Real estate trends in Ontario
Are you looking for a property to buy in Ontario? If the answer is yes, then you should read about real estate trends in Ontario. Before making a purchase, it is always recommended to do research about the topic of your interest. You can find out about the state of the real estate market at the moment. This can help you to see if you can get a house of your dreams. In addition to this, if you follow closely real estate trends in Ontario, you can see if the rates are increasing or get any other useful information.
Real Estate Trends in Ontario
- There have been 21,390 sold home units in the first two months of 2019
- 20,504 new residential listings have been reported
- The provincial average property price is 580,019 dollars while the national average is a little bit lower at 468,359 dollars
- Home sales activity is down 4 percent than the last year
The change in pricing
For years the real state market had been experiencing the price increase of 10 percent per one year. This is understandable since you can expect a slight increase in everything. However, in the first three months of 2017, there was an incredible increase of 19 percent. If the price had continued to grow this rapidly, it would have resulted in disaster. Luckily, the government stepped in and realized the Ontario Fair Housing Plan. At first, the sellers and buyers did not feel the effect of this change. Soon enough, this has shown its desired effects, and the increase in pricing went back to its usual level. Many experts believe that the Ontario Fair Housing Plan will show its true positive effects in the near future.
The change in renting
Unlike with the real estate market price increase that will remain relatively the same, the change in rental prices is a different story. If you plan to rent a place, you can expect the price to be higher. The real state market price increased by 60 percent while rental prices only by 35. This means many landlords will use this situation to raise the rent for their property. In addition to this, rental vacancy is still under one percent, which means there is a demand for rental places. For this reason, nothing will stop the landlords from increasing the rental price.
Real estate trends in Ontario: Laneways houses
The newest trend in Canada is the so-called laneways houses. They are typically small and usually built in the backyards or at the opening onto the back lane. This type of house was banned for some time in the Toronto area. However, the city adopted a new policy last year, which again gave permission for building laneway houses. For many homeowners, this gives them the opportunity to earn some additional money by renting the laneways house. As for people who are looking for a place to rent, they have more places to choose from. In addition to this, many companies use this trend to gain profit. If you are a homeowner in Ontario or Canada in general, expect a call from someone offering to make a laneway house in your backyard. Investing in real estate can be quite beneficial for you.
Rising mortgage rates
Everything has seen an increase recently in Ontario and in Canada as a whole. Rising mortgage rates are the main reason for the drop in real estate market. It has become quite difficult to get a mortgage approved because of the strict lending requirements. However, not everything has to be so negative, since there are market conditions that promise profit for potential buyers and investors. In addition to this, the Bank of Canada increased its rate three times last year. Other major Canadian banks soon followed this trend, which made all the citizen feeling a little bit uncomfortable. On the other hand, if your move in Ontario is a local one, then you might not have any major problems since the local real estate market looks quite promising.
Now that you know more about real estate trends in Ontario, it is time to find more about the province itself. Ontario is one of the 13 provinces in Canada and the most populous one in the country. Ottawa and Toronto are two major cities in Ontario, the first one being the national capital city while other the most populous and provincial capital. Usually, Ontario is divided into two regions, Northern Ontario and Southern Ontario. Interestingly enough, the majority of people live in the south while the north has a smaller population and quite cold winters.
Moving to Ontario
Since you are interested in the real estate trends in Ontario, you must be planning to move here. For this reason, you will need a good moving company. Neeley’s Van and Storage is one such company. They offer the best moving services for a reasonable price. They will help you to relocate successfully to your new home in Ontario. Other useful moving tips you should know are the following.
- Make a checklist so you will not forget to do something important
- Invest in some quality cardboard boxes since they will offer the protection for your items
- As for packing, if you are not sure how to pack certain furniture or household appliances, a moving company can help you with this as well
- Start preparation on time
Real estate trends in Ontario
As you can see, the real estate trends in Ontario have not been positive in the last couple of years. However, there are signs that things are getting better. This should not discourage you if you plan to invest or to buy a property in Ontario. It will pay off in the future, just make sure to play smart.