Market Stats – Jan 2020
Happy Winter everyone,
We are officially in the middle of it and hope you are finding some time to get out and enjoy the snow and cold weather while it lasts. I wanted to reach out to you to share a brief overview on what happened in the residential real estate market throughout the first month of 2020 and what we foresee occurring in the coming months. Throughout January we saw continued limited supply of homes with strong demand pushing prices up an average of over 12% for all home types. Currently there is just over one and a half months of inventory of homes for sale, comparing this to the same time last year where inventory levels were at almost three months. Interest rates have declined slightly to a point where you can find 5 year fixed term rates under 3%. Unless we see a large spike in the number of homes for sale combined with a rate increase we can’t expect the market to slow down anytime soon, unless something unforeseen occurs which changes people’s buying or selling decisions.
Real Estate continues to be a safe place to invest your money as more and more people continue to move into the Greater Toronto Area. It is predicted that the population of the GTA will grow by another two to three million people over the next ten years Whether it be a condo, townhouse, semi-detached or detached, they will all need a place to live.
As we get closer and closer to the spring market we will see the inventory of homes available for sale increase, however, at this time of year more buyers will also enter the market, we will see continued upward pressure on prices.
If you were ever considering selling, now is a great time as inventory levels continue to remain low unfortunately leaving buyers little choice. If you are considering a purchase, the market is competitive but it is important to stay engaged to understand where prices are headed as you do not want to miss a great opportunity to own real estate in this city.
Condominium Developers have released and are announcing their release dates of many great developments across the city. Royal LePage Signature and I have aligned ourselves with the best developments across the GTA, giving our clients front of the line access. If you have ever considered investing in real estate there are some great opportunities on the horizon.
Enjoy what is left of the winter and I look forward to connecting with you soon.