Capital Appreciation, for both the Purchaser and Investor according to the Toronto Real Estate Board Market Watch Report of September 6, 2012 average Selling Prices for Residential Properties, including Condominiums, is moving somewhat in sync, suggesting that sales and listings will continue to promote price growth moving forward.
The average selling price for August 2012 residential transactions was $479,095 – up by almost 6.5 per cent compared to August 2011.
There are several factors at play that affect our real estate market.
1. The interest rates remain still at their historical low, lowering the real costs of purchasing a real estate.
2. Economic conditions improved over the last year, and
3. Young people, immigrants, and foreign investors are fuelling the demand, while the generation stays longer in their homes.
4. Most importantly, the province has imposed a freeze on urban boundary expansions, which means that prices are bound to increase. Increased land values lead to an increase in property prices. The City of Toronto has also increased some development charges which will increase the cost of newly constructed housing – of course it is the Purchaser that will be absorbing these additional costs!
5. Real estate still remains a sound investment ifToronto. Average residential/condo sale prices on record since 1953, corrected for Inflation (for comparable purposes with historical data brought up to today’s equivalent values) still prove upward trends. The average prices are courtesy of TREB >
When a city employs its citizens in a vast and diversified collection of industries, they are much better prepared to handle the bumps and bruises individual sectors inevitably go through. There are large and growing industries that will carry the city safely into the future.
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