April 2022
There have been many headlines recently that speak of a shift or change in the real estate market. I’m here to clear things up.
As much as the volume of sales are down across the Greater Toronto area by approximately 40%, pricing still remains strong, up 15% compared to April of last year.
The overall appreciation of real estate will continue to cool as long as interest rates continue to rise.
The pace at which homes were appreciating across many areas of the GTA were not sustainable.
Inventory levels of available homes for sale will rise, slowing the overall appreciation of all home types, which is a good thing
The sales volume of condominiums have also begun to slow as borrowing costs continue to rise.
The volume of condo sales are down almost 35% but pricing remains strong, up almost 13% compared to April 2021.
Again, as inventory levels rise the pace at which residential property appreciates will begin to slow.
The demand for new construction condominium units continues to be strong.
New condominium demand has actually been far outweighing supply
New construction is a great way to enter or continue to invest in Great Toronto Area Real Estate.
If you are looking to learn more about the buying and investing opportunities new construction presents, please do not hesitate to contact me.
Know that I am only a call, email or text away to assist with any of your real estate needs.