The big question on everyone’s mind when it comes to Real Estate is, “When are prices going to stop climbing?” Well according to the information you’re about to read, the answer is, “not anytime soon”.
Even though last year was a leap year and February 2016, had an extra day, the number of residential sales in February 2017 were up on a year-over-year basis by 5.7 per cent. While the demand for housing ownership grew over the past year, new listings entered into the Toronto Real Estate Board’s MLS System in February were down on a year-over-year basis by 12.5 per cent.
Simply put, housing demand remains high while supply remains low. Let’s break it down…When we compare last February to this February, more homes were sold (demand is up by 5.7%) but this year, fewer homes went on the market (supply is down by 12.5%). And do you know what happens when demand is high and supply is low? That’s correct, prices go UP.
Until we see a marked increase in the number of homes available for sale, we can expect very strong annual rates of price growth to continue.
I have attached an image below that visually interprets these stats and is something I use for posting to my website and social media. The pdf version can be used as a monthly touch piece for my clients is included in my Pre-Listing Information Packages, Listing Presentations, Buyer Consultations or other communications and marketing.
When you are ready to have your Real Estate needs handled by a true professional, contact me, Stephen McDermott. I can be reached through the “Contact” tab above, or directly by phone or email.
Thank you for taking time out of your day to read this right to the end! I look forward to hearing from you.
P.S. If you’re not moving right now but you might be in the future, ask me about my “Let’s Get Ready” information package. It contains excellent information on what steps you can take now to help your Real Estate process go smoothly.