What to know about the new U.K. property market and what to do if you’ve been priced out of the market article Toronto real estate agents are bracing for a new wave of house sales as the Toronto Real Estate Board looks to fill a gap in the market.
But some experts warn that the rush to get in before the first sales season ends could have a negative impact on the market, and could even increase the value of the homes being offered.
“We are seeing a lot of demand for properties at the moment,” said Brian LeClair, president of the Toronto Board of Real Estate Agents.
“There’s a lot more demand than supply.”
The number of homes that are sold in the GTA in the first quarter of 2018 was the lowest since the recession.
The number of sales has declined from the same period in 2017, when there were more than 11 million homes sold in Canada, according to the association.
But the number of listings has risen, particularly in Toronto, where prices are rising rapidly, said Mark Blyth, chief economist at Real Estate Canada.
“The real estate market in Toronto has been very strong in recent years,” he said.
“This is a big selling opportunity for the market in terms of new listings and supply.”
LeClair said he is anticipating a number of properties will be available in the next few months, and that some will sell at significantly higher prices than their market value.
“It’s very possible we will see prices go up significantly,” he told CBC News.
“If that happens, then prices will be in a much better place.”
He said the demand is coming from a number other countries, with more people moving into Toronto.
“Demand is also coming from the U: Canadians have gone to the United States, Canada, Europe and the U-K.,” he said, “and now we are seeing people from Asia coming to the city.”
Blyth said that in the past, sellers in Toronto have sold for around $500,000.
Now, the average sale price is $1.2 million, he said; that’s about twice the value.
The Ontario government has put in place a number, including a limit of five new homes a year per household, and a cap of 20 per family.
But LeClare said that this will be less of an issue in the coming years, because the province is spending money to build housing in new homes.
“Ontario is the most-expensive jurisdiction in the country,” he explained.
“We are trying to help the housing market, but we are not going to be able to do it on our own.”
The province has been building homes, but the demand for housing is not there.
As of Friday, the price of a single-family home in Toronto was $1,095,800, down 5.3 per cent from a year ago, according of the Association of Realtors. “
So it will depend on how much of a recovery is there in the real estate sector.”
As of Friday, the price of a single-family home in Toronto was $1,095,800, down 5.3 per cent from a year ago, according of the Association of Realtors.
The average price of condos was $2,858,000, down 7.6 per cent.
In Vancouver, the market has been the worst affected by the shortage of homes, with prices in the city’s west having risen nearly 30 per cent since the start of the year.
The median price of single- and two-family homes is up 20.8 per cent in the last month, according the Real Estate Institute of B.C. The city’s median price for detached houses is down 8.4 per cent, according its own data.
Meanwhile, the vacancy rate in the Vancouver market has fallen to 2.4 from 2.7 per cent during the same time period last year, according data from the Real estate Institute of Canada.
But that’s not good enough for many sellers, especially those who have already moved out of Vancouver, and the average price for single-storey units in the region has fallen 10.9 per cent over the same timeframe.
“We’ve had more people leaving the Vancouver area,” said Scott Frew, president and CEO of the realtor association.
“They are leaving in large numbers.
That’s been the trend over the last few years.””
It is hard to know where the market is going to fall,” he continued.
“People are not buying into it.
There’s a little bit of fear in the marketplace.
I do think it’s going to slow down.”
Bly, the realty expert, said it is hard for buyers to know when a property is going into their portfolio because prices are constantly changing, and sellers do not always have a clue when the next sale is coming.
“In the past the sellers are not really worried about a property’s price going up because it