The Toronto region’s resilient housing market helped fuel strong sales and price growth in markets across Southern Ontario in June as home buyers in the GTA looked for more affordable properties.
“People call me and say, ‘This is what our budget is’ and that budget does not fit into the GTA,” said Royal LePage real estate agent Shawn Zigelstein, who is based north of Toronto in Richmond Hill. Peter Meyer, who heads Royal LePage Triland Realty in London, Ont., said his region didn’t have the downturn in 2017 and 2018 that hit the Toronto area, and has continued to draw buyers who cannot afford pricier markets such as Kitchener, Waterloo and Toronto.
He said the low prices have also created a growing market for parents to buy investment properties in London for their children who are attending university in the city. Some people had to improve their finances and save for a bigger down payment before they could buy, and it was a slower process than Canada has seen with prior regulatory changes adopted over the past decade.
In the GTA, by contrast, the average home of all types sold for $807,871 in June, a 3.1-per-cent increase compared with June last year as the volume of sales jumped by almost 10 per cent. Detached house prices averaged $1.02-million in the GTA in June and $1.33-million within the City of Toronto.
Thanks because we don’t have foreign investment rules on homes like in BC. fordnation needs to investigation and put a stop to foreign buyers driving up real estate in Ontario. Overvaluing the real cost of housing.
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