The Toronto real estate market was on a hot streak for quite a while. Now with the market cooling, as well as better seasonal prices, this may be the best time to buy a house in Toronto. Key market indicators have demonstrated a flattening out of prices, which is great news for first-time homebuyers and those looking to buy a new home.
The Current Real Estate Market in Toronto
Most homebuyers, be they first-time or simply looking for a change, know that the Toronto housing market is experiencing a downshift: According to MLS data, there was a decrease of 18.3 percent in the number of homes sold between 2016 and 2017, with just 92,394 homes sold in 2017.
According to a TD economics team report, the average price of a Canadian home is three percent below the market peak, which occurred in April 2017. Toronto home prices are down 8.8 percent since May 2017, which is incentive for those, including first-time homebuyers, to buy a house now.
Historical sales data also points to winter as the best time to buy a home in Toronto. This is because properties tend to sit on the market longer during January, taking approximately 24 percent longer to be sold as compared to the spring.
Another key factor will be the new mortgage rules, which the federal government implemented earlier in January. Now Canadian borrowers seeking a mortgage must pass a test whereby rates are set two percentage points higher than the current rate. The Mortgage Professionals Canada, an industry group comprised of 11,500 mortgage brokers, lenders, and insurers, released a report in December that suggested this would disqualify 50,000 Canadians from buying a home. However, this is not expected to significantly slow down the Toronto housing market, as demand to live in Toronto is consistently high due to lack of space, immigration, and other factors.
How MAC Real Estate Services Inc. Can Help
At MAC Real Estate Services Inc., we have excellent knowledge of Toronto and the Greater Toronto Area (GTA). Our local knowledge of the housing market is unparalleled, which makes us savvy when it comes to negotiating and finding you the perfect home. We only uses our own licensed realtors to handle your needs.
Through MAC Furnished Residences Inc., we also offer complete relocation services for those looking to make a permanent stay in Toronto. That means that we can help with everything from arranging your furniture to arrive safely to resettlement services that allow you to smoothly transplant yourself into the city. We can ensure your move is a stress-free and rewarding experience.
To learn more about how MAC Furnished Residences Inc. and MAC Real Estate Services Inc. can make your move to Toronto a pleasurable one and how we can help you find the perfect home in the GTA, contact us toll-free at 1 (866) 393-2322, locally 416-222-0025 or e-mailing us at email@example.com.