January Too Hot to Handle Toronto Real Estate

Now we all know the Toronto real estate market is increasing at crazy rates, but January 2017 hit a new high. Up 33% from January 2016, Central Toronto Detached homes average price broke the $2,000,000 barrier. Yes in January! Usually, considered the slowest month of the year (well not in recent years, but you get what I mean) and you can guess why? It’s f-ing winter! But Toronto’s real estate market defies all odds.

How does this happen? Well, simply put it comes down to the lack of inventory and a very high demand. Simple economics. Even with an increase in interest rates it has not slowed.  Will it end? The short answer is no! Every market in Toronto is HOT right now from the luxury market to the condo market to the housing market which all spilled over into the rental market. I’ve never seen it like this and there is no sign of it slowing down in my opinion. Economists have been predicting a crash for years and I do agree this isn’t sustainable, but Toronto is a different animal these days. Prices at some point will slow, but not decrease. You can’t compare Toronto to any other market in the world right now. Maybe I’m naive or overconfident or too much of a Toronto enthusiast, but the city keeps getting better and better. We are on the map and world class. I don’t care what anyone else says. We are now getting the respect we deserve as one of the best cities in the world.

Check out our SAGE Market Snapshot below to get some numbers from January 2017.

Market questions? Are you thinking of buying or selling? Drop me a line, give me a call, lets chat about the best real estate options for you. Contact david@davidspeedie.com or text/call 647 244 3931.

January Too Hot to Handle Toronto Real Estate

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DETACHED HOUSES JANUARY 2017 STATS

SEMI/ROW HOUSES JANUARY 2017 STATS

CONDOS JANUARY 2017 STATS

January Too Hot to Handle Toronto Real Estate