The Toronto housing market has started to heat up again. People are seeing action like in 2016 when bidding wars on properties was common.
Buyers have been sitting on the sideline waiting for the market to show down and that has not happened. People are starting to appear again and bidding wars with multiple offers are again very common. Buildings that have great locations like the 707 Lofts on Dovercourt attract plenty of action because they meet buyers needs. People want access to transit but some still require a parking spot.
The Toronto Real Estate Board recently released their annual market outlook report and it highlights the lack of supply. This supply problem causes many building to be very popular because of their location and size. Some buyers avoid large high projects. The condo market segment continued to lead the way in terms of MLS pricing growth, but all home types experienced price growth above 7 per cent when considering the Toronto market place. Tighter market conditions compared to last year delivered much stronger growth in average home selling prices. Steady population growth in the Toronto region, low unemployment and low borrowing costs continued to underpin substantial competition between buyers in all major market areas. The low borrowing costs can be viewed on various websites including the ratehub website. Keeping track of interest changes in this market can help buyers save thousands of dollars over time.