The Canadian Mortgage and Housing Corporation has confirmed the impact of pricing in areas surrounding the GTA.
“TORONTO, January 24, 2017 — Increasing home prices in the Greater Toronto Area (GTA) are having a spillover effect in surrounding centres, particularly those within commuting distance. “
“While most Ontario markets have seen substantial home price increases over the past 20 years due to favourable economic conditions, more recently, CMHC detected moderate or elevated evidence of overvaluation in Hamilton and the GTA, suggesting that price appreciation in those centers is partly driven by other factors.”
Helping my clients, I have see first hand how pricing pressure has driven prices up in Hamilton, Niagara, Kitchener Waterloo, and even how it’s impacting vacation/retirement destinations such as Collingwood, communities on the shores of Lake Erie and Lake Ontario,.
Looking at the stats for Oakville/Burlington/Waterdown as an example, you can see how many areas, the prices have gone up further, with less availability in many areas of homes for sale/sold in 2016 vs. 2015. While many fear the prices in the GTA will drop, there’s indicators that the shortage of inventory is still pushing prices up and people further out. Prices are strong here, prices are increasing in surrounding areas, so when is the right time to make a move?
What does this mean to you? Well it depends on your neighbourhood. Let me guide you so you truly understand your Real Estate value in this market. Call me, Email me, or just use the contact button on this website!
To see the full CMHC article please CLICK HERE