Welcome to Zan Molko's Crystal Ball view of Toronto Home Prices!
You are welcome to view my Crystal Ball.
Some say that history is the best guide to the future. History does seem to repeat itself. At least in the Toronto Real Estate market, it does. We will be heading into our 16th year of rising prices... At least for the first quarter, because there are many folks out there roaming around with 90 - 120 day commitments for pre-approval on their future mortgages.
Looking at the most recent statistics of the Greater Toronto Area...
There were 6,391 residential sales through the Toronto MLS system in November, representing a +13.9% increase over the unit sales in November 2012. Over the same period, new listings on the Toronto MLS were down by 4.4 per cent and month-end active listings were down by 12.1 per cent. Shorter supply translates into higher prices.
Prices were up +11.3 % with an average selling price of $538,881 when compared to the average of $484,208 for November of 2012.
Yes, it is now more difficult to get a mortgage.
The economy while not being on fire, is stable.
People are out buying for the holiday season.
Interest rates are still historically low, with no indications of increasing in the near term.
People are immigrating to the GTA.
Employment is stable.
We do have a shortage of freehold homes, as the developers have been focusing on Condos. However there are homes and condos in Toronto, North York, Markham, Vaughan, Mississauga Richmond Hill, Thornhill and all over the GTA.
My crystal ball says the first part of 2014 will be similar to years past. Seller or buyer, there will be opportunities. You will need the guidance of an experienced soothsayer, nay, Realtor. What are you waiting for?