Toronto’s Home Price On The Rise Daily

In the beginning, one could use one million and buy themselves a luxurious looking house. However, the blazing housing market in Toronto will not be able to give you such a place of accommodation. With $1 million, one can only get what can be described as “a tear-down home on a skinny lot.” A bungalow located at 69 Muriel Ave. which was built in 1912 was listed last month by Royal LePage. The initial sale price was $679,900, it causes a heated bidding war that caused the house to be sold for a price of $1,050,000 on the 2nd of February.

Observer deemed the sale value of the house which was located in a diminutive 20 feet x 78 feet lot, as an exceptional case. This cause the listing to change in over 10 days, with the closing slated for mid-March, which lay emphasis on competition level in GTA’s market. It has become a coming thing now for bidding wars to take place in the real estate sector of the Greater Toronto area, with an increase of 22.3 per cent to $770,745 over the year in the benchmark sales price during January.

President of Realosophy Realty Inc. said in relation to the occurrences; “People are getting a little too excited.” Jason Mercer of the Toronto Real Estate Board also cautioned that this is just the tip of the iceberg. He indicated; “Until you see a very sustained period of time where listings growth is outstripping sales growth, then we should continue to see strong price growth,” and further added, “If you’re a level of government that is looking at policies pointed at the housing market and affordability, as we move through 2017, those policy discussions and direction have to be pointed more so at the supply side of the market.”