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January 2014 Mid-Month Toronto Housing Market Update

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Wow what a start to 2014!

Even though we’ve had an extremely cold winter this year in the GTA and January started off really cold, we’ve done not-so-bad in terms of mid-month housing sales.

Toronto-January-2014-Housing-Market-Update

This year in the first-two weeks of January we are at 1287 sales vs 1396 in the first-two weeks of January 2013.

What’s significant is the average increase from last year.  A whopping 12% to $515,990 vs $460,527 last year.   This increase expands the 416 and 905 area code.

Toronto Real Estate Board President Dianne Usher expects that home sales will be up in 2014 through the TorontoMLS System and she reason’s that this is due to the fact that housing will remain affordable for a household earning the average income in the GTA.

What do you expect 2014 real estate market to look like?

I know we aren’t expecting interest rate hikes this year which is a plus for both buyers and sellers.  However,  with fewer listings in the market, we’re already seeing multiple offers and Buyers looking to purchase before the winter thaw.  They don’t want the crazing that is expected again in the spring market.  Probably a smart move in my opinion.  Why not buy your dream home now before having to compete with the buyer rush during the heated spring market.  Save yourself the stress and the headache and move in March, April just after the deep freeze.

I predict a price increase of 5%, especially in the single residence houses and condo prices strengthening as most first-time buyers will only be able to afford condos.

If you are looking to move this spring then plan now.  Want to know how much your home will sell for or what you can purchase with your family income, than contact myself or Jess.

100% satisfaction guarantee.  Watch the video testimonials of our clients.  Looking forward to helping you.


Jas Jagpal, Broker  ASA  CNE  ”We got your back!”
Accredited Senior Agent,  Certified Negotiation Expert
jasjagpal@gmail.com  C: 647.272.6629

Jess Jagpal, Salesperson  SRES
jessjagpal@gmail.com  C: 416.312.9742Facebook:FanPage  TESTIMONIALS: Videos    Blog: Toronto #1 Blog

 



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