GTA Real Estate Market Watch – January 2020.
Published February 6th, 2020
Here's what happened in the GTA Real Estate Market last month January 2020
Price comparison to January 2020 (last year)
- Detached properties increased by 10.5%
- Semi-Detached properties increased by 6.5%
- Townhome properties increased by 8.0%
- Condo Apartments increased by 15.1%
January had some decent buying opportunities as I had predicted previously (slight dip):
- Detached properties had a slight drop of 1.5%
- Semi-Detached properties had a slight drop of 1.6%
- Townhome properties had a slight increase by 3.0%
- Condo Apartments had a slight increase of 2.8%
Detached & Semi’s dropped slightly from December, likely due to entry price points while Townhomes & Condos jumping by almost 3%! The increase in Towns & Condos was likely towards the end of Jan, as buyers were looking to get a head-start on a market that’s predicted to appreciate between 6-10% in 2020 (based on recent financial reporting in the media), coupled with the fact that the average prices are at least 100K less than Semis & 400k less than Detached.
February is already seeing multiple offers on properties. With the banks easing up on posted rates & in March, the easing of stress test – we are poised to have an INSANE Spring Market. If you were planning to BUY without having your finances sorted (pre-approvals) – be prepared to lose out.
Sellers, if you were thinking of selling: START PREPPING YOUR HOME NOW!! Beat the competition and get a firm deal within the next month or two – especially if you were also planning on buying (move-up or downsizing)
Please note that these are overall GTA stats & trends, which do apply to the regions of York, Durham, Peel & Toronto - however, if you'd like specific information regarding a particular region or city, please let me know and I can provide more precise statistics and information.
Have a great ??Valentine’s??& Family Day, see you in March!
For past issues, visit: http://www.getrana.com/blog/jay-ranas-monthly-gta-real-estate-market-watch/
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