Living in the suburbs has been fruitful for your property value however that (#bubble
) is about to deflate.
As for numbers specific to the entire #GTA, a detached house in the 905 currently costs about $879,048 (way down from $910,216 in December 2017). A semi costs about $638,899 (up from $635,999), towns are selling for $588,439 (a little up from $575,894) and condos are costing buyers about $421,927 (down from $430,001 in December).
Not only are we currently losing out on properties listed (all around the GTA), we are now seeing a #decline in #resale value for homes in the suburbs.
For the time being, it seems that #Toronto
is safe from this (and may stay that way) due to the old adage that – “You can’t build new land”. (Yes, I know that’s actually not true, but Toronto is not likely to encroach on Lake Ontario for your new home).
The mortgage rules have changed; you now need to qualify for a much higher rate than the market rate, the interest rate has gone up and investors are not driving the price of houses skyward (since so much of our investors were foreign and they have a harder time now realizing their gains in Ontario).
If you’re thinking of selling your home, is now the time to lose 5% in total commission or should you be looking at a discount brokerage? I like iListMLS
– they have flat fee listings and just enough to sell your home without pushing their advertising agenda like most other brokerages.