With a diverse selection of selection of older condo units that can be purchased for less than $350,000, coupled with relatively high average income, Ontario has proven to be one of the country’s most active sellers’ markets in 2018.
During the fourth quarter of last year, the aggregate housing price in the city reached $475,831, representing 9.3% annual growth. Two-storey homes were at $510,840, enjoying an 11.0% year-over-year increase.
Bungalows went up to $453,698, growing by 6.3% over the previous 12 months. Condos stood at $328,436, with a 3.1% uptick.
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These numbers promise further market dynamism this year, impelled by strong purchasing power and an avid home-buying populace.
“Homes that come on the market are quickly sold, with multiple offer situations often present,” according to John Rogan, broker of record and branch manager of Royal LePage Performance Realty.
“Overall, healthy employment and wages are propelling higher housing demand in the region. This increasing demand, coupled with Baby Boomers remaining in their homes longer than previously expected, is putting pressure on all housing types and fueling price appreciation.”
Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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