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The million-dollar decision: wait or buy now?

Prices are going to the moon with Elon Musk and Jeff Bezos and there's no turning back. We are in the absolute hottest market that Toronto and the GTA have ever seen. How's this possible? The fundamentals of Real Estate say when demand is high and supply is low, prices will increase. We're in a low supply and high demand market. Homeowners are holding their Real Estate and buying more. According to Teranet’s Q4 Market Insights for 2021, purchases by multi-property owners have climbed steadily and represented over 25% of total transactions from January to August 2021.

Mortgage variable interest rates are as low as 1.40%. With detached home and townhome prices pushing over a million, condo townhomes and condo apartments have become the lowest-priced options with a strong likelihood of multiple offers. The new entry prices are approx. $650,000 for a condo townhome and $540,000 for a one-bedroom plus den condo apartment in Toronto. Currently, Brantford, Hamilton, Oshawa and Barrie are currently lower-priced options.

In 2010 the average home price in Toronto was $431,262 in 2020 the average home price was $929,634, that's almost half a million dollars in 10 years.

The Rental market demand is on the rise again. It’s anticipated to increase in 2022 and 2023 by record levels of immigration. The average one-bedroom condo apartment rent was $2,060 and the two-bedroom was $2,773 in Q3 2021.

So far, there are no signs of the Real Estate market cooling. I'm working, give me a call.

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