While living in a condo has many benefits, it does have one...
Every year, as the weather warms and Spring begins, the housing market thaws as well.
The period between April and June is when the largest number of homes are bought and sold. Judging by the Toronto Real Estate Board’s April 2019 report, this year’s Spring real-estate market has started with quite a bang!
According to TREB, the number of housing transactions totaled 9,042 units last month, compared to 7,744 units in April 2018. And, on a seasonally adjusted basis, home sales were up 11 per cent in April compared with March.
In addition to the number of sales going up, the average selling price of a home also climbed 1.9 per cent from a year ago, to $820,148.
This was primarily led by changes price increases for Condos and Semi-detached homes. Compared to last year, detached homes saw their prices remain static in the 406, and saw a fall in value in the 905 region.
The rise in sales and prices is an indication that Canada’s biggest real estate market is stabilizing from a recent slump. Though the market is still nowhere near the crazy highs of a few years ago, the recovery is a good sign for buyers and investors who were worried by the tightened regulations and foreign buyers taxes imposed last year.
For buyers still on the fence, however, it seems that buying sooner rather than later is a good idea, in case the upward trajectory of prices continues
The good news is that we can expect to see many new Condo launches in the coming days, so there should be good pre-construction options to choose from.
And with the new incentives for First Time Home Buyers in Budget 2019, and with mortgage rates holding steady or potentially going down, this year is shaping up to be a good year to buy.
Condo’s in particular are a very attractive prospect; in fact, for many first-time buyers, condos are the only affordable path to home ownership in the GTA. Developers are responding with vigor to the strong market demand, and quite a few new pre-construction condo towers are going to be launched in this buying season.
If you’re going to be in the market for a new condo – be it this year or in the foreseeable future – don’t forget to sign up to our Insider’s club. That way you can the latest Condo launch news, VIP pricing, and floor plans before anyone else!