New condos richmond hill . Where else can I buy a cheap house in the Greater Toronto area? Even if house prices soar near Toronto, you can still find the cheapest communities to settle in the Greater Toronto area.
The Toronto area Real Estate Board (TRREB) released a report on the trend of Toronto’s real estate in 2020, including a comprehensive list of prices in GTA neighborhoods.
The average selling price of GTA homes in 2020 is 930000.
Although the average selling price increased by 13.5% in 2020, there are still some communities suitable for looking for bargains.
TRREB reports that the cheapest places outside downtown Greater Toronto are in Durham, York and Simcoe County.
Home prices in Brock, Oshawa, Essa and Georgina are at the bottom, ranging from 560000 to 635000.
Within the city, the eastern part of Toronto-from Pickering TowLine to Steeles Avenue and Don Valley Parkway, offers the cheapest urban housing, with an average price of 852000 yuan in 2020.
Central Toronto, between Victoria Park AvenueDufferin Street, is the most expensive area, with an average price of 1066379 yuan in 2020.
The average price includes the sale of all detached houses, semi-detached houses, townhouses and apartments.
“from 2010 to 2016, despite endless bearish comments, the Canadian real estate market still reflects interest rate and income fundamentals,” the economist wrote. “
During the 2016 / 17 period, the Canadian market was overheated by the influx of non-resident investment. After some actions by policy makers, the result was a price adjustment, which took nearly four years to recover. “
“and now the situation suggests that the market may be playing with fire: if mortgage rates return to pre-epidemic levels, then we will return to the market conditions of the late 1980s.”
If mortgage rates remain the same, but prices remain the same as they are now, we will be back to where we were in the late 1980s by this time next year. “
At that time, the Canadian real estate market experienced a rare collapse in history, when house prices plummeted, and it took many years for the Canadian real estate market to recover gradually.
Economic recovery is the key.
In fact, the Canadian economy has shown a trend of recovery at the dawn of the epidemic.
Statistics Canada added 259000 jobs in February, almost offsetting the jobs lost in the past two months, according to the latest figures from Statistics Canada. The unemployment rate fell to 8.2% in February, the lowest level since the outbreak in March 2020.
As for the latest unemployment rate in BC province, which fell 1.1 percentage points to 6.9% compared with January, it is the lowest in the country, but it is still higher than the 5.1% before the COVID-19 epidemic. A total of 20, 6600 jobs were created in the province last month.