The average selling price on Toronto’s MLS listing for the month of February was a whopping $553,193.00 dollars! This number being an increase of 8.6%, nearly 9% up from February 2013. Based on this Data, predictions say that it will stay a ‘sellers market’ for the next year. In the case of the buyer, be prepared for those biding wars and long lineups of offers on homes. Particularly, single residential homes. Bungalows are really popular in the City of Toronto right now, so have those on your radar for now!
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.