Toronto Area Real Estate Market Update

As we move into December we are heading towards that period when real estate agents see the market start to slow down as Christmas and the New Year approaches. Buying property when you are busy finding Christmas presents for your loved ones can be a double whammy of problems presented to those potential buyers, so many just shrug their collective shoulders and wait until the stress of the festive season has passed and begin their search again as soon as we hit into early January.
It is a traditional slump that happens all over Canada, the US and in many parts of Europe too. Some potential buyers will have been actively looking for property since the summer and in Toronto these buyers and home hunters will have been accelerating their efforts to grab that property in time for Christmas. This is why there has been a rush to buy during the months of October and November.
It is certainly been looking good for sellers where one property recently sold for $785,000 in Toronto’s Frankland School district after being originally placed on the market for $650,000. It had interest from so many would-be buyers they became involved in a bidding war to nab this property before Christmas.
In fact recent demand to buy homes in Toronto central district has forced many potential buyers to start looking in the suburbs of Toronto. Buyers have been forced to make a choice of living in a condo in Toronto’s heart or getting a house in the suburbs and facing that long commute into work every day. But there is concern that those that work in the GTA (Greater Toronto Area) are now sitting in long traffic jams while they make their daily commute into work. This practice could impact on the environment and possible harm the economy of this vibrant city.
The average cost of a home in the GTA now stands at $539,000 which is just over 11 per cent higher than it was this time last year. If you are looking at buying a detached home in the area code 416, you can expect to pay around $845,800 now. Now take the price of a home in the suburbs, say the 905 area code and you would pay just $596,000 and land you a similar property. Even condos are averaging around $120,000 more if purchased in the city than they are if you bought one out in the suburbs.

Thinking of buying condo or house in Greater Toronto Area? Find homes for sale in Toronto, all active MLS listings available for search. More market update on http://findhometoronto.ca

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