More and more potential house hunters are having a hard time finding a single residential family home to purchase at an affordable price in the city of Toronto. People seem to be drawing further and further away from the Condo market in Toronto and embracing single residential homes. This demand for the homes also drives up the cost of obtaining a home like this. This is great for single residential home owners, as their equity will increase, but for the buyer, this could be a nightmare of bidding wars and paying too much for a home that is just not worth the cost.
One of the reasons why this single residential family home is currently in demand and prices are increasing is due to availability of land. Builders in the city want to get the most occupancy out of a small space. Previously, that is why the condo market was booming, as well as town homes. However, people are steering away from Condos and now they want single family homes to raise their growing families. Not to mention the equity they can build in their home over the years.
Low rise sales in the city were up by 3.5% from last year, indicating that its popularity is rising and based on current trends, will continue to rise.
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