January Report

Happy Winter everyone! We are happy to share our residential real estate market update 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 1.5 months of inventory of homes for sale, comparing this to the same time last year where inventory levels were at almost 3 months. Interest rates have declined slightly to a point where you can find 5 year fixed term rates under 3%. 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 2 to 3 million people over the next 10 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 continue to release dates of many great developments across the city. As always, our clients get front line pricing & floor plans with the best developments across the GTA. If you haven’t signed up yet for updates on the latest condo projects and our front of the line access, be sure to visit our website at www.samandnataliahomes.ca. It is an exciting time for real estate throughout the GTA and we are here to help you navigate it as we are never too busy to address any of your questions.