𝐃𝐞𝐜𝐞𝐦𝐛𝐞𝐫 𝟐𝟎𝟏𝟗 𝐰𝐚𝐬 𝐚 𝐑𝐄𝐂𝐎𝐑𝐃-𝐁𝐑𝐄𝐀𝐊𝐈𝐍𝐆 𝐌𝐎𝐍𝐓𝐇 𝐟𝐨𝐫 𝐓𝐨𝐫𝐨𝐧𝐭𝐨 𝐑𝐞𝐚𝐥 𝐄𝐬𝐭𝐚𝐭𝐞 𝐌𝐚𝐫𝐤𝐞𝐭!!! 😲
We have another monthly report for the Toronto Real Estate Market, and the result was terrific - both Toronto detached house and condo prices skyrocketed compared to December 2018! 😉
The most surprising data are the sales number and average price, where 𝐭𝐡𝐞 𝐬𝐚𝐥𝐞𝐬 𝐧𝐮𝐦𝐛𝐞𝐫𝐬 𝐰𝐞𝐫𝐞 𝐮𝐩 𝟏𝟕% while 𝐭𝐡𝐞 𝐚𝐯𝐞𝐫𝐚𝐠𝐞 𝐡𝐨𝐮𝐬𝐢𝐧𝐠 𝐩𝐫𝐢𝐜𝐞 𝐡𝐚𝐬 𝐠𝐨𝐧𝐞 𝐮𝐩 𝟏𝟐%! 🤭
Right now, the Toronto real estate market is still facing the same issue that we’ve been facing for the past few years - the shortage of housing supplies! 😤
The economic picture of Canada is still going strong. I talked about it in my last Forex Weekly Market Updates that the Canadian economy was the strongest in 2019 among the G7 countries, and the Bank of Canada is one of the only few central banks that can raise interest rates in 2020! 😮
The strong job market, a new trade deal with the U.S and Mexico, a growing population, the better mortgage market, and, most importantly, lack of housing supplies, have all contributed to the skyrocketed price in Toronto. The city remains to be one of the best places to live, and there is no surprise why the real estate price continues to go up!🤫
𝘚𝘰 𝘸𝘩𝘢𝘵 𝘴𝘩𝘰𝘶𝘭𝘥 𝘺𝘰𝘶 𝘥𝘰? 🤔
If you’ve already invested in the Toronto real estate market, excellent, the next step is to talk to your mortgage broker, get a home evaluation and see how much equities you can pull out to invest in another property! 🤩
If you are not in the real estate market and you don’t think Toronto is going to be your home, then keep renting, although the rent is also going higher, at least it’s still affordable. 😊
However, if you are in Toronto and intend to stay for the long-haul, or you're thinking of immigrant to this great city for work or study, then perhaps you should consider having a plan to purchase your first property in the next 3-5 years. 😃
𝐀 𝐩𝐫𝐨𝐟𝐞𝐬𝐬𝐢𝐨𝐧𝐚𝐥 𝐫𝐞𝐚𝐥 𝐞𝐬𝐭𝐚𝐭𝐞 𝐩𝐞𝐫𝐬𝐨𝐧 𝐜𝐚𝐧 𝐡𝐞𝐥𝐩 𝐚𝐧𝐝 𝐠𝐮𝐢𝐝𝐞 𝐲𝐨𝐮 𝐢𝐧 𝐭𝐡𝐞 𝐫𝐢𝐠𝐡𝐭 𝐝𝐢𝐫𝐞𝐜𝐭𝐢𝐨𝐧. 😁
No matter what your situation is, Toronto is a great city for me!
For those of you who are not Torontonian, have you ever been to Toronto? Or, have you ever been to any Canadian cities? What were your thoughts?