Since I’ve started selling Real Estate about a decade ago I’ve heard those words a million times, yes, that’s right. A million. I heard that from my clients and people stopping me on the street to talk about real estate. I heard it in the bathroom, I hear it in the elevator, I hear experts saying to wait.
I live in Toronto, and I’ve got news for you, its not dropping. Not anytime soon anyway.
If you look at statistics the market goes up and down, so the market technically might slow down a bit or the powers that be might implement a new rule that will stagnate the market a bit, but if you live in the GTA, the market is not dropping and this is why:
1. Too many foreign buyers
2. Vancouver potential foreign buyers are coming to GTA now
3. Low interest rates
4. Healthy Economy
5. No Inventory
6. Prices are cheap compared to other countries
7. Low Dollar
8. Low unemployment
9. Huge Population/Huge Demand
10. Easy to Get a Mortgage
While there are more factors that are involved and other factors that can slow down the growth and prices, these are pretty attractive factors that have been driving this market on an upward scale since 2008.
Now if you are outside of the GTA about an hour to 2 hours away, you are probably not seeing the same time of growth that Torontonians are seeing. That all makes sense. There isn’t enough population in your town to drive the prices up. Not enough people to bid on your house, and probably lots of land to just buy it and build your own house on. Its all about supply and demand, and right now, for people who live in Toronto and around, there is a lot of demand and not enough supply, and its too easy to afford those prices as well.
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