2016, what a year it was in terms of real estate in the GTA. The topic of real estate is a hot one and something that everyone wants to talk about. And the number one question always is, how much longer will the prices keep going up? With low mortgage rates and low inventory of properties, 2017 has all indications that it wont be this year that prices will fall, despite the changes made by the Canadian Government last November for the minimum deposit required.
As a realtor the hardest part is managing the frustration and disappointment of our clients. Being 1 of multiple offers is a common scenario and bidding over list price is a necessity these days. As a realtor, we are also obligated to follow due diligence and ensure that our clients do not get themselves into a position of financial disaster when submitting an offer for a home.
The real estate market is always surprising in terms of what a house will sell for and the Sunnylea/Humber Market area is no exception. When I moved into the area 25 years ago, I never thought I would live in a million dollar neighbourhood, even tear down homes are selling for close to $1 million.
I am predicting that 2017 will be another great year for real estate in the GTA. Let us revisit in a year and see how it went.
All the best to you for a great year.