It goes without saying that the Toronto real estate market remains upbeat. From the first-time buyers to the long-term home-owners, we value real estate for the lifestyle it offers and the excellent investment that it represents.
There’s one figure that stands out in the graph above: Fewer detached homes and townhouses were sold in October 2015 than in October 2014. Why? Lack of inventory. There were simply fewer houses available for sale. If you’re wondering why our inventory is so low, I’ve got one answer for you. The last couple of years has seen a significant increase in the costs of moving. With the GTA’s double-land transfer tax, the somewhat over inflated prices (especially if purchased in a bidding war), and the average income not keeping up with inflation, it’s hard to justify a move. As a result many have chosen to renovate rather than list their home and buy up or down.
These low levels of inventory should persist for some time. I just don’t know how long. Barring an economic crisis, I would expect that this market place will continue for at least another year, and maybe longer.
