In 2014 expect much of the same in Toronto real estate market. The detached home market in Toronto is very expensive and sought after with average prices close to the $900,000 range. As homes continue to escalate in price it is a good time to invest in your home and renovate your property.

2010 turned out to be the best year ever in the history of record keeping for the home sales market. High volumes, record prices.

There is still a healthy high average of homes being sold, over 8000 units per month. With some 200,000 new immigrants coming to Toronto, a high rate of divorce and more and more of our children wanting to own something, the demand for a place to live is unprecedented in the history of the city. Even the price of gasoline and the ever growing traffic problems are driving people to look at the GTA for a home. Consumer want homes in a big way in Toronto.

2009 (march) there was 2562 Toronto homes sold.

2010 (march) there was 4353 Toronto Homes sold.

2012 (December) there weas 3690 Toronto Homes sold

2014 (March) 4796 Detacted and semi detached homes sold in 416 and 905 area code

The recession started in 2009 yet sales have continuously increased by some 70%. What is the reasoning behind it? Well it is simple. Ontario, specifically Toronto is the place where people from all around the world want to live. 43% of the world immigration population immigrate to Canada. Homes are still under priced compared to places like new York, California, Paris, London, Hong Kong, etc.

Last year prices for homes rose 20% and 23% to 28% in specific areas of Toronto. As prices went up, the amount of homes for sale went down. Cause and effect theory. As the price of homes rises, people are more apt to stay at their home and renovate. Also, over the last seven year boom, more people are moving into homes to stay, raise a family and settle down, therefore, there is less and less homes available to come onto the market. Eventually, the supply chain will be on a downward curve as people move into homes to raise family. Therefore, the price of homes will continue to rise.

New home sales from Oct 2009 to Oct 2010 in the GTA increased by 15% and new housing projects increased by 6.4% and condominium sales increased by 52.6%.

Where does this leave many people, looking towards renovations and additions.

Building permits in 2009 was 1 billion.
Building permits in 2010 was 2.7 billion.

As the demand for renovations increases, as the demand for materials and skilled tradesman increases and as the price of gasoline increases, so will the price of renovations and additions. With each passing year, renovations and additions, like the price of real estate, continues to increase, therefore, there is no better time to renovate then the present.

call Cass-A-Bellahome construction estimate