Dear Clients and Friends,
2019 turned out to be a better year than 2018 in resale homes in GTA with a net increase of 12.6% in the total number of units sold(87,825 Homes & Condos(combined)). The average price also went up by 4% to $819,319. As long as interest rates remain historically low and based on the current demand trend & the lack of inventories in the market, it is a golden opportunity for home owners who are contemplating selling in 2020!
The best time to sell is of course when the supply is low and demand is high. I predict this Spring market (which in real estate term starts from late January or early February) will be very robust and rewarding for home sellers. The Summer market will likely be calmer and steady. Barring any major events, 2020 will likely be a better year by around 4%-5% than 2019 but prices are still down from the peak of 2017. Hopefully, by 2021 we will be right back or surpass the 2017 price level.