Welcome to my February email newsletter!
This January certainly was a busy month for Toronto real estate. Sales were up by over 15% compared to last January while the number of listings was down considerably. Not surprisingly, since inventory is at such low levels, this resulted in prices going up significantly. The average price for a detached home was up by 16.7%, while the average price for a condo was up by 15% year-over-year!! You'll find full market news and predictions for 2020 below.
With the market conditions we have currently, it's always best to be thoughtful and strategic when buying or selling. Rest assured our real estate market is healthy and as long as inventory and borrowing rates remain low and buyer demand remains at current levels, there's plenty of growth yet to come. Of course, there is always the undercurrent of fear that our market growth is unsustainable and sadly, none of us have a crystal ball to predict the future. So, as with any large purchase, it is wise to think with a "long-term mindset". Be as confident as you can with your finances and your long-term goals so that if there is a change in the market, you'll be able to ride out the lows should they appear.
In other news, the renovation I've been doing at my Radio City condo is finally complete - scroll down for a blog about the trials and tribulations of that project! If you're considering your own reno this year, reach out if you have questions...as well, below is a piece from "Livabl" featuring the top kitchen renovations.
As always, I thank you for your past and future business...and any referrals of friends or family you may have are greatly appreciated!
Royal LePage Real Estate Services Ltd.
416 921 1112