What’s new in Ontario’s real estate market?
Ontario’s Real Estate Market
Ontario’s real estate market is always one of the hottest topics in the real estate industry in Canada. One of the most popular regions in Ontario is the Greater Toronto Area. With a population of nearly 6.5 million, the Greater Toronto Area is Canada’s most populous metropolitan area and is known for its impact on the real estate market of not only Ontario, but all of Canada.
Analysis of the Greater Toronto Area
Sales in real estate are rising drastically in the Greater Toronto Area even though predictions stated otherwise. Prices for residential real estate property also increased nearly 17% in the Greater Toronto Area. The average price of a residential property in 2016 was $725,857. The price is expected to see a further increase of 8% in 2017.
The average price of a house in Toronto alone, grew by 24.4%; making it the city which saw the most increase in property prices over the course of one year.
Analysis of the Real Estate Market of Ottawa
The capital city of Canada also impacts both the real estate market of Ontario as well as the market of Canada as a whole. Compared to January last year, the average price of a house in Ottawa rose by 4.8%. Benchmark prices in property for a family grew the most in Hunt Club and Windsor Park, where the increase was around 15%.
The number of property listings for sale in Ottawa, however, decreased 16% in December 2016 when compared to the number of listings exactly a year ago. This makes sense since the number of property listings throughout the country saw a sharp decline last year with the rate dropping by 14%.
On average, prices for real estate are expected to rise considerably in Ontario during the current year. Furthermore, sales too, are predicted to go up in comparison with the previous years, making 2017 the ideal time to sell your property in Ontario.
To learn more about Ontario’s real estate market, contact Nav Sidhu.