The average Toronto area re-sale home price rose 1.7% year over year in January to $748,328, including single-family homes and condos, according to the Toronto Real Estate Board (TREB), which is forecasting a 4% annual price increase for 2019. TREB President Garry Bhaura indicated “Although we won’t experience record levels, we do expect to see a better year in 2019 for sales and selling prices.”
One main area seeing nice value increases is condos and townhomes, which are gaining in popularity. TREB director of market analysis Jason Mercer noted higher-density ground-level homes and apartments are sought-after due to their affordability. Toronto real estate buyers are increasingly moving to townhomes, as they find they are priced out of the single detached market.
First-time home buyers, real estate investors, or those just looking to make a change can be assured that real estate in Toronto and the GTA is strong. While property values continue to increase, don’t wait to get into the market. Start now, start small, and stay patient.
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