Why Should You Sell Your GTA Home Now?
Why Is Now A Good Time To Sell?
Given the political and economic landscape of our neighbours to the south, Canada is largely considered to be a more ideal place to own property. With low interest rates and home price appreciation, Canadian housing is in high demand from domestic and foreign buyers alike.
The price appreciation in Ontario and the GTA has had record breaking increases in 2016. The most notable area include Aurora with 55% year of year ($914,061 average for a detached home in January 2016 to $1,415,164 in January 2017). Other municipalities topping the charts are Newmarket with a 52% increase, Uxbridge increasing by 46%, Scugog at 44% and Oshawa with a 42% year of year increase.
High Prices Driven By Housing Shortage
The Greater Toronto Area has seen an average 28% appreciation year of year. Growing interest from potential buyers and investors is a result of population increases and a lack of supply of new home builds. Tight supply combined with low interest rates have been responsible for the price surges according to many industry experts. The housing shortage and lack of new builds appear to be a result of municipal and provincial restrictions that limit builders in the number of homes they may build. Within the past 15 years, land use restrictions alone have been thought to be responsible for increasing the average home price by 7-10% year
Buyers paying over-asking in bidding wars has become the new norm in the GTA housing market, so sellers can be sure that they will be getting top dollar for their listing. Moving to suburban areas where there is more room for price appreciation could be a beneficial long term investment as there is a lesser likelihood of price corrections in less inflated areas. Matrix Mortgage Global and PropertyXchange Real Estate Brokerage can closely advise you on your home’s value and financing options for a new purchase. Get in touch if you are thinking of getting off the buying fence!