Trends and forecasts on the Toronto Real Estate Market from the Best Economic Minds in the Business.
In 2016, experts say that the market “trends to watch” will revolve around the rise of overall rental rates and a steady growth within the Toronto housing market. The pattern continues after last year’s improvements in both homes sold and prices listed. According to The Canadian Press, the Toronto Real Estate Market “hit a record high” in March of 2016, with over 7,000 sales in February alone.
There will always be skeptics to the growth, especially since the improvements are approximately one-generation in the making. Over the past twenty years, some have forgotten about the 1990s collapse in Vancouver and the Toronto Real Estate Market while others still live in the shadow. But, there could be a reason for the forgetfulness: many of the 2015 homebuyers weren’t even born yet.
Jonathan Smoke, a chief economist at Realtor.com relates this booming growth to millennials (ages 25 to 34) who—despite their minimalistic nature thus far—are finding a need to own again. Smoke admits, “This demographic has the potential to claim a third of home sales in 2016 and represent 2 million home purchases.” As numbers grow, these echo-boomers will continue to dominate the buying side of the industry as they enter their prime earning years.
Furthermore, in an article in the Toronto Star, Susan Pigg writes, “The first wave — boomers’ kids who range in age from 15 to 34 and make up about one-quarter of Canada’s population — are just moving into their prime home-buying years. Many live in Toronto and Vancouver, where job growth has become a major magnet.”
These millennials are also using online resources to find new homes in various areas, including East York, Etobicoke, Scarborough, North York, York, and even Mississauga new house developments
Case Study: Richmond Hill
With a population of a little over 185,000 people, Richmond Hill is a prime example of real estate growth. Unofficially labelled as the boundary above Bloomington Road, the Greater Toronto Area features market trends at a 14 percent increase, according to a recent poll from Trulia. Specifically, the “market trends indicate an increase of $55,000 in median home sales over the past year.” In square footage alone, that increase is $305, which has risen from $268 per square feet.
In addition to the potential millennials buyers, the Richmond Hill housing price; increase has seen an upsurge geographically, as one of Canada’s fastest-growing communities in the last two decades.
The residents in this area can be categorized as employees within the healthcare, finance, industry and business arenas and one additional tourist attraction to encourage residency is world famous, 80-year-old David Dunlap Observatory. With avid buyers and ideal aspects, the Richmond Hill housing price increase will stay strong for years to come.
Toronto Seller’s Guide (and Buyer Considerations)
There are dozens of free home evaluations link to on the market, but how do you know which one is the right assessment for you? With a quick search, the top options are Sulton Realty, Search Toronto Homes, Listing Express, and Sellin(g) 30 Days.
Rather than signing up and giving your information to an unknown site, consider conducting an initial search in house. After all, no one knows your home better than you, so start by evaluating your home rather than looking for outside help.
In addition to the chart above, there are other factors when evaluating the home. For example, find a local realty that can determine the values of homes around you, or, simply pay closer attention when riding through your neighborhood. The local realty however, will often tell you more information than simply passing-by other homes for sale.
With the popular homula advanced property search your smart phone can track your geographic location link to and evaluate the homes for sale in a given area. In addition to displaying photos of the home, a quick search can determine square footage, bedroom and bathroom count, age of home, extra features like garage or basement, and most importantly for buyers, the possible renovations and last known sale price of the home. With these methods, it’s possible to gather a free home evaluation in no time.
Whichever method, start by checking the values of other homes that most resemble yours—in terms of square footage, age, and bedroom count. When realtors or mortgage lenders are trying to determine the value of your home, they will develop a survey of recent sales in the area that most resemble your property. Understanding these recent trends in a given area is vital.
The next step would be to evaluate the curb appeal of your home. Not only does this help you truthfully determine the perceived value, but you can then determine ways to improve the worth of the home. For example, something as simple as adding an updated landscape or even a bright colored door can improve the value of a home with as little as a weekend of work.
Finding a Mortgage Professional
After a quick self-evaluation of the home, the next practical step may be to find a mortgage professional. Generally listed as a mortgage broker, this individual acts as an intermediary between a borrower and a bank or mortgage lender. The Truth About Mortgage writes, “The broker will gather important information, [such as] income, asset, and employment documentation, along with a credit report…”
One reason to ask for help rather than go in alone would be that mortgage brokers could actually shop rates for you. This is crucial as a small percentage added to your mortgage over time can lead to tens of thousands of dollars in savings, if not more. A mortgage professional can create a discount, whether you’re looking to find the best Toronto condo prices, buy your dream condo, or even find an investment property.
Using Homula to Buy or Sell
Matthew Gardner, chief economist for Windermere believes we will continue to see a rise in homes for sale. He advises, “Homeowner equity started to recover in 2013 and has been steadily improving since that time. As such, I expect that it will increase their likelihood of selling.” Enthusiastically, he confirms more inventories within the housing market.
Rather than merely deliver a piece of the puzzle like other sites, Homula delivers each step in the buying and selling process, in a comprehensive manner. With features such as their Smart Search, Homula provides the most up-to-date search results, using resources such as the MLS (multiple listing services).
Their listings include a complete database for buying or leasing in bulk or commercial real estate areas. Their advanced catalog also provides pro-construction properties, new homes, and even pre-construction properties. So whether you’re looking for “Toronto Condo Prices” or “Mississauga new house developments,” Homula is the premiere resource for the informed researcher.
The website also features FAQs from a panel of Real Estate Experts. These common questions are beneficial to those newcomers in the field and Homula’s News Feed and up-to-date Articles help individuals stay on top of current trends and regulations in the field.
Behind these updates and articles in Homula website you also have more options to learn more on Homula facebook page about the Toronto housing market, the expert panel includes Realtors, Mortgage Brokers, Lawyers, Home Inspectors, and various other Industry Experts like those within the field of Property Management. Within the Tools section, Homula provides Marketing Advice and Free Estimates.