There has been much talk over the rising home prices in the City of Toronto. It is no wonder the average single residential home price is now at $526,528 for the month of January. This is roughly a 9% increase compared to January 2013. In January, house hunters in the City found it hard to find their dream home as homes for sale decreased significantly. Based on this significant increase in the value of homes, the hope is this will illicit more home owners to put up their for sale sign and reap the benefits of their new found equity.
This is sure to spike bidding wars within the city for single residential homes, along with semi-detaches and even town houses. As well, since mortgage rates are starting to decrease once again this may spike buyers interest.
Contact Robert Clancy today to figure out if now is the right time to buy in such a busy and exciting market!