LESLIE WHICHER

GTA March Home Prices in a Nutshell

29 March 2015
LESLIE WHICHER

Spring home prices in the GTA are up

In the Toronto area, gardeners like me are looking for bulbs to pop up at this time of year. But before they ever do, one thing is always up in the GTA in spring, and that is home prices.

The Toronto Real Estate Board has reported that GTA home prices are up by 10.6% in the first two weeks of March this year over the same period last year. Naturally, this is good news for homeowners considering selling their houses! With mortgage rates hitting new lows, demand is strong and it is rare to see the market so favourable for sellers as we enter the spring season.

Years of builders focusing on condominium-style construction has left a shortage of low-rise options, so that it is now the low-rise portion of the market driving price growth (the law of supply and demand at work). If you are thinking of downsizing to a condo, or simply trying to choose the best time to sell your home, it is worth thinking about doing this sooner rather than later!

In Toronto, detached homes are now running at an average of $1,099,239, while the suburbs (905) average $701,686 for a detached home. The Toronto price is a whopping 21.3% increase over the same period last year! Discussions in my office are beginning to centre around the challenges of multiple offers and spring has hardly even arrived.

Here in King City, it is still possible to have the carefree enjoyment of a beautiful, relatively new detached or townhome for about $700,000 to $1,200,000 with 3-4 bedrooms, beautiful finishes and all the basic amenities, something that would likely be impossible to find in downtown Toronto at that price.

The beauty of King City is that you are still moments from Highway 400 and close to the GO train so that your commute could well be better than that of many people living within the outer limits of the City of Toronto, depending on location.

If you would like to learn more about life in beautiful King Township, or would like to know more about selling prices for homes like yours, please contact me via my direct number in the contact information on this website.