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Record November For Greater Toronto Area Real Estate
Housing prices in GTA.
Everyday when you meet someone, there is never a moment we talk about hot real estate market. You sit in a car and tune to local radio or watch TV, you will not miss the the hot GTA real estate news.
This has been the hot topic. As home prices are historically up, everyone is concerned and are thinking where will their kids live in near future.
Its gong to be very hard on the university pass outs. Will they pay out university loans or save towards down payments. This is the question, most people have in mind. It will be more hard for even the new immigrants, unless they bring money from back home towards down payments.
While mortgage rates still remain lower, Greater Toronto Area real Estate continued its upwards trend even in the month of November.
The housing benchmark was up by 28.3 to $1172900 as per TRREB with Detached homes still leading when compared to semi-detached homes, townhouses or high rise condominiums.
It is worthwhile to note that Durham region real estate market gained 40.1 per cent followed by South Simcoe and Halton with 34.8 and 33.7 per cent respectively.
As the affordability is shrinking, there is shift in trend and people have moved out to out of town properties or condo market. Condo market is the next best affordable option right now buyers have.
Therefore, going vertical will be the trend in near future all over province.