WestLine Condos . The office pushes up house prices in the suburbs
WestLine Condos . The office pushes up house prices in the suburbs. The epidemic did not topple the Ontario property market, and the first buyers who felt that their savings and wages could not catch up with property prices in the past were based on the low mortgage rate.Please Visit: WestLine Condos to Get Your VVIP Registration Today!
While working from home does not have to move to the city center, the real estate sector says that first-time buyers who originally planned to be in more urban centers believe they can buy low-density housing in suburban areas under the epidemic. At the same time, they find that housing prices in the suburbs are soaring, making them hesitate to buy homes and wonder whether they can afford it in the future.
According to the Gatong news agency, for home buyers eager to “get on the bus” this year, it may be a long-awaited opportunity to enter the market, or it may be standing at a crossroads where they do not know how to make the best choice. Patrick McKinnon, a senior real estate agent, said that before the epidemic, young first-time buyers had planned to buy more apartments in or close to the city center, but after the epidemic reached, they began to feel that working from home might become the new normal in the future. They could buy low-density houses in the suburbs instead of buying homes in the city center, causing them to change their plans.
He described ultra-low mortgage rates and the increase in housing options on the market as very attractive for first-time buyers to enter the market, but when these first-time buyers discussed buildings in the suburbs or even a long distance away from the city center, it was found that the soaring prices of these suburban buildings were frightening.
According to the local real estate association’s property price figures in November this year, the average house price in the Greater Toronto area rose, with the Durham area rising nearly 20% from November 2019; the average house price in Oshawa rose by more than 22.5%; and the average house price in Binton by nearly 14%.
According to the information provided by the Real Estate Association, the average house price in Toronto has doubled from nearly $400000 to nearly $820000 in the past 10 years.
The trend of the property market in Greater Toronto is absolutely good news for owners in the Greater Toronto area who want to sell their former residential buildings. For example, homeowners living in multiple cities can sell their original properties and choose to move to Pak Man flats, or move to low-density houses outside the Greater Toronto area with lower prices.