Ajax Pickering Real Estate
1154 Kingston Rd L1V 1B4 Pickering, ON, Canada

Prices in GTA could increase rapidly by Gerv Tacadena https://www.canadianrealestatemagazine.ca The housing markets in the Greater Toronto Area could witness a rapid increase in dwelling values this year, according to the latest market forecast by Royal LePage.... During the fourth quarter of 2019, the region recorded a 4.8% increase in aggregate home prices to $843,609. Over the same period, the median price of a standard two-storey home and bungalow increased by 4.4% and 2.4% to $982,944 and $806,977, respectively. The median price of condominiums rose faster, at 7.8% t to $565,919. The low supply of homes, the increasing population, and the stronger consumer confidence continued to fuel the upturn in the region's prices, said Kevin Somers, Royal LePage chief operating officer. "The Greater Toronto Area is at a pivot point where we are seeing signs that prices could begin to rapidly increase. The region has a very low supply of listings while we are seeing more potential buyers trying to enter the market," he said. Across the region, the price growth varied significantly, with some areas, particularly those within the city-centre, showing stabilising values due to high demand and low inventory. Pickering and Mississauga reported the most substantial price increases at 9.7% and 7.9%, respectively. In Toronto, values jumped by 6.6%. The cities of Ajax and Oshawa were the only two areas to show a year-over-year decline in aggregate price, down by 1.2% and 1.8%, respectively.

Expect a seller's market this year HomeNews by Gerv Tacadena 07 Jan 2020 www.canadianrealestatemagazine.ca... The lack of housing supply is expected to remain a pressing concern this year as Canada moves further to a seller's market, market watchers say. The sales-to-new-listings ratio in November was at 66.3%, representing a 2.7% annual decline in the new housing stock. This came while prices have rebounded steadily over the past year. At the same time, the total months of inventory, which refers to how long it would take to sell off all available homes, hit its lowest level since 2007 at 4.7 months. Zoocasa market watcher Penelope Graham said the lack of supply is a "far more acute issue, particularly in the Greater Toronto Area. Citing figures from the Toronto Real Estate Board (TREB), Graham said the sales-to-new-listings ratio in the region was 81%, indicating that ofanly around one in five newly-listed homes were sold in November. "Analysts are raising concerns that should undersupply persist, it could set the stage for the type of unsustainable price growth seen in the 2016 market, which was what prompted new regulatory change in the first place," she said. TREB chief market analyst Jason Mercer said the influx of people in GTA and the declining negotiated mortgage rates resulted in sales accounting for a greater share of listings during the second half of 2019. "Increased competition between buyers has resulted in an acceleration in price growth. Expect the rate of price growth to increase further if we see no relief on the listings supply front," he said.