta, Edmonton and Calgary are the hottest housing markets and experts in the real estate predict that in the following years, there would be significant changes in the economy of the province. The Calgary Herald reported that some housing experts expect that the real estate market in Alberta will be much stronger in the future years.
The market trend is working its way up and there will be a momentum that growth will be experienced in multi-family and single detached homes. There are some key factors that drive housing market such as net migration, oil price hike, increasing economic growth, and balanced market.
Skyrocketing immigration, strong employment, and low mortgage rate will help in generating buyer’s market along with augmented housing construction, escalated activity in sales, and minimal price gains. Progressive housing in Canada is expected to rise while propelling a slid market in the real estate business.
Condo living may be a great option for the historic highs in the prices of homes listed in the GTA real estate market. Toronto, being one of the most popular cities in North America, is expected to experience more Canadians living in high-rise apartments for more affordable living. It is seen that the higher the demand, the higher the prices would be for homes and complexes sold in the Greater Toronto Area.
It is expected to see increasing home sales activity in Toronto to help sustain the increasing price in the single-family and high-rise apartment with the high demand in the real estate market. Housing markets will increasingly become a hot trend in the next years to come.
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