New condos mississauga . Hold an apartment in GTA. Sales are buoyant and house prices are rebounding from a 10-year low in 2018. In most areas, benchmark house prices have increased by 6% a year, and the median appreciation of house prices in some areas is even equal to the after-tax income of the average local family for a whole year.
According to the Toronto Real Estate Bureau (Toronto Real Estate Board), 87825 properties in most areas were sold through the multiple release system (MLS) in 2019, an increase of 12.6 per cent from 78015 in 2018. From this sales figure, the housing market in most areas has recovered from the 10-year low of 2018. There are several reasons for strong sales, including buyers getting used to the impact of new mortgage stress tests, low interest rates, increased investor desire to enter the market, population growth brought about by immigration, and so on.
On the other hand, the reduction in the opening volume has led to a shortage of supply and demand, which has helped to push up house prices. The average house price in most areas rose 4 per cent to 819000 yuan last year. In other words, buyers prepare an average of 32000 yuan more than they did in 2018. In Toronto, the average house price is 884000 yuan, up 5.6% from a year ago.
However, if you look at the median house prices, the appreciation will be even higher. For most regions as a whole, 2019 increased by 6% to 710000 yuan compared with 2018, with a price difference of 40, 000 yuan. Rising property prices are most affected by buyers who want to buy co-managed Bowen in Toronto. In most areas and other cities, buyers who want to exchange small houses for large houses will also feel the pressure.
As a matter of fact, in some of the hottest parts of the property market in the country, the salary increases of local buyers have long failed to catch up with the increases in local property prices. If we want to increase our wealth year after year, we may really have to rely on the appreciation of housing. The real estate website Zoocasa compares the median house prices released by the Toronto Real Estate Bureau and the median after-tax income of households released by Statistics Canada (Statistics Canada) to see how much property owners in different regions have earned in the increase in house prices this year, which is equal to what percentage of the median after-tax income of local households. Of course, if the house is self-occupied and has no plans to sell recently, even if the house price rises, as long as it is not sold for a day, it will only be a profit in the book. But just to see how much your room has risen, you are still psychologically happy.
In most regions, the largest increase in house prices is in area 416, that is, the city of Toronto. The median house price rose 8 per cent to 720000 yuan in 2019, making a book profit of 55000 yuan. In the case of Toronto, the median after-tax income is $58000, that is, almost 94% of the income.
